Can Your Company Weather the Great Resignation?
America is experiencing an unprecedented phenomenon that many are calling “The Great Resignation.” Record numbers of workers, especially in the restaurant and accommodation industries, are walking away from their jobs. In November 2021, 4.5 million Americans quit. Most economists believe this trend was sparked by the pandemic, but despite many states loosening restrictions, the number of individuals handing in their resignations continues to climb.
You don’t have to look far to see the effects of The Great Resignation on everyday life. Almost every restaurant or store I’ve been to in the last several months has had a “Help Wanted” sign. Supply chain issues are not only an inconvenience but are crippling the restaurant, automotive and other businesses. If you are a leader, manager, or small business owner, this is the type of thing that keeps you up at night.
While all businesses are feeling the heat, I wanted to share some ways to help your company weather The Great Resignation.
Pay Fairly
There is a fine line for small businesses in remaining profitable while paying fair wages. However, with increased inflation, it may be time to review your staff’s pay and ensure it is competitive and fair. Most companies pay what they do to stay in the black, but there are also plenty of companies that can afford to bump up wages and should. You might even consider a temporary “Covid” increase to give you more flexibility, that you can roll back later when this craziness turns around, or you may decide to make it permanent later.
Give Benefits
If you simply cannot increase salaries and stay profitable, try to find other ways to incentivize your staff to stay. Perhaps you can offer more flexibility to working parents who need to do daycare dropoff or pick up, or maybe you can offer the opportunity for team members to work from home from time to time. Whatever it looks like for your industry, find ways to make your company an attractive place to work.
Roll Up Your Sleeves
If you’re short-staffed, don’t expect your team members to pick up all the slack. This will likely lead to a snowball effect of more and more employees leaving because they feel overworked and underappreciated. Roll up your sleeves, get in the trenches and take orders and speak with clients. Seeing you on the frontlines alongside them will go a long way to helping your employees feel you care.
Show Your Appreciation
Make sure your employees know that you value them individually for what they contribute to your team. Don’t view them as a collective entity (“the staff”), but take the time to learn the talents each one can contribute. Compliment that staff member who always does a good job dealing with difficult customers or issues. Thank the employee who always makes a fresh pot of coffee. Making them feel appreciated and valued will not only help you manage your team better, but will create a sense of loyalty that can encourage employees to stay.
Pray
Unfortunately, there is a lot in the current job market and economy that we simply can’t control. You could be the best boss in the world and still lose staff members to The Great Resignation. Furthermore, you can’t control the issues with the supply chain that may be affecting your industry. In these circumstances, all you can do is turn to God. Ask Him to provide staff members and resources to weather the storm. Remember that even if His answer doesn’t look like what you hoped, He has a plan for you and your business.
Most economists say the pace of people leaving their jobs is unlikely to abate any time soon. In the face of uncertainty, all business owners and leaders need to reevaluate how they treat their team members to avoid falling victim to The Great Resignation. However, even the best bosses may be affected and the most important thing we can do is trust God to provide and to guide us in our decision making. And when we do that, we can have peace in the middle of the storm. A peace that your team members will see and greatly appreciate.