IE&D Key To Retaining Talent During The Great Resignation

Businesses must prioritize fostering a culture that values all team members beyond company perks

As the “Great Resignation” continues, business leaders are scrambling to figure out how they can retain talent. Some CEOs are taking the unconventional approach of offering $5,000 bonuses for new hires to quit when it’s not a fit, saving both the employer and the employee a lot of time and frustration, while others are ramping up anniversary bonuses.

It’s easy to understand why companies would believe that the answer to getting employees to stay is to throw money at them. It’s a short-term fix, but it doesn’t address the root of the problem.

The truth is that quarterly bonuses, increased salaries, free college tuition, and other seemingly enticing company perks won’t retain talent long-term. Instead, companies must focus on creating an inclusive, equitable, and diverse (IE&D) environment that encourages talent to stay.
 

Typically, we turn to demographics when we think of diversity, but we must start by examining our organization first: Is this a place where difference is seen as an advantage and can thrive? If we hire great diverse talent, then we must foster an environment where they feel like part of it and can contribute fully. We also must look beyond the numbers with an introspective view of how we do business and who we do business with for opportunities. It’s hard to look in the mirror and not like what you see, but it’s necessary to do the same with our workplaces and work outcomes through the lens of inclusion if we want to create change.

According to a U.S. Job Openings and Labor Turnover Survey report, 4.5 million people left their jobs in November. From Covid-19 concerns to demands for better workplace policies, there are a number of reasons why Americans are quitting en masse. According to a survey conducted by the U.S. Census Bureau of roughly 100 million unemployed people in December, nearly 4.8 million people confirmed their reason for not working as they “did not want to be employed at this time.”

And I get it. As a human resources professional with more than 20 years of experience, and as a mom who took a year off work to just breathe, I understand someone not wanting to be “employed at this time” as a sign of dissatisfaction with previous employers and the work experience as a whole. The pandemic has shifted the mindset of millions of workers. We also must face the reality that people are finding new and non-traditional ways to work – or to work for themselves – that fuel their inner desires or help them slow the frenzied pace of the day-to-day for the good of their family.

Many people have simply decided that life is too short to continue working where they feel unsafe, unhappy, and undervalued. This is an employees’ market, so many are seizing the abundance of job availability. Simply put, when the employee-employer scales are out of whack in a direction that doesn’t favor them, it’s a problem. If people feel like they belong and are treated fairly, and of course respectfully, then they might not leave.

Companies can take a few steps to improve their organization’s morale through IE&D efforts. First, we must look at the ways we are working – not just hybrid or remote, but workforce capacity and utilization. The burnout buzz is real! For several reasons (staffing shortages, increased consumer demand, blurred home/workspaces, to name a few), people are working longer and harder. In most cases, since we can’t throw more people resources at the problem, we need to turn to process improvements or technology enhancements, assess skill set/job match, or explore and decide whether certain tasks add value.

Other tactics for retaining talent include encouraging feedback on the employee experience, from the pre-hire all the way to the day they retire. While conducting employee engagement surveys has become a necessary standard, we must encourage and have open discussions to ensure that everyone is heard in various forums. When key business decisions are being made, we need to ask ourselves who was part of the decision-making or testing phase. If there are not enough diverse thought perspectives to make us better, more innovative, and more collaborative, then we must rethink our strategy.

It’s crucial to take action on the feedback received and be transparent in doing so. Walk the talk! In acknowledging workers’ humanity, companies must offer flexibility and adequate benefits that will accommodate the myriad of life circumstances that employees face – from caring for sick children to recovery after a natural disaster.

Organizations that are unwilling to accommodate and support the range of human experiences will continue to have the most turnover. Prioritizing career growth and development is key, especially for underrepresented groups. To develop a diverse leadership team, organizations must create opportunities that set employees up for success and advancement, such as reverse and forward mentoring, providing high-visibility stretch roles, and leadership training and coaching. And create active succession and development plans, so that when openings become available, your candidate pools have some well-nurtured inside talent that is ready.

Building a culture where everyone thrives takes a high level of commitment and consistency, but it’s worth it. And frankly, the Great Resignation has proved it to be a requirement.

Companies can no longer afford to put IE&D efforts on the back burner or shove them off to a committee or diversity council. To drive impact, IE&D must permeate every part of your business and reach every person in every role. Inclusion, equity, and diversity can no longer simply be buzzwords for today’s workplace. To retain talent as the Great Resignation continues, businesses must prioritize fostering a culture that values all team members beyond company perks.

Nikki Wilson is an experienced human resources professional and chief talent and cultural officer at TRG. Connect Nikki Wilson