Keeping the major layoffs by the leading tech giants aside, we can’t ignore that continuously revolving wheel of employee turnover standing in 2023. While the top companies cut down company costs by laying off employees with lesser productivity, many employees have resigned on their own. As the studies say, only in January and September 2022, 38.6 million resignations took place in the USA. 

However, in this turbulent IT landscape, the HRs should take the responsibility of turning a great resignation (a term coined by A&M professor Anthony Klotz) into a great retention. But, before doing that, it is essential to know why so many employees are leaving their roles.

Reasons Why Employees Are Quitting

Unsatisfactory Salary– iHire’s 2022 talent retention considers this as the most common reason behind quitting a job. As per that report, 43.4% employees in the U.S.A. leave their job for this cause.

Stagnancy in Career Growth– iHire’s talent retention report finds 28.3% of people prefer switching a job to grab better advancement opportunities.

Dissatisfactory Work-life Balance– Most employees prefer to maintain an equilibrium between their job and personal lives. If it hampers their existing company, they often choose the path of turnover.

Issues with Supervisors- Disharmony or bad relations with the supervisors often lead the employees to take the decision or turn it over.

Lack of Flexibility– Hybrid work culture after the pandemic has helped IT employees make the most use of flexibility in a working environment. So, employees are thinking to an extent to compromise with this facility and switching to another job.

A Negative Working Environment & Lack of appreciation – A working place with positive vibes and happy people creates convenience and a better working environment. Companies with a negative working atmosphere have a higher chance of losing their employees. 

And the appreciation motivates the passionate employees most, and everyone loves working in an encouraging environment. Most of the time, this fact works as a reason behind job quitting. As studies say, 29% people quit job for this reason.

Retention Strategies HRs are Following in 2023

Ensure Focusing on Career Growth

We have mentioned the percentage of people who leave work for better career growth. Stagnancy causes a lack of motivation, less focus, and disengagement to work, and when it continues for a long time, employees quit. HRs need to handle this strategically and create interesting scopes for employees and the company to grow.

One of the best tricks HRS follow is offering relevant training. Suitable training courses help employees to gather added knowledge besides enhancing their engagement. Also, HRs often hand over the responsibility of creating a roadmap to the team leads. Those maps need to define the career goals and show the organized path of achieving them. Giving stretch assignments that motivate learning and prepare them to take on new challenges also can be a good step from HR’s end.

Focusing On Work-Life Balance

Excessive work pressure hampers the work-life balance and HRs who want great retention pay attention to it. And to create that balance HRs go after certain tricks. Some of them are:

• Compensating added working hours by extra pay or leaves
• Making them mentally prepared to work extra hours whenever needed 
• Offering remote or flexible working options
• Approving leaves with valid reasons

Keeping an Eye on Well-being

Being one of the commonest reasons for job quitting, financial stability should be a priority. For transforming the recession into retention, the management needs to pay the right amount to the employees according to the market value. When they get the right salary, it would motivate them for better working.

Also, for the overall financial well-being, HRs of leading companies give access to different financial advisory services, added stipends for home working equipment, lifestyle saving accounts, etc. Besides, HRs should give them the right understanding about the future help, better chances to learn from that specific company for better motivation. 

Improved Flexibility at the Workplace 

Offering increased flexibility at the workplace can prevent employee turnover. Hybrid culture has come here to stay, and HRs are supposed to use it strategically, already many HRs have done this successfully. 

Employees who don’t need to be present on the working site are getting chances to work from home. Other helpful approaches Hrs and have followed and will stick to in 2023 are offering flexible working hours and days, relaxation in duty shifts, and so on.

Creating the Right Co-ordinations Between Supervisors and Employees

As said already, despite getting the other facilities, an employee thinks of quitting due to a bad relationship with the tram leads and supervisors. If it happens, HRs take care of it and take the required move to sort out this issue. They should let the employees understand that problems with supervisors might arise in their new company also. Management should hear to both and take a neutral decision that will be advantageous for the company in the long run. 

Producing a Positive Working Environment

A negative and discouraging working environment prevents even a dedicated employee from giving his best. Managers should understand that and they are never supposed to push back any employee. However, an encouraging and positive working environment has got a priority in the previous years, and 2023 won’t be different. And to bring that much-needed positive vibe, HRS, go after these tricks.

• Maintaining transparency with the employees.
• Sorting out the Issues quickly without waiting to make them more complex
• Appreciating the efforts and good work done by the employees 
• Active and careful listening to all the employees’ issues 
•  Give effort to find the causes of unhappiness
• Organizing recognition programs annually
• Expanding different work cultures ( work-from-office, work-from-home, hybrid culture, for instance) 

Know What The Employees Want 

Last but not least, a structured conversation with the employees that reflect their specific needs can be considered a helpful retention tactic. To continue this conversation, HRs ask some questions that give them the right understanding of the needs of the employee who is going to leave. Here are a few of those questions:

• What changes in this job will make it satisfying to you?
• What makes you look for switching?
• Let me know when it’s been frustrating when and a great working day recently.

Wrapping Up

Great HR leaders of leading companies have proven their success rate in earlier years by retaining great employees. In this year also, HRs should keep an eye on it for the well-being of the companies and employees. And hopefully, they will make it happen successfully together, and transforming the great resignation into retention will reach a new height in 2023!