Jeweller - February 2022

2022 PARADIGM SHIFT | The Great Retail Reset
Retaining staff during the Great Resignation
In periods of great upheaval, the Law of Unintended Consequences comes into play. Few people would
have predicted the problems businesses are having retaining and finding staff, writes DAVID BROWN.
Much has been made about the
changing nature of employment
since COVID-19 and the pandemic
impacted our lives.
Many people, in the face of changing
circumstances and government
payments, are re-evaluating their
priorities and where they want to work,
or even whether they want to work, at all.
Many have opted to take early
retirement; others have resigned
when faced with compulsory vaccine
requirements.
This has had an impact on finding staff
across many industries – from truck
driving to café workers, and the retail
industry is no exception to this.
The Great Resignation is perhaps less
about resignations as much as it reflects
workers moving into areas that provide
more pay opportunities.
But either way, it presents greater
challenges for small businesses looking
to attract and retain quality employees.
In periods such as this, staff churn can
and will increase.
Employee change costs such as paying
out holidays, running recruitment
advertisements or using an employment
agency, and lost productivity while new
staff are ‘nursed’ up to speed, can all
cost a business thousands of dollars that
can often be avoided.
So, the questions are: how do we keep
our existing employees happy so they
don’t go, and how do we attract the best
quality replacements in a competitive
marketplace when we do have to hire?
Here are a few suggestions on making
this process more successful for you.
1. Compensation: Let’s start with the
elephant in the room.
Not offering a competitive salary in
the current climate will have a greater
impact than in the past.
Inflation is a new reality and staff will
become increasingly frustrated with
rising costs if their personal income
doesn’t at least keep pace.
This doesn’t mean that wage
negotiations should be open slather, but
you need to at least be sure you reflect
market rates.
2. Work environment: One of the largest
factors that decide whether staff staying
with your business - or leave - is the
work environment.
If there is continual conflict and tension,
you’ll find many staff heading for the
door.
Effective communication and responding
quickly to issues will help ensure that
minor disagreements don’t turn into
major problems later.
3. Flexibility: More and more staff are
seeking a lifestyle element to their jobs.
Employment that provides this will
tick a lot of boxes for staff members
and ensure longer-term employee
satisfaction.
4. Leadership: In the 1995 movie An
American President, Michael J Fox’s
character unleashes at the President
(played by Michael Douglas) “People
want leadership Mr. President. They are
so thirsty for it they’ll crawl through the
desert towards a mirage, and when they
discover there is no water, they will
drink the sand.”
Most people want
clear, concise,
and decisive
direction yet
it’s a quality
CONSIDER THIS
Time for
Change
Many people
are re-evaluating
their priorities
and where they
want to work
– some seek seachange
and others
want to explore
other options
Ask yourself:
how do we keep
our key existing
employees happy
so they don’t leave?
The Great
Resignation is less
about resignations
but more about
workers moving
into areas that
provide more
pay or different
opportunities
All staff have
different priorities
and there is no
one-size-fitsall
solution to
keeping or hiring
staff. Don't take it
personally!
If staff leave, take it
as an opportunity
to implement
new processes
and seek talent
that can take your
business to new
heights.
that seems to be in
short supply.
According to Inc.com
only 10 per cent of
people are natural
leaders however,
those organisations
with strong
leadership achieve
earnings of 147 per
cent higher per share
than their competitors.
If you are one of the 10 per cent then you
possess a unique ability to attract and
retain staff. If not, then it is a skill that can
be learned and used effectively.
5. Career paths: For younger staff,
an opportunity to progress can be a
significant factor in joining or staying with
a business. Have you outlined to your staff
how they can advance in your business?
Do you discuss opportunities with them
regularly?
A friend’s son currently works for a
cutting-edge tech company that exposes
him to a state-of-the-art environment,
that includes an onsite gaming area in
addition to regular work retreats to
luxury destinations. Moreover, he has
the opportunity to be mentored by a
billionaire business owner.
However, despite these conditions he’s
ready to leave because four years in the
role and he’s still doing the same tasks.
All staff have different priorities and there
is no one-size-fits-all solution to keeping
or hiring staff.
It’s important that you take the time to
determine the individual needs of each
person and attempt to cater to what
keeps them happy. It will be worth the
investment in time and energy.
February 2022 | 41