Navigating the Great Resignation
Part One: Employee Value Proposition
by Candida Arvizu, SHRM-SCP
Most people can’t remember a time when it was easier to get a new job. At HR Advantage, we even know of some hoppers who have made 3-4 upward career moves during the pandemic. Situations like this allay some fears that the pandemic would contribute to high unemployment numbers indefinitely. The economy has been roaring back and strong contributors will always be a hot commodity, in any market.
Let’s look at the numbers. Nationwide, unemployment was down to 3.8% in February of this year. However, the unemployment rate was 2.1% in Springfield, MO as of December 2021. Down in Branson, MO, the numbers feel more like they’re in the negative percentages, with far more jobs than job seekers the greater part of the year, prompting workforce developers to tap international options for candidate sourcing.
The pandemic, with waves of loss, stress, and extended family togetherness not seen for generations further complicated major life decisions for much of the workforce. People took a moment to consider if what they are doing is bringing them closer to or further from the authentic lives they want to lead.
As if to punctuate all this upheaval with a heavy sigh, childcare options evaporated as more people were called on to work remotely, and many workers determined they’d just as soon not return to an office setting when this is all over. These workers are opting to lay low outside the workforce or simply to take a remote work position permanently, if one is available to them.
Whether employees are leaving because of a reevaluation of their life due to the pandemic or because it is just a hot job market, employers have an opportunity to do a better job reflecting on and communicating their Employee Value Proposition (EVP), both to potential recruits and to current employees. Our task as recruitment and retention specialists for our clients is to anticipate why employees may consider leaving, what our employer value proposition is and how to best communicate it, and where the opportunities are to boost retention of our current workforce.
Consider why employees are leaving. Conduct exit interviews to learn more about the employee experience at your organization. Is a particular manager driving good people away? Is your pay structure outdated? What do competitors offer that you haven’t? Find out.
Top reasons why employees leave their jobs are not entirely new issues: inadequate salary or benefits, feeling overworked and unsupported, lack of opportunities for career advancement, problems with management, recognition of a need for greater work/life balance, and dissatisfaction with culture. Companies have always struggled with these very problems. What is new is the enhanced mobility of workers to find more desirable opportunities due to the competitive environment.
Consider the value of conducting stay interviews. HR Advantage helps employers take the pulse of their current workforces through engagement surveys and stay interviews. Get in touch with your employees while they’re still on board and find out what they love about your company and what you can do better. Then, be prepared to act. The worst thing to do is to ask a question when you aren’t prepared to address the answer. Show your employees that their feedback matters by sharing the results in aggregate with them and making significant changes.
What is your Employee Value Proposition?
Everyone in your organization should have an ‘elevator speech’—a brief articulation—of what it is that sets your company apart. What is great about working there? How does your mission make a difference in the lives of your employees and their larger communities? Why do they plan on staying?
Financial rewards and benefits will, of course, be part of your Employee Value Proposition, but culture, perks, work environment, career paths, diversity & inclusion efforts, and mission & values are a significant part of the value you offer to potential employees.
Put your EVP in ads for positions, on your company website, and in collateral communications, but also make it a part of what each employee knows and communicates about your company. And most importantly, avoid lip service and live the proposition you’re putting out there.
Looking for strategies to recruit and retain employees in a practical sense? Read on next month for Part Two: Practical Retention Strategies to Support Your Employer Value Proposition.
