The early stages of the post-pandemic world created the perfect scenario for the so-called ‘great resignation’, a phenomenon that explained why so many people were choosing to quit their jobs in hopes of better employers, as well as a new and more motivating corporate purpose.
As of recently, we are seeing quite an opposite turn of events; with a sluggish labour market, company’s focus on retention, and employees’ need for job stability, some have come to coin this new era as the ‘big stay’, a concept that is increasingly putting emphasis on employee wellbeing.
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A contrasting shift in labour market trends: The Big Stay
In recent years, the labor market has been characterized by two contrasting phenomena: “The Great Resignation” and “The Big Stay.” The great resignation refers to the unprecedented wave of employees voluntarily leaving their jobs, spurred by the 2020 pandemic and a reevaluation of work-life balance.
This mass exodus was driven by factors such as burnout, the desire for more flexible work arrangements, and the pursuit of more meaningful or higher-paying opportunities.
In contrast, the ‘big stay’ represents a growing trend where employees choose to remain with their current employers for extended periods. Although for some individuals such loyalty has come from the company’s actual efforts to invest in training programs or enhanced flexibility, for example, for many others is just a matter of keeping their job.
Engage employees in the sustainability strategy
What makes employees stay?
As we just mentioned, the big stay could in fact be a result of the efforts and initiatives companies have taken as a response to the great resignation. And there are a few things that can set the stage for employee retention and loyalty.
On the one hand, employers can implement training and development programs, and invest in the upskilling and reskilling of their workforce, fostering a sense of loyalty and career growth among their employees.
On the other hand, employee satisfaction and development goes far beyond their professional skills, which is another very important matter for employers to tackle. Offering flexibility and support for concerns beyond corporate needs is the best way to ensure long term retention and loyalty, as well as the wellbeing of people itself.
Companies that invest in their employees’ wellbeing are also more likely to see their talent stay in the long run. This means taking care of the overall physical, mental and emotional health of employees by focusing on aspects such as stress managements, work-life balance or fostering a sense of purpose and fulfillment in their role.
Ensuring employee wellbeing is crucial for maintaining a productive, engaged, and motivated workforce, which in turn contributes to the overall success of an organization.
How can companies enhance employee wellbeing
Managing a company is about managing people, and following this train of thought, it seems rather obvious and even natural for companies to invest not only in professional skills that may translate to corporate gains, but also in making sure individuals are at their best to actually offer their professional potential. Here are a few ideas on how to do enhance employee wellbeing.
- Offering health and wellness programs is key for employees’ ultimate mental and physical health, and companies can play a crucial role in ensuring this through fitness programs, mental health support and other healthy lifestyle resources.
- Allowing for flexible work arrangements such as flexible hours or remote work options can further enhance productivity and loyalty to the organization, as individuals are able to find balance in how they manage their time without compromising work hours nor family or personal time.
- Creating a positive and supportive work environment is the first step to building a company culture that can foster a strong team relationships and provide adequate support and resources to all people.
Guide to transform sustainability into an employee benefit
- Providing career development opportunities such as training or mentoring can help give employees a clearer understanding of their path towards career progression and how the company can help them grow and advance professionally.
- Recognizing and rewarding employees’ contributions can help boost morale and job satisfaction, as employees understand company goals and how they contribute to them. Recognition and rewarding is specially meaningful when done in periodical basis, for example, quarterly.
- Establishing open communication channels and encouraging regular feedback will help ensure employees feel heard, and allow to address their concerns promptly.
Sustainability and employee wellbeing
A sustainability or ESG strategy can help companies assess social risks and opportunities within their internal stakeholders, this is, employees, helping employers understand what it is individuals need and how the company impacts the latter.
In terms of more basic wellbeing needs, this means making sure company governance follows good and strong standards, creating a safe and balanced environment for employees, from DEI initiatives to various economic or other tangible benefits such as sick leaves, remote work or in-office childcare.
In a different line, sustainability is also a great objective to look forward to when looking for new ways to explore and enhance individual and team potential, all while working towards a much needed and purposeful goal.
Engage employees in the sustainability strategy
Sustainability does not only help motivate and give employees purpose inside the company, but it is also a great opportunity to create a workplace environment in which everybody can work towards a very relevant common goal.
In DoGood, we aim to simplify the complex web of sustainability objectives for companies by offering a platform that translates the high-level ESG (Environmental, Social, Governance) objectives into actionable tasks for every single employee.
Then, each employee not only knows how to make an impact but also feels empowered to contribute meaningfully to the greater sustainable strategy.
No more vague directives. No confusion. DoGood automates the process, making it seamless for the workforce to know precisely what steps to take.
