June 13, 2024

Increase Employee Engagement & Retention with the Great Resignation Gaining Momentum

Have you ever had a star performer who experienced burnout and decided to take a break from their career? Or a thriving manager that decided to quit and seek a more rewarding job? For sure, organizations from all over the world have been dealing with similar situations for a while now. But then the pandemic came into our lives like a wrecking ball and made us rethink our lives. Now, we see more and more people uprooting their career paths in search of something more ‘fit’ for them. Life is too short to spend most of our wake hours doing something that gives us little to no joy. We came to learn that the hard way. At that point, coaching can be a powerful tool in supporting your people, enhancing employee engagement, and upholding retention.

The Great Resignation gaining momentum

This mindset, in a nutshell, is what led to the phenomenon we now call the Great Resignation. Or as some say, the Great Shuffle.

  • A record-breaking 4.5 million people in the US quit their jobs in November 2021 only. This is about 3 percent of the workforce.  
  • This phenomenon has become a threatening reality in other parts of the world as well.
  • As the number of people who quit or shift jobs skyrockets, economists say this trend shows no trace of slowing down.  
  • Now organizations find themselves at a point where employee engagement and retention are more critical than ever.

According to OECD reports, a similar picture has started to form in other developed economies. It hit the United Kingdom and Europe just as hard. While countries like the UK, Germany, Netherlands, and Belgium opt to increase pay and offer better benefits with the aim of slowing quit rates, some focus on more value-based solutions. Indeed, the most competent organizations have been investing in focus areas, including diversity, environmental projects, and coaching to engage their employees and teams.

Coaching sparks transformation in organizational culture

“Leaders should roll up their sleeves and think about organizational culture,” says Anthony Klotz, the organizational psychologist who coined the term Great Resignation. Indeed, adopting a coaching mindset is one of the most effective ways to transform culture so that it ‘fits’ your people and their values, and maximizes organizational opportunities at the same time.

  • Coaching is an integral part of talent development since it motivates your employees and gives them the responsibility to find a way to add value.  
  • With people rethinking their lives and careers, opening a two-way communication channel through coaching will help in understanding their mindset and navigating them and your organization into the future.

Turn coaching into an ally for employee engagement and retention

Talent is at the heart of a company’s future success. It’s hard to come by a person that matches the job. But it’s even harder to maintain them and keep them engaged.  

  • Coaching provides organizations with an effective tool for employee engagement by creating a safe, nurturing, and rewarding environment.  
  • Such an environment is much needed especially during a disruptive crisis.
  • In a previous SparkUs article, we deep-dive into the role of coaching in guiding individuals in uncharted territories.
  • Coaching provides continuous input and communication throughout the organization; it also fosters a sense of organizational commitment and psychological well-being.

Three approaches to coaching for talent retention

1. Career coaching for young talent:  

Career coaching and planning is one of the most prevalent demands in firms, according to recent employee engagement surveys. Employees, on the other hand, do not devote enough time to evaluating their preferences when it comes to their careers. This makes it more difficult to advise and direct them to a variety of exciting and satisfactory opportunities. Coaching bridges the gap between individual needs and organizational goals. In fine-tunes expectations for a more harmonious culture that is passionate and thriving.

2. Leadership development programs for front line managers:

Front line managers frequently lack the essential abilities to coach their teams, especially in the face of change. Traditionally, coaching practices were reserved for only a small number of leaders. This is because most leadership development programs rely on short-term and expensive training modules. However, in order for the desired change to occur, leaders must be able to put their newfound knowledge into practice. And coaching is the way to help your leaders achieve this.

3. Creating a coaching culture throughout the organization:

The benefits of a coaching culture, such as increased engagement and performance, are well known in most organizations. Yet building a sustainable coaching culture is not easy with just a few days of coaching skills training for managers. Everyone in the organization needs to experience coaching for themselves in order to internalize a coaching culture.  

Designing a process that includes upper management and cascades down the organization will deem all transformation efforts sustainable. A coaching roadmap that is based on your company’s needs and culture and has different practices for different personas within the company, can ensure that all employees receive the optimum training for their respective needs.

There is no quick fix when it comes to transforming culture. Finding a middle ground between personal values and organizational opportunities should be a well-thought journey. Adopting and coaching mindset will pave the way to engaging the burned-out star performer or once-thriving manager. That’s how you build a rewarding and high-performing organization.