If you’re an HR or People and Culture manager these days you've no doubt had your hands full in dealing with a possible mass exodus from your business. This wave of huge numbers of employees thinking of, or actually leaving their current employment has been coined "The Great Resignation" and it's having a significant impact on the people management strategies for current and future employee bases.
Is there a way to stop this great resignation? According to a recent study yes, and what needs to be focused on with employees to counteract this trend may be less complex than some may think.
This recent survey looked at over 1,000 full-time workers and analyzed why 50% were considering leaving their job. The primary answer. The employees felt undervalued.
As a comparison, compensation was only the issue 6% of the time as was lack of professional growth. The two factors that use to come to mind in the past as the main reasons why employees quit.
There are many underlying factors that can lead to an employee feeling undervalued, but the most synonymous by far is lack of support around the issues employees actually need help with, one of the key reasons employee benefits programs are in place and are suppose to address.
After these last two years of upheaval, finances are the top cause of current employee stress, even above all work, health and relationship issues COMBINED. Yet it's hardly, if ever addressed in typical employee benefits packages.
It's no wonder that all these employees are feeling undervalued. They're stressed and are not getting the support they need, which could literally come down to a few, small amount short term loans or some additional financial literacy education on how to better manager their current financial circumstances. Both of which are employee benefit program options available to employers today through companies like Benefi.
The kicker! Adding in this new area of employee financial wellness support does not cost a lot of money and it will for sure be a huge boon in creating a more positive work environment for all employees.
Just knowing that an extra layer of support has been added for all employees that actually aligns with the state of today's economic environment could be one key employer response critical to stopping this mass employee resignation trend.