Over the last 12 months, we've seen an absolute tidal wave of resignations around the world.
Anthony Klotz, an organizational psychologist, and professor at Texas A&M University, coined the phrase during an interview with Bloomberg last May 2021 to describe the wave of people quitting their jobs due to the ongoing coronavirus pandemic, which led many to re-think where, how, and why we work. How can you make your business more flexible? Find out more in this video.
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Transcription:
This is a warning for business owners, the great resignation is here, and you need to know about it. In this video, I'm going to cover all of my research and how you can prepare as a business owner to make sure that your team and your company are not crippled by this big shift in how team members are changing and how businesses is shifting in the post pandemic. Over the last 12 months, we've seen an absolute tidal wave of resignations around the world. And an organizational psychologist His name is Anthony Klotz basically said that this is called the Great Resignation, which is effectively the effect of people sitting at home for a couple of years in the Coronavirus pandemic, and sitting there reevaluating what they're doing with their life. Are they happy with their job? Are they happy with the way that they're working? Are they happy with what benefits and what they're provided with how they work and really thinking about are they happy with even the location that they live in work in. And so this big shift, the great resignation is really shifting how businesses approach and have access to talent, because talent are literally just quitting, the businesses that they do not feel aligned with. They are just quitting. And you know, much of the workforce is now made up of millennials. And you know, and I'm one of them, millennials will do what they think is right for themselves, you know, over sticking to the business or over the old school thinking of longevity, or, you know, long, long, long tenure in a business. And so that's kind of a culmination of all those different effects making this happen. resignations are happening, you know, pretty highly in a lot of people who are in like their kind of mid career, someone who's in their mid career might be somewhere between 30 and 45 years old. As I said, millennials, these have had the greatest increase in resignation rates, the actual numbers are quite stunning. It's been up to 20% in the United States are between 2020 and 2021. And that's a pretty darn monumental shift to say 20% of a complete employment base, actually shifting out the highest industries, or the tech industry and the healthcare industry's healthcare industry. Makes sense? Tech, not exactly sure about why that is. But resignation rates are actually higher amongst employees that worked in places where they had a lot of demand due to the pandemic. And so that explains, you know, a little bit of the tech side of things, but you know, very obvious in the healthcare industry, what's the good news and the bad news? Like how do we respond to this as a business owner? What can you do in your business to think about retaining the talent that exists in your company? And how might you, you know, adapt to and respond to what's happening here? Well, ideally, we want to improve retention as much as possible in our businesses. Ideally, if you have the right people on the bus, and you've hired great people, you want to retain them as much as possible, you know, replacing the employee not only has the time effort, and actually, you know, hiring someone, but you also have to onboard them. And you have a big loss in productivity for months, as a new person is actually on boarded into a role. And so it can be quite challenging and quite impactful for a business, if you have key talent actually disappeared from the business. And so as much as possible, you want to retain people, let's try and take a data driven approach to how we might retain our team members as much as possible. And you know, we're, we're a tech business, and we're nerds. So we like to do things database as much as possible. Number one, we want to identify the problem. Okay, so what's the scope of the problem? What's the impact, right? So first, we want to calculate what your actual retention rate is in a business. And it might be a good idea for you to try and find out what your industry retention rate is, as well. So you can attempt to, if possible, try and benchmark your retention rate against others in your industry. Now, the retention rate for business can be worked out by taking the number of people who have left your business for the year, divide that by the average total number of employees, so roughly the total number of employees that you have, and that's going to give you your turnover rate. And effectively, that's the percentage of team members that will turnover in any given year. Now, you can do this on like a rolling 12 months, you don't have to start it and finish it on the calendar year, right. And that turnover rate is going to let you know where your business is at. Now. I wouldn't necessarily, you know, get too worried about what that exact number is, I think what would be more important is to compare where it is right now over the last 12 months to previous sets of 12 months. So what was the previous corresponding period the 12 months before you just did the calculation and compare how they are, it might be interesting to see for you whether or not there has even been a change or not, they may not have been a change. But also it's pretty important to check with your industry benchmarks as well. Typically a company that is able to attract good talent and retain good talent. I will perform much better as a business and will generate more net profit as well. And so ideally, we want to be in the game of attracting, retaining and helping our great talent flourish so that we can get return from excellent teams. In a business's, once you've gotten a bit of an idea of what the actual number is of your attention, and also what direction it's going in, maybe have a look at what some of the root causes are of why people may be leaving your business or moving on, they can do the basics, like an exit interview, each time somebody moves on to, you know, work out why they've individually chosen to leave the business about what we also like to do is called a pulse survey. And we do a pulse survey every quarter. And that pulse survey is a questionnaire that goes out to our team. And we ask them lots of questions. We asked them, you know, do they feel appreciated at work? Do they feel they have all the resources that they need? Do they feel that they're well supported by their manager? And do they feel that the business is a great place to work? Do I feel that our mission is aligned and good for the world. And all of these things, give us data and allow us to kind of see how our team members are feeling while they're inside the business as well, basically, not just waiting until someone has actually exited the business. Now, if you're interested in a copy of our pulse report, we actually have an example that we provide to our customers. And you can get access to that for free by clicking on to the transfer in offer below, we have a video explaining it. And we also have a template that you can use as well. So you're You're welcome. If you're interested in taking that up. Now, number three that you can do, this is where we you know, the rubber really hits the road. And that is actually starting to develop tailored retention programs. And that is actually creating customized programs are both for existing employees overall broadly. And for someone who you think might be, you know, a little bit on the edge that might not be quite satisfied with the role that they're in to, as much as possible, retain your top talent. Now, for us, sometimes that looks like a burnout program. Sometimes that looks like a engagement program. Sometimes that looks like running exciting in front events, to you know, work on a team social bonding. But for us, we're always looking for ways to keep our team members in great exchange with the business. And by great exchange, I mean that everyone feels like they're winning. In the transaction. Team members feel like they're being paid fairly or even more than fairly, and the business feels like it's getting great productivity out of each person who's working in business. And I'm very proud to say that our reviews on Glassdoor are really positive for the business, we've got lots of reviews from our team members who say that this is a great place to work for them. And I directly attribute that to the work that we do in retaining great talent inside the business. Now we've got some more ideas for that inside our genius Academy. It's free access for those who are already utilizing Google workspace. And you can click on the link below to the transfer offer to get access to that. And we go kind of like behind the scenes in a bit more detail on how we actually structure our team meetings and setups and everything to do with running a remote team. We call it the remote work playbook. And it was actually a eight webinar series that we ran over a number of months as the pandemic first hit, to try and educate businesses on how to run their companies remotely. Go and check that out in the offer down below. So some of the most important factors that really affect an employee's experience in your business and their likelihood to stay around the business are number one transparency, can they trust you? You know? Are they getting clear communications from their employer? Are you being honest, as a business leader about the financial position of the business? Number two, frictionless and collaborative work environment? Are you making sure that you're actually providing great tools to work with Google workspace is a great one for that? And do you actually have a workplace environment that is collaborative with team members, you want to avoid as much as possible, you know, the kind of old school top down reporting, and you know, just just complete, you know, top down management, where not everyone has an opportunity to be a part of the business and have a say, as a part of the business. That leads nicely into number three, which is company culture, does the team feel like they belong to the team like do they feel like the vision and the mission of the business is something that is aligned to their personal goals is something that they wish to contribute to someone who feels like they're contributing, is going to stay longer. And they're also going to feel more personally attached to their work inside the business, which is absolutely ideal. Number four is actually caring for your employees listening, engagement and recognition from both management and their peers as well. And making sure that each person in the business feels like they are a winner for being a part of the business and feels recognized by those around them as well. Next up is career development, making sure that your team have both upskilling and training opportunities, and an opportunity to develop their career, whether that's through promotions or career progression within your company. Or maybe you're the kind of business where people will come for a period of time you develop them as much as possible, and then you send them off with your blessing to another business. And both of those options are fine. Now, finally, and this is by no means the least, making sure that your business is a responsible business itself. Are you enjoying that the communities that you're participating with, you're actually giving back to you ensuring that you're in good exchange with the environment in good exchange with culture and society and good exchange with your customers. Basically, in good exchange with anyone that you'll be As is coming into contact with, and I like to extend that not just to, you know your employees, but also to your employees, families as well. You know, if you think about what your kind of average workweek hours are, or how many hours of overtime your team members are doing, you've got to remember that you're also affecting not just your team members, but their families as well. And so it's really important to keep tabs on the holistic picture of what kind of effect you're having as a business on those who are a part of your business. So where does that leave us with the great resignation? Well, the good news is the quitting will continue. But it's not expected to kind of spiked as high as you know, it was first expected when it first started flexible arrangements in work are now pretty much becoming the norm for both businesses. We've had multiple additional waves of Coronavirus. And that has caused businesses to you know, really not ever think that they're going to go back to the same kind of normal, were now going to have offices where everyone has to go to the office five days a week be the absolute exception, not the rule. And what's more likely is a hybrid work environment is going to become the absolute norm. Now the other factor that's happening here is remote jobs are becoming more competitive. Many more managers and many more business owners are saying that they're going to be open to different people from all over the world working in their businesses. And if you've been following our channel for a while, you know that we have a large team in the Philippines. And we've been taking advantage of working with an international team for a very long time and more businesses are waking up to this opportunity of looking for talented labor in different markets to the market that they're in right now. So what we're seeing is businesses investing in technology and investing in these hybrid work environments. In two to three years, the amount of investment in these kinds of technologies has, you know, just been like, absolutely amazing, and is only going to continue. Now, we've already invested in these tools ourselves in our business. And we're experts in helping other businesses actually implement these tools in their businesses as well. And so if you're looking for shared task management systems, if you're looking for customer relationship management systems, if you want to get more productive with Google Docs, and drive and run your business without any servers and using Google workspace to its full potential, or we're the number one partner for workspace in Australia and New Zealand, in the small business landscape, and we've helped 10s of 1000s of employees across our 1000s of customers broad across the world get more out of their technology. And so if you're interested in that, I would be absolutely honored to help you out. So here are three ways that we can help you if you're interested in some help. Number one, make sure you subscribe to the channel. Give me a thumbs up if you like this content and drop your comments down below. In the comments. Let me know what you think about what I've shared. But if you're interested in a technology roadmap for you and your business, we'll check out our other free videos on YouTube, where we take you through the different stages of business, and what is the most critical piece of technology for you to implement to help your business succeed. And to grow through the different stages of biz. We are all about the intersection of business and technology and helping teams work productively work remotely and make sure that you've got the right tech in place for you, the business owner or leader to have more freedom or flexibility in the way that you work and to share that with your team as well. Now next up, we also have access to the Google ecosystem. And we have a pretty amazing free offer for those who are working with Google workspace already. So you can click on to our transfer in offer below. And that gets you access to our Google Classroom, which as I said, has our amazing eight week long webinar series called remote work playbook. If you're interested in running a more productive remote team, that is the absolute best place to start. We literally lifted the lid on everything to do with how we literally run our business day by day and help everyone from a remote business who's been running for I'd say probably six or eight years completely remotely and over 60 employees across our group, or working from either home or hybrid locations. And so we share all of our tricks, all the daily disciplines, everything you need to do. You can't miss that if you want to run your business remotely. Now if you're a business who's looking for a little bit more help and hand holding, well, there's a link down below for a consultation. If you qualify. One of our team members will reach out to you to help discuss your business and we can review anything CRM systems technology strategy, you've got a bunch of different systems and subscription overwhelmed and you want to get that tidied up. We'll we'll be very happy to help no matter where you are in the world. We're here to help with your technology challenges. And thanks very much for watching this video. I look forward to seeing you in the next one.
To learn more about our Cloud Support Service, or schedule an IT Systems Check, contact itGenius - the Google Workspace Experts
