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What is the meaning of the Great Resignation? A phrase recently coined to explain the phenomena of significant groups of people abandoning their jobs during the COVID-19 pandemic.
As the pandemic spread, an eminent Texas A&M professor saw company tendencies and a lack of personnel and came up with the concept of the Great Resignation. Companies in the United States have reached their maximum levels of available positions, and trends have been analysed and reported. Companies have indicated that “resignation rates are highest among mid-career employees,” according to the study, and the technology, healthcare and maritime industries have been struck the worst.
Many people were laid off at the start of the pandemic, but as the economy steadily improves, employees are reconsidering their employment choices.
In the maritime industries, employees are joining in, unhappy up with their working conditions during the Covid-19 outbreak. Workers who have been battling gruelling limitations on the frontline have faced several obstacles as a result of the protracted Covid-19 issue.
In seafaring, a slew of difficulties regarding crew change, job security, immunisation, and the well-being of seafarers and their families have worsened rigorous movement regulations that limit services and support to vessels, as well as the pressure to keep global supply lines moving.
The percentage of sailors who have elected to stay at home and wait out the epidemic or have entirely quit varies from less than 5% to 15%. This may sound insignificant, but it is concerning for these businesses, which had a pre-pandemic attrition rate of 2% or less owing to voluntary resignations.
Let’s know the various reasons behind this.
Retaining experienced, informed, and competent employees is critical; nevertheless, as organisations evolve and recover from the epidemic, retraining and rehiring are not ideal. This necessitates forethought, investment, and focus. If you believe you are in danger of losing employees, the greatest thing you can do is prepare to transform your business, so you are not stuck in the past.
Here are some steps can be taken to ease out situation.
Incorporating some type of remote work into your company’s operations will help you retain employees in the short and long term.
A successful staff retention strategy is a plan. And you’re going to need one if you want to beat the Great Resignation.
You’ll be treating your employees fairly and conveying that they’re valuable members of the team if you raise salaries to a level that will at least balance the impact of inflation. This is critical to making your company a great place to work.
There’s no denying that business has been tough in recent years, and the Great Resignation is throwing yet another dilemma at executives and HR professionals at a time when many are already overburdened.
However, by taking a careful and courteous strategy that prioritises employees’ wants and goals, one should be able to weather the storm.
Author: Abhijeet Sahoo (Team Member Nevoxel)
(Nevoxel is an HR firm specializing for shore based hiring,Capability building and workforce transformation for the Maritime Industry)
Marex Media