The term "false spring" is a colloquialism commonly used in the southern US. It describes people's eagerness and optimism that warmer temperatures signal the end of winter and the beginning of spring. And who can blame them? The sun shines, flowers start to bloom, and everyone finds their way outdoors. However, this period of warm weather is short-lived. As winter sets back in, temperatures drop, and springtime activities are again put on hold. The question for businesses to ask right now is similar, are we experiencing the "false spring" or retention?
The Great Resignation of 2022 was a wake-up call for companies across the globe. As employees took stock of their lives and realized they wanted more from their jobs, many organizations found themselves struggling to retain their best talent. However, just a few months later, the tide seems to have turned. With mass layoffs and headlines about economic downturn and recession, companies feel like they have the upper hand, and retention rates have slowly increased. But is this just a "false spring" of retention? Without a strong focus on employee engagement, companies may find themselves right back where they started once the job market recovers.
It's understandable why some companies might be feeling complacent about retention right now. With consistent headlines of layoffs, it's easy to assume that employees will be grateful to have a job and be less likely to jump ship. However, this is a dangerous assumption to make. Even in a down economy, there are always opportunities for talented employees to find work elsewhere, and it's important for companies to recognize this. A lack of investment in employee engagement now could lead to another spike in turnover once the job market recovers. Maybe even sooner.
To avoid this outcome, companies must make employee engagement a priority. This means creating a workplace culture that fosters engagement and provides opportunities for growth and development. It also means understanding employee concerns and detractors while addressing the issues causing them to disengage. Companies that make these investments now will be well positioned to weather any future storms in the job market.
Although there are clear difficulties in measuring employee engagement (see Top 5 Problems with Engagement Surveys), investing in a tool to make it easier for companies that want to improve their retention and training strategies is crucial to success. Such a tool should be easy to use, data-backed, and provide continuous insights. A continuous engagement management platform simplifies the process of gathering data, providing data-backed insights that ensure that the information collected is reliable, providing a solid foundation for decision-making.
Additionally, a tool that provides continuous insights allows companies to measure employee engagement over time and identify trends and patterns. By doing so, teams can make necessary adjustments and improvements to their retention and training strategies. This type of tool can allow companies to quickly identify issues and make necessary adjustments to improve employee engagement, leading to a more satisfied and productive workforce.
Ultimately, the "false spring" of retention that some companies are experiencing is a warning sign. It's a reminder that employee engagement is not a one-time project, but an ongoing effort that requires constant attention and investment. Companies that recognize this and take proactive steps to engage their employees will be the ones that come out ahead in the long run.
If you want to get ahead of the competition and invest in your engagement management strategy, contact us today!
In this guide, you will find:
- OKR principles
- Formulas & scores
- OKR methodology
- Step-by-step guide
- Free OKR templates
- Common mistakes
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