Home ›› 05 Jul 2022 ›› Editorial
The Great Resignation describes the elevated rate at which US workers have quit their jobs starting in the spring of 2021, amid strong labor demand and low unemployment as vaccinations eased the severity of the COVID-19 pandemic. Anthony Klotz, a professor of business administration at Texas A&M University, coined the term in May 2021, attributing the phenomenon to pent up demand from workers who deferred decisions to quit earlier in the pandemic. The Great Resignation, also known as the Big Quit and the Great Reshuffle, is an ongoing economic trend in which employees have voluntarily resigned from their jobs en masse, beginning in early 2021. Possible causes include wage stagnation amid rising cost of living, long-lasting job dissatisfaction, safety concerns of the COVID-19 pandemic, and the desire to work for companies with better remote-working policies. Some economists have described the Great Resignation as akin to a general strike. It's been almost a year since Anthony Klotz, a psychologist and professor of business administration at Texas A&M University, coined a famous phrase when he said “the great resignation is coming” in an interview with Bloomberg Business week.
What makes a workplace a place of work? Is it the office premises, the machine equipment or the luxurious facilities? No, it’s the human workers, also known as the human capital, that determine both the quality of the workplace and the future of the organisation. The more engaged they are, the better it is for the organisation. With the advent and proliferation of the knowledge economy, corporate leaders have come to realise that they must go beyond acquisition and recruitment and focus on the full employee lifecycle. That brings us to the question, “what is employee engagement?” It sounds simple but goes deep. Let us start with what it is not. It is not a strategy. The word “strategy” connotes being able to bring about a preferable outcome through tactical moves.
However, what a sound employee engagement strategy essentially does is boost the likelihood that the relationship between the employee and the organisation will be positive in nature. Here’s a quote by Annette Franz on the topic: “Employee engagement cannot be a strategy because engagement comes from within the employee. It’s the emotional connection or commitment that an employee has to the organisation that then causes the employee to want to put forth the additional effort to ensure the organisation and the brand succeed.” They recognise the importance of discovering viable employee engagement strategies to maximise their human capital investment and turn them into high-ROI assets for the business. With effective employee engagement ideas, employees will not only have the ability to improve their performance but will also bring unique benefits to the organisation in the form of higher profitability, better customer retention, better talent acquisition and retention, lower employee turnover, and a safer work environment. This adds to the bottom line quarter over quarter and ensures long-term prosperity for the organisation.During your job search, consider evaluating prospective employers to find a comfortable work environment that promotes your productivity, efficiency and success.
A work environment is the setting, social features and physical conditions in which you perform your job. These elements can impact feelings of well-being, workplace relationships, collaboration, efficiency and employee health. Executives and higher-level management may or may not have a firm grasp on their own company's culture. Company culture might suffer, for example, if defining and maintaining it is not a priority. Most businesses have at least a mission statement, which is a good starting point to identify the culture and make changes to further develop the culture as needed. A company's culture ultimately sets the tone for employee engagement and satisfaction. Without employees who enjoy and thrive in their environment, a business will likely struggle to succeed.Each organisation’s culture will differ depending on its mission and core values.
Passion is important to employee loyalty and satisfaction. When employees are consistently passionate about their work and workplace, they tend to feel more united in working towards shared goals. Autonomy should be prioritised among managers by trusting their teams to do their jobs well. A successful organisation must understand that one of the key motivators for employees is feeling proud of their work. Empowering individuals to innovate and manage their own work is important to healthy, positive company cultures. These attributes combined result to Performance which impacts the culture of an organisation in order to bring in the required sustainability of that culture. Businesses should recognise and celebrate high-performing employees for the quality of their work.
A company must have a strong set of core values that will shape the overall culture. Core values are a set of practices, ideals or beliefs that outline how the company operates, including how it grows, allocates resources and makes decisions. Identifying and defining the core values of an organisation will provide structure and consistency. Customers, be it external or internal are the life line of an organisation. Commitment to customers and/or employees through honest, direct and open communication is the key for creating an engaging environment.
Customer satisfaction hence created through completion of reliable and dependable product or service helps create a base of loyal customer base. The loyal customer base in turn creates the opportunities for self development and growth. After establishing core values, business leaders can embody those values to implement a more defined company culture. In order to do so, the leaders of the company must live by those values and practice them every day. Setting goals and surveying employees can help leaders stay on track and maintain an atmosphere of accountability.
Additionally new hires should understand the importance of the company's core values. When an organisation has a team of strong, hardworking individuals who adopt the company's values in their own work, the company culture becomes stronger. Your core values can also impact the types of company cultures you look for when applying to jobs. If you're not sure what your personal core values are, think about the traits and qualities you most admire in mentors or leaders at work.
The physical conditions you work under will play a crucial role in enabling you to reach your full potential.
Some indoor workplaces have an open floor plan, while others use cubicles or other dividers to separate spaces. The design of a workplace may depend on the type of work. For example, a more collaborative environment may benefit from an open layout, while a job that requires discretion would better operate with separate offices or cubicles to ensure privacy.
Desks, chairs, conference tables and other workplace furniture can also impact employees on the job. Access to comfortable and adequate seating, clean workspaces and functional desks can ensure indoor workplaces remain efficient. Outdoor workplaces may include comfortable furniture for break times.
Some roles require special equipment to do their job, and depending on the company, the employer may or may not provide it. Some roles, such as a mechanic, may be required to bring their own set of tools. Indoor office spaces are more likely to provide the necessary equipment, such as computers, printers and other essential technology used on the job. Other facilities can influence how you feel physically and mentally during your working life. Being able to take a break or go to the bathroom are essential parts of any productive daily routine, so the location of these facilities can also impact the work environment. Additional facilities such as relaxing spaces and on-site gyms can also have a positive influence on employees.
According to Gallup’s 2017 State of the American Workplace report, 70 per cent of employees are not engaged at work. What was once viewed as a problematic trend is now common amongst many workplaces, and it’s leaving behind numerous negative consequences for employers. Poor employee engagement results in less productivity, less creativity, greater absenteeism and higher turnover.Fortunately, low engagement isn’t inevitable. Some organisations have great employee engagement because they make developing and retaining employees a top priority. Their employees consciously and consistently work for the good of their organisation. They’re committed, innovative and driven to help their coworkers and organisation thrive. You can’t force an employee to be engaged—engagement is ultimately their choice. But, you can create working conditions that inspire and empower employees to make that choice. Your ultimate goal is to create an engaging culture—a workplace culture that prompts and rewards engagement.
By giving your employees a say in the organisation’s operations and working conditions, you provide them with a sense of ownership. Policies, procedures, and practices shouldn’t all be dictated from the top but should be formed with the help of employee feedback.
Allow for a healthy work-life balance. Candidates are looking for employers that value the entire person by promoting work/life balance and honouring family and personal commitments. They want to work for employers who are willing to offer the flexibility that meets their needs. It can mean completing a 40-hour work week in 4 days or varying arrival and departure times. Though flexible work schedules may not work for every organisation, employers would be wise to consider how this benefit could widen the talent pool, impact productivity and improve retention rates.
Lower engagement leads to lower productivity and thus, slower economic growth. It’s a downward spiral that originates with our lack of understanding of human capital management, or more specifically, employee engagement. It is clear that very few organisations truly understand or value the meaning of the term. That brings us to the question, “what is employee engagement?” It sounds simple but goes deep. Let us start with what it is not. It is not a strategy. The word “strategy” connotes being able to bring about a preferable outcome through tactical moves. However, what a sound employee engagement strategy essentially does is boost the likelihood that the relationship between the employee and the organisation will be positive in nature. But for the sake of this article, we have used the term strategy to signify the necessary steps you can take in order to ensure that the employees achieve a positive emotional connection with the organisation and, above all, the work they are assigned to do.
When an employee is engaged properly, his or her personal investment in the work is maximum and he or she starts to feel an emotional connection to it. Work-life balance is not a timetable kind of endeavour. What works for you today might be ineffective tomorrow -your work-life balance changes every day, and during every stage of your life. Balancing the priorities and getting the optimum results, both in professional and personal life derives a harmonised work life balance. It’s not a 50/50 ratio which sets this balance.
The writer is MD and CEO of Community Bank. He can be contacted at masihul1811@gmail.com
