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It’s a common misconception that retaining talent is simple as a salary increase. Yes, pay is still significant when individuals consider new roles, but it’s not the only factor – far from it, in fact.
We are currently experiencing the most competitive talent landscape ever. The pandemic has changed the world and seen more changes in the past two years than we’ve experienced in the last decade. Employers now find themselves facing a new challenge: The Great Resignation.
What is the Great Resignation?
The Great Resignation is a buzz phrase that first appeared in May 2021 and had struck fear into the hearts of employers ever since. The term refers to the unprecedented rise in the numbers of workers resigning from their jobs following the pandemic. The wave of resignation is not relegated to one singular industry but rather impacts every sector. The question for business is why?
It’s not about money! In the wake of the pandemic, employees expect more from their employers. Employees are rightly calling for more flexibility, better work-life balance, and more choices in deciding when, where, and how to best do their jobs. In particular, they want employers to acknowledge their needs and concerns.
There has been an increased willingness to leave a role if dissatisfied due to a combination of unsatisfactory wages, absence of work progression, or failure by their employers to recognise the new normal of offering remote or hybrid working – resulting in employees pivoting to new careers that promise better pay, benefits, or rewards.
Research from McKinsey and Company highlights that whilst employers cited compensation, work-life balance, and health issues, employees revealed their reasons for leaving were to do with their relationship with the business. In fact, the top three factors for employees to quit were that they don’t feel valued by the organisation (54%) or their manager (52%) or that they didn’t feel a sense of belonging at work (51%).
Companies that keep up with the pace of change, those that can second guess emerging trends, stand to be well-positioned to take advantage of the economic bounce back. Notably, organisations that failed to adapt have suffered.
Leading tech firms like Amazon, Intel, PayPal, and Pinterest have all acknowledged they could risk losing talent to competitors who offer more appealing job benefits, such as remote or hybrid work.
Although the Great Resignation shows no sign of slowing down, how did Bright Purple attract and retain talent amidst the Great Resignation?
How Bright Purple combat “The Great Resignation”
Employees are demanding – and quite often getting – more freedom to work where and when they want and more attention to their well-being. Many are willing to head out the door if their organisation isn’t providing flexibility and growth opportunities.
Employee wellness is Bright Purples’ top organisational priority, and the key to ensuring its employees feel valued and remain fulfilled in their roles. Whilst the Great Resignation served as a pivotal turning point in workplace culture, Bright Purple has created a more sustainable work environment and introduced flexible work policies, career development opportunities, and improved benefits.
It is essential for organisations to be flexible and open to different work styles and account for each individual and their respective needs, and work together to create a workplace that is not only able to serve the company but one that can also make the employees both happy, as well.
The Great Reshuffle: Bright Purple Turning Turnover Around
Bright Purple has brought home 3 senior ex-Bright Purple employees from spells serving at other firms, and now they’re back with a renewed energy, deeper industry knowledge, and a real purpose, to be the best they can be.
Chris Murphy returned to Bright Purple as the Director of Testing and Projects in 2021. He initially left Bright Purple to grow a testing consultancy. On why he opted to return to the company, Chris attributes this to its “unwavering dedication to quality and workplace culture”.
Bright Purple has been very clear that it’s an organisation for employees to start, explore and grow a career, no matter who they are. By giving Chris the opportunity to come back as a Director, Bright Purple not only retains the best staff but also helps generate new sources of growth.
Two former employees, Craig Fraser and Gary Davenport-Owens re-joined Bright Purple as Managing Consultants in 2020.
Craig Fraser initially worked at Bright Purple in 2012 for 4 and a half years before returning in 2020 because of the company’s vision and the opportunity to move up to become a Director in the organisation.
Gary Davenport-Owens started his recruitment career with Bright Purple in 2001 and was inspired to come back in 2020 because of the flexibility offered to him as an individual and accommodating his flexible work lifestyle.
Key takeaway:
If you only want to take one thing away from this blog, offer growth and opportunity!
Reversing the tide of resignation in your organisation requires leaders who care; who engage their teams honestly; and who give employees a sense of purpose and motivation to perform.
Employees want to see a clear path for growth at their workplace. When an organisation ensures that an employee feels valued and sees growth possibilities, there’s little incentive for them to look elsewhere.
Ready to find that next opportunity? Check out our Vacancies or Contact Us for advice to help you secure that next role.
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