Can leadership coaching help with the great resignation?

Since the beginning of 2021, Employers have faced many challenges. These challenges include shortage of workers, employees calling in sick due to COVID-19 concerns, and a supply chain crisis. This has been made even more difficult given what media has labeled the great resignation with almost 40 million workers resigning their current position. Many have struggled to understand what is causing so many employees to look for a change. Are they moving to the competition, changing industries, starting their own business or leaving the workforce?

The answer may be all of the above. However, many experts, are now convinced that the main bulk continued as a W2 employee. Your employees most likely accepted a position with another company that paid them more immediately or provided better career prospects. This reality has caused Korn Ferry to label this more the “Great Reshuffle”. I recently heard someone else call it the “Great Upgrade” as individuals are moving to advance or pursue their passions.

With the pressures faced, many managers are understandably focused on filling the large number of vacancies. However, it is even more important to focus on maintaining the talent that you have within the organization now. It is especially essential for you to hold on to your top leaders. Turnover within your team in these stressful times results in critical loss of knowledge just when you can’t afford to lose it. The cost and time commitment to filling these positions is significant. Moreover, frustrations within the remaining overworked team members, can lead to a spiral of even more resignations. The role of good leaders is to create more good leaders in your organization so a loss has a multiplier effect.

With my previous employer, I can recall the frustration of this first hand. I was on an international business trip when I got a message from one of my Senior Directors that he needed to talk. A message like that is not usually good news and sure enough, I was informed that he had accepted a position with another company. I was given a three-week notice, and an instant pit in my stomach. How would his responsibilities and projects be impacted? I had just three weeks to finalize a job posting, internal communication, transition plans, internal/external decision, on boarding plans… the list goes on. Suddenly this was the number one item on my priority list. Losing a key performer has many costs to it.

Salary and immediate advancement is unquestionably a factor in resignations, but experts also suggest that many employees want to be more actively engaged in their own development. Some businesses have established learning centers, courses, and other tools so workers may self-direct themselves on a career path. However, this might not be enough.

World-class businesses provide a number of initiatives to motivate staff and help them develop their skillset. Leadership coaching should be included in these programs. Investing in someone’s future by giving them a leadership coach signals the employee that the company has an interest in their long-term success. The coaching process will also greatly assist that person become a better leader, enabling him or her to have a positive impact on the whole team and hopefully improve overall retention.

• Encourage employee involvement: Allow employees to have a say in the decisions that affect their work. When people feel like they are heard and their opinions matter, they are more likely to stay with the company.
• Recognize achievement: Celebrate wins together as a team and reward employees for a job well done.
• Encourage employee growth: Promote opportunities for employees to take on new challenges and responsibilities. It may be hard when you are under such pressure to support an employee move to a new assignment but it is better than losing them to another organization.
• Create a work-life balance: Another important factor in employee retention rates is the focus on creating a work-life balance. Promote flex time, job sharing, and other measures that help employees manage their professional and personal responsibilities outside of work.
• Communicate effectively: Keep employees informed of changes and developments in the organization. Provide the “why” behind key decisions.
• Show appreciation: Thank employees for their hard work and dedication.

Preventing employees from resigning can be a difficult task, but it is not impossible. By focusing on the factors that drive turnover, employers can put in place measures to keep their team members from leaving. Offering development opportunities, leadership coaching, and a good work/life balance are just some of the ways to show employees that you value them and want to keep them around.

Talent development, training and retention have never been more important for organizations as employees are seeking opportunities to grow their skillset and be challenged in new ways. Too often, employers focus on today’s staff shortages and not the retention efforts that will have a significant return on investment over the long run. It’s time to shift the focus and invest in your current employees.