hr.economictimes.indiatimes.com | www.ETHRWorld.com
By Dr Sunil Singh
The Great Resignation is sweeping the world after the pandemic, cutting across geographies and sectors. The US Labour Department reported resignation of over 57 million between January 2021 and February 2022. A PwC study held in 44 countries suggests that it is far from over and one in every five workers globally is thinking of quitting. The biggest challenge for HR teams is to retain talent.
HR experts have zeroed in on several reasons like low pay, limited opportunities for job mobility, insufficient flexibility, work-life imbalances, mental and physical stressors, and lack of workplace benefits as reasons for the resignations. A survey by Microsoft in 2021 reported that about 54% of employees felt overworked and 39% of employees felt exhausted after the pandemic. Qualtrics study reported that 41.6% acknowledged that their mental health declined after the Covid. The figures are alarming and HR heads are looking for ideas to address the crisis.
One of the most powerful traditional tools have been rewards and recognitions (R&R) in times of crisis. However, we need innovative ideas even in R&R endeavours. One of the positive fallouts of the present crisis is that every organization has started adopting employee-centric HR approaches by putting people first along with the short-term profits, if not ahead. As a result, new-found care and compassion towards…
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