Company Culture

Company Culture And The Great Resignation: Things To Know When To Hire And Retain Top Talent

The great resignation has been disrupting the current hiring climate, and a major factor that is now attracting top talent is company culture. From lockdowns to layoffs, the pandemic weakened havoc on the everyday aspects of life and work. Those who were able to persevere did so by redefining their priorities, which in turn led to a newfound appreciation for company culture.

While the pandemic has forced many organisations to re-evaluate their priorities, company culture should always be a top priority for hiring and retaining talent. A survey by Microsoft of over 30,000 workers across 31 countries included 41% of those considering leaving their current jobs. The reasons included burnout, fear of safety, dissatisfaction, and a shift in priorities. Losing the workforce costs companies billions of dollars every year, and it’s essential to know how to keep your employees happy.

There are a few key things to remember when hiring and retaining top talent:

  1. Company culture is important

‘The State of the Global Workplace report’ published in 2021 by Gallup shows that global employee engagement is 20%. Employees that are less engaged are more likely to leave. Company culture is important to employees and should be a consideration when hiring. Culture goes beyond ping pong tables and free lunches; it’s the feeling you get when you walk through the door. Do your values align with your employees? Do they feel like they are valued? Is there a clear path for career growth? Some other aspects to consider are work/life balance, company size, and remote working options. These are all crucial factors to consider when thinking about company culture.

  1. Post-pandemic flexibility

A survey found that more than 54% of employees would consider leaving their jobs post-COVID 19 pandemic if they were not given some kind of flexibility. Many companies are offering remote work options to their employees. Some companies have even considered shorter working weeks or a four-day workweek. Different employees have different needs, so it’s essential to find a balance that works for both the company and the employee.
It’s important to consider providing flexible time-off policies, health and wellness programs, and vacation stipends to encourage employees to recharge and reach a work-life balance.

  1. GenZ and Millennials

It’s important to remember that GenZ and Millennial workers have different values than previous generations. They place higher importance on work-life balance, purpose, and social responsibility. A study by Deloitte showed that millennials would consider leaving their job if it doesn’t align with their personal values, is detrimental to their mental health, and if they feel burned out. To attract these generations, corporate cultures should take into account their values.

  1. Prioritise health & safety with competitive packages

With remote and hybrid working becoming the norm, it can be challenging to keep everyone feeling safe and included, thereby separating the two environments. Employers should take the responsibility to facilitate this separation of home and work environments as it is essential to business productivity as well as the employee’s morale. Another vital aspect to consider is compensation. While money isn’t always the number one motivating factor, it is crucial to consider when hiring and retaining top talent. In order to retain employees, companies need to provide competitive salaries and benefits. It’s also important to keep in mind that different generations place different importance on compensation.

The Great Resignation is not something that should be feared immensely but rather be embraced as an opportunity. It can be a learning experience for the employer regarding what went wrong and what could have been done better. This shift brings a positive opportunity for both talent and employers to build a better workplace. It also offers companies the chance to innovate and bring change that can improve their company culture and help them to retain their top talent better. With the right policies in place, employers can create a company culture that will attract and retain top talent.

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