The Great Resignation was a tumultuous time for businesses. For the past two years, employers have re-evaluated their compensation and benefits packages to retain their existing employees and replace the ones that have left. Now, employers are long ready to restabilize, grow their workforce, and focus on the future. But employees may have other plans – employees are still unhappy, and still leaving. According to a McKinsey study conducted between February and April of 2022, 40% of workers considered quitting their current jobs in the next 3-to-6 months. Many others are “Quiet Quitting” – a term that’s gone as viral as the phenomenon itself: employees stay at their jobs and perform at the bare minimum to remain employed. So, why are employees still so unhappy with their jobs? And more importantly, what’s the solution?
- Be Strategic. Best-in-class Employer Brands, like great corporate brands, are strategically built to last. They are durable, authentic, compelling, and differentiated from the competition. They are the foundations around which companies align on their business’s vision and purpose, as well as the values, success behaviors, and traits that their people should embody and build up the business. By threading the Employer Value Proposition (EVP) throughout the entire employee experience, from recruitment to retention efforts, engagement to long-term culture building – employers will attract talent fit for the business, as well as motivate the right employees to stay.
- Be Proactive. Employers often conflate fun perks with their Employer Brand – but they are not the same. Take a step back and evaluate what real value you can provide your employees, in addition to fair compensation and benefits. A Glassdoor survey conducted in 2019 revealed that “Culture & Values” are the strongest drivers of employee satisfaction in the U.S. (19.1 percent) versus “Compensation & Benefits” (10.8 percent). In other words, perks may be nice, but above all, employees are looking for a clear vision and purpose. Resist the reflex to mass-hire, commit to daily free lunches, or install ping-pong tables in the office. Instead, invest in a strong Employer Brand with a strong EVP. This enables a company to define and align everyone around shared foundational beliefs that will cultivate strong company culture and give employees a reason to join, and a reason to stay.
- Be Selective. Your people represent your brand, and all departures aren’t equal. Consider whether the employees that left your company were culturally and strategically moving the company forward. Employment is a two-way street: The employer provides the employee with a stable working environment, fair compensation, and an inspiring environment to thrive, while the employee contributes meaningfully adds to the business’s success. After all, employees are your strongest brand ambassadors, directly contributing to the end customer’s experience and perception of the brand. So, who do you want to attract and who do you want to retain? This “filter” through which you evaluate future candidates will be too, informed by your Employer Brand.
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