The impact of the ‘Great Resignation’ is dealing a heavy blow to many employers. Workers are leaving their jobs for various reasons directly or indirectly caused by the Covid 19 pandemic.
Young employees are also participating en masse in this great resignation, so it falls on employers to retain this life force of their business by coming up with ways to get them to stay.
On that note, here are 4 benefits to counter great resignation among young employees.
What is the Great Resignation?
The term ’Great Resignation’ was coined by Anthony Klotz, a professor at Texas A&M University. This phenomenon was said to have begun in the spring of 2021 and describes the sizable increase in the resignation rate among workers in America.
It got more prominent in the fall of 2021 as the introduction of the vaccine led to the government lifting Covid-19 restrictions. Which led to a lower unemployment rate as more jobs were created.
The great resignation could have been a result of a couple of things like workers looking for jobs with a better work-life balance and better job opportunities. Some workers who wanted to resign prior to the lockdown restrictions were now able to, and finally, the desire to work for companies that support remote work.
One employment benefit that employers could offer young employees to counter the great resignation is offering student debt repayment.
Student debt repayment is not a new employee benefit and has always been a tool by employers to draw unfresh graduates. However, not all employers offer this benefit, but due to the new jobs becoming available in the U.S. job market, it’s imperative for any employer not offering this benefit to start.
This is due to the fact that a large portion of young workers are still dealing with student debt and are looking for ways to make their payments. As a young employee whose employer isn’t offering student debt repayment, you would be looking for a way to refinance your student loan.
An employee is likely to move to a new job offering student debt repayments if his current employer isn’t. This is why employers who are yet to adopt this employment benefit need to do so now before they lose a number of their younger employees to the great resignation.
Since the introduction of the internet, remote work became a possibility, but big business was not ready to utilize it to its full potential. The Covid-19 lockdown, however, forced offices to close and businesses to move to the home setting remote work became the new way of conducting business.
At this point, most people discovered that many tasks done at the office could easily be completed from the comfort of your home, and there was mass adoption of remote work.
This was an extreme favorite for the young professionals who had grown a distaste for the grotesque 9-5 and adored the idea of the comfortable work from home.
Coming out of the lockdown, a lot of companies realized that they could cut costs by closing down some branches of the business and mandating teams to work mainly from home with periodic physical meetings when necessary.
The drawback to remote work is a lot of workers were not conversant with how to maintain proper office relationships while working from home, but in due time proper office etiquette was learned by the entire workforce.
Young professionals are now on job hunts, majorly for employers offering the option of remote work. As an employer struggling to compete in the ever-evolving job market, if you want to retain and maintain your younger employees, offering remote work is a good option.
It would benefit the work-life balance of your young employees but would also benefit you as an employer when considering the overhead cost of maintaining a physical shop.
Career advancement opportunities
Another benefit sure to help you retain young employees in your company is offering a clear path for career advancement.
Young employees love employers offering mentorship programs and also creating means through which they can improve their knowledge on the job. They will be more interested in businesses offering them further education in their field.
This is both beneficial to employer and employee as the more training an employee receives, the more value they bring to the firm and the more value the firm holds them in.
Career advancement can also include a clear path for promotions. Employees want to know that they can grow in the business and also advance their careers via promotions, especially those of the younger generation who do not like the idea of remaining in one spot for a long time.
If young employees feel there is no space in the business, they will be on the lookout for other businesses willing to offer the opportunities they need to grow.
Good health benefits
It’s not news to anyone how expensive healthcare can be, and this is why almost everyone has one or more health insurance plans in order to shield themselves from healthcare costs. A lot of employers now offer health care benefits for their employees, like health insurance.
This has come more into the limelight with the advent of the Covid-19 virus and its side effects. Employees, especially those of the younger generation, have come to accept how important it is to have a good health care plan for themselves and their families.
If an employer isn’t offering health care benefits for his staff, employees would not be shy to jump ship to employers that are interested in their well-being. It’s advisable for employers to offer young employees the healthcare benefits they need in order to retain their talents.
The job market reacted to the pandemic in a way that has never been seen before. A lot of analysis is still being done on the great resignation. However, employers who are interested in retaining the majority of their young staff despite the great resignation have to put in the effort by offering them better benefits.