The Great Retention starts now: tackling The Great Resignation

The Great Retention starts now: tackling The Great Resignation. Become a B Corp. Save our planet. Better benefits
Amba

With The Great Resignation in full swing and no sign of slowing our CEO, Tobin Murphy Coles, outlines ‘The Great Retention’, and how HR can respond to one of the biggest attraction and retention challenges they’ve ever faced.

“Workers’ priorities and expectations have changed irreversibly over the last 18 months. This, coupled with the emergence of a new and unique generation of talent, means that employers must adapt quickly in order to stand out in an increasingly competitive market.

We’ve repeatedly heard from fraught HR teams and employers who are facing seemingly unsurmountable recruitment challenges. The common theme is that potential hires are looking for more meaningful reward packages, that echo the values they’ve always had, but post-COVID19 are placing significantly more importance on.

Employers are more than ever seen as representatives of employees’ values and morals; therefore, employer brand, employee benefits and reward transition from ‘nice to have’ to essential tools for attraction and retention.”

Introducing: The Great Retention

At Amba, we know from experience that different groups are motivated by different drivers and will demand certain standards from potential employers. The current workforce, largely made up of Generation Z and Millennials, places a firm focus on ethical and environmental standards and are motivated to work for businesses that share these core values, and uphold them across every aspect of the organisation.

This invites 3 key observations:

  1. Over 80% of employees still think their employer is not doing enough to address climate change.
  2. Employers with a good Environmental, Social and Governance (ESG) policy on average see 16% growth in employee productivity.
  3. 92% of Millennials would be more likely to trust a company that supports social or environmental issues.

As a result, employers need to be prepared to answer questions such as;

  • ‘What is your CSR policy and where can I read it?’
  • ‘Are you a B Corp business?’
  • ‘What is your current performance on gender pay?’
  • ’Do you offer flexible and ethical benefits?’
  • ‘Does your pension scheme allow me to invest in carbon neutral funds?’

Murphy-Coles concludes, “Having a coherent and considered response to all these questions is now just as important as offering top salaries and it’s the businesses that recognise this that will win the war for talent at a time when competition has never been tougher.”

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