How To Combat The Great Resignation- Improve Staff Retention Rates Starting With Mental Health.
Updated: Apr 14, 2022
The term 'The Great Resignation' was coined by US academic Anthony Klotz. In the US specifically 2021 saw a 20 year high in resignations. By April 2
021 2.7% of the workforce or 4million workers had handed in their resignation which is the highest on record. The UK also saw the effects of the ‘The Great Resignation’ with employees handing in their notice at much higher rates than previous years. A survey of 1,000 UK workers reveals that almost a third (29%) of UK workers are considering moving to a new job this year. Klotz cites four causes, starting with a backlog of pent-up resignations from the first uncertain year of the pandemic, when people stayed in jobs they otherwise might have l
eft. Secondly, workers were burnt out. The third reason is linked to what psychologists call Terror Management Theory and the idea that people confronted with death or serious illness tend to reflect on how much meaning and contentment exists in their own lives.
Mental health issues are a strong driver for The Great resignation', with young people the biggest group quitting their jobs due to poor mental health, a new report has found. A new hire needs 1-2 years before they are truly productive so
this is extremely detrimental to businesses who are seeing a high staff turnover.
It seems that people feel that rather than fitting their life around work they need work to fit around their life. In addition, it has been noted that while employees want a better way of living they are not just resigning to simply chase their dreams. They are moving to employers or competitors who seem to offer better benefits that match their needs.
Interestingly however, recent research strongly suggests that people’s wellbeing can decline after a job change and it is crucial that employers ensure that mental health programmes are in place.
In fact, a recent study of respondents showed those who felt supported by their employer with their mental health were 2.7 times more likely to be satisfied with their job and 2.5 times more likely to intend to stay at their company for two years or longer, compared to those who didn’t feel supported.
However, its important to note that ‘The Great Resignation’ isn’t being driven by the mental health of employees—it’s driven by employers themselves and what they doing to protect the mental health of their employees. Research shows that poorly managed workplace factors can cause diagnosable mental health conditions. In one study, 84% of respondents reported at least one workplace factor that negatively impacted their mental health in the past year—most commonly, emotionally draining work, which was also a workplace factor most commonly reported as having worsened since the pandemic. Simply providing staff with ‘mental health days’ just doesn’t cut it and employees need practical workshops and support from employers.
So, whether you are looking to retain employees by providing better mental health benefits or improve the wellbeing of your new joiners and improve retention rates, hiring a Corporate Wellbeing Specialist has never been more relevant.