Thousands of employees are leaving their jobs during the COVID-19 pandemic. The Great Resignation has become an international phenomenon that is relevant in Singapore as well. In this blog, we will be talking about the different factors which led to ‘The Great Resignation’ and the tips on how to reduce it within your company.
What is the great resignation?
The Great Resignation has been sparked by COVID-19 with millions of individuals quitting their professions, from frontline employees to high executives. In Singapore, 31% of employees were intending to find a new job. Around 1,500 healthcare workers have resigned by the first of the 2021 year as compared to 2,000 annually pre-pandemic.
The impact on small and medium businesses with usually one-person departments will be particularly severe. Before the pandemic, income, job security, working conditions, benefits, and possibilities for advancement were the most common reasons for employees to leave but now we are in untrodden waters. The best way to deal with it is to first figure out what's causing it. Companies need to concentrate on employee benefits in order to maintain their retention rates.
What is driving ‘The Great Resignation’?
Employees who worked in fields that had witnessed dramatic increases in demand as a result of the pandemic had higher resignation rates, which likely led to greater workloads and burnout. Fundamental shifts in how individuals think about work's role in their lives are also fuelling the Great Resignation.
Focusing on personal development
Many people are opting to de-emphasize ambition in order to focus on other elements of their lives. They are embracing "career downsizing," which is seeking a job that requires fewer hours or has less stressful working conditions.
Longer work hours in front of the computer, larger workloads, constant Zoom meetings and conference calls, and a slew of other additional obligations have all contributed to burnout amongst the employees. Companies need to concentrate on employee benefits in order to maintain their retention rates.
Mid-level employees have been the worst hit
Between 2020 and 2021, employees between the ages of 30 and 45 experienced the biggest increase in resignation rates, with an average increase of more than 20% in Singapore.
The change to remote work has made companies believe that hiring people with less experience is riskier than usual, because new employees won't receive in-person training and coaching. This would increase demand for mid-career employees, providing them more bargaining power when looking for new jobs. Many of these mid-level employees have delayed transitioning out of their jobs owing to the pandemic's uncertainty.
Many employees have made the decision to leave because of how their employer handled them during the pandemic. Many of these mid-level employees have delayed transitioning out of their jobs owing to the pandemic's uncertainty. Companies are responsible for providing a seamless employee experience to all the workers. While resignations in some industries, such as manufacturing and banking have decreased marginally, industries like healthcare and technology are the worst-affected.
How to respond to Mass Resignation?
Employ your Health care benefits as a hiring or retention tool
COVID-19 has bought a hybrid work model to the table and employees expect their organizations to give them this flexibility. In the wake of COVID-19, employers need to adjust their offerings to entice their employees and meet their new expectations.
As per a report published by IBM on employee expectation, 51% of employees demand a better work-life balance with demands for better compensation and benefits at 41%. Both these expectations can be contributed to by having good health care benefits for employees and their families. Health care benefits with a teleconsultation plan and COVID support are definitely going to demonstrate to your employees that you care.
Add Dental coverage to make your Health benefits stand out
One of the easy ways to stand out on your employee's or prospective employee's radar is to have a health benefit plan with dental coverage. Costs for various dental procedures can be quite expensive depending on your place of residence. For example, in Singapore, the cost for a simple dental procedure like capping can range from hundreds of dollars to a few thousand. Dental insurance is often left out in most corporate insurance benefits and thus it makes an easy win for you to attract the workforce.
Providing Emotional and Mental Health Benefits
Work from home culture brings us closer to our families but at the same time can bring a lot of emotional and mental stress to employees, especially expats and bachelors living away from their homes. As per the IBM report, even though 80% of the executives claimed that their companies were supporting their employees only 40% of the employees agreed to the claim. This highlights the need for mental health benefit plans to provide counsel and support to your employees as they navigate themselves in these tough and challenging times.
Search for the root cause of resignations
Employers should identify how resignations affect critical company indicators. When individuals leave a business, the team lacks crucial resources which have a detrimental impact on everything from work quality and completion time to bottom-line revenue. Knowing the reasons for resignation should be the main focus. Companies can look at factors such as mental health, employee experience, working conditions, and any other health issues which might cause the employee to leave the company.
Reach out to BLACAZ. Business insurance experts for more on health benefits
BLACAZ. is a reputable health insurance broker for international health insurance, local health insurance, employee benefits plans, and more. We offer comprehensive health benefits for your employees and their dependents to make your job as an employer/HR simple.
For a word on the latest and best employee insurance solutions tailored to SMEs and startups, contact us today!