A quick summary:
- What is the 'Big Stay'?
- Retaining employees with a personalised EX
- Our final thoughts on the 'Big Stay' movement
In recent weeks, there has been a lot of talk about the ‘Big Stay’ and what that could mean for businesses — a reversal of the Great Resignation of 2022, a time that left many companies with skill gaps and a crumbling bottom line.
But now, economists are suggesting a U-turn of sorts. Believing that people are staying with their employer, without any intention of leaving. Now, this is definitely a moment to rejoice, and it benefits employers who have faced retention issues in recent years.
However, retaining talent is an ongoing process. It’s about shaping the employee experience, a benefits package and progression pathways to convince staff to stay.
In this article, we’re exploring why the ‘Big Stay’ must be met with a strong effort to increase workplace wellbeing. Because if there’s one thing employees want in the modern workplace it’s more wellbeing benefits.
What is the ‘Big Stay’?
An article from BusinessInsider is doing the rounds on LinkedIn. It talks about a new workplace, where employees aren’t thinking about leaving. Something that’s been on the cards for millions of people in the past couple of years.
But why? Well, as the Great Resignation kicked in, people started looking for new opportunities. Especially those that supported hybrid and remote working, as many companies looked to return to office-based normality.
There was a lot of change in ways of working during the post-pandemic period, which led to record high amounts of people looking for new career moves. So, the ‘Big Stay’ is a sign of labour turnover slowing down across the workforce.
But now that people aren’t leaving in droves, how can employers steer the ship of retention to lo ng-term safety? We believe that answer is employee wellbeing.
See, it wasn’t just different ways of working that changed during the past few years, but many people began to prioritise things like healthier lifestyles. This took shape in new demands from employers for things like mental health support and more.
Retaining employees with a personalised EX
The employee experience is everything. It’s the culture you build and the pathways you provide employees with. And so, the best way to ensure retention is long-lasting is by improving your EX strategy.
As an employee wellbeing platform, we’ve discovered over the years that personalisation is key. It’s what differentiates one company to the next. And the best way to achieve this is through surveys and one-to-one communication with employees.
The end goal? To understand the immediate needs of people in your company. That in a nutshell is how to craft a great EX strategy. Here are some ideas to think about:
- What skills are my team hoping to learn?
- What benefits and initiatives would support my employees?
- Do they have all the tools they need to thrive?
- Are we listening to their needs on a regular basis?
- Who is responsible for ensuring action is taken?
These questions should help you construct a personalised employee experience. One that will support your retention efforts, regardless of wider market trends. If we could share any piece of wisdom with you, it’s this…
Don’t let the idea of less job-hopping fool your business into thinking attrition is no longer a problem.
Our final thoughts on the ‘Big Stay’
When we talk about the ‘Big Stay’ it’s hard not to tread cautiously. We believe it’s not enough to accept that the tide is turning and companies can take their foot off the gas when creating a better workplace.
The pandemic proved just how things can change in an instant. If anything, it’s likely easier for employees to make the decision to switch careers in a post-pandemic world. And this shouldn’t be forgotten by businesses.
Ultimately, it’s about being strategic and not focusing on the ‘Big Stay’ but becoming a company that gives people a reason to stay. That is how to retain talent for the long term.
