The great mitigation.
There has been a lot of talk and publications across the world talking about the Great Resignation. For various reasons, it is estimated that a significant percentage of the workforce is looking to switch jobs when things go back to the new version of normal.
Let’s not sugar-coat this. This is a potential threat to business. Let’s face it, losing good people is hard at the best of times. Given the current shortage of labour right now and the difficulty with recruitment, losing good people will have an impact on us, our clients and the businesses that we run.
While there is a focus on the resignation, I want to turn this on its head and focus on The Great Mitigation.
What do I mean by this? Simple. I would like to explore how we as business owners and leaders can work to minimise resignations and keep the people who are key to our business.
We cannot control the external environment; we can control our internal one. This is the place of our greatest influence and control.
As I reflect on what we have done at BGL and from my personal observations, here are my top 10 tips to help you retain your people.
- Culture – great culture attracts and retains people. Define it. Be intentional about it. Dedicate time to it daily. Culture is not set and forget. It requires hard work, resources and intent.
- Training – all team members need a training plan. Clearly defined and documented. By investing in people, you will grow and retain them.
- Know your people – it’s all about relationships. Take the time to know your staff. Invest time in them and let them know you care. Ensure that you are accessible and present. Take the time to have conversations and reconnect with your people. Organisation company-wide and smaller team events is also a good way to connect with people and will ensure people are connected again.
- Flexibility – it is fair to say that going back to the office 5 days a week, is a thing of the past. Speak to your team. Involve your people and come up with a plan that supports a good balance and meets the needs of your business.
- Review salaries – undertake a review of all salaries. Make the necessary adjustments. Get on the front foot and don’t allow salary to be the determining factor why good people leave. Of course, there are limitations but engage in the conversations openly.
- Eliminate fear – communicate your commitment to employee well-being and safety. Make clear the resources and investment you are prepared to make to help them through and support them in the best way possible.
- Recognise and reward – you, your team and your clients have endured a lot over the past 18 months. Recognise and reward the efforts of those who deserve it. Take a moment to also recognise your clients in a small way.
- Measure engagement – I do not see many organisations do this. It is so important to know how invested your people are and to what extent they believe they are part of the journey. There are many great products out there that not only make it easy for you to measure engagement, but they also provide guides on how to improve it.
- Language – eliminate negative talk. Minimise the time spent living in and talking about the past. For many people, this will trigger responses that can be negative. Inspire hope and optimism by using words that bring life, hope and the aspiration for a better future.
- Define your why – make what people are coming back to exciting. Articulate a picture of the future that is exciting, inclusive, full of opportunities and at the same time challenging. Capture the hearts and minds of people by believing in them and allowing them to be the best version of themselves.
I just want to encourage you that the possibility before us really is limited to our thinking. Our actions, behaviours and belief in people will make all the difference as to the culture and ultimately the business we build.
Your investment in your people and culture makes a difference.
What are you going to change today?