The Great Resignation didn’t just begin because of the COVID-19 pandemic—and employers can’t only blame it on that. However, despite the fact that workers overwhelmingly want the option of working remotely, providing this choice has failed to retain high-potential (HIPO) employees (as well as any for that matter).
Over 40% of the worldwide workforce is expected to contemplate quitting their jobs in 2022, according to a study. Why? As long as the rules for keeping high-potential people remain the same whether they work in the office or somewhere else, it’s not only about providing them more money.
What to do when a star performer leaves? That’s the question we’ll answer in this post. After that, we’ll talk about how to keep the best people in the company.
Why Do HR Employees With High Potential Leave?
Assuming that workers quit because they are overworked and underpaid is simple. The assumption, however, is only half correct. Work hours and pay are just one part of an employee’s total compensation. In order to have a better understanding of why high-potential people quit their jobs, let’s first analyze these two assumptions.
Employees Complain about Overwork
During the pandemic, many workers choose to work from home, according to research published by SHRM in December 2021.
- Longer over half of those polled said they worked more hours throughout the week than they had in the past.
- The majority of workers were required to work on the weekends.
The conclusions are backed up by a 2021 study, which shows:
- Overwork is a problem for 54% of people worldwide, according to a poll.
- 39% of people are worn out.
- “Twenty percent of employees believe their boss is unconcerned about their work-life balance,” according to the survey.
Why is there a higher rate of overwork today than in the past? Meetings, for starters. Meetings are now Ten minutes longer on average than they were before. Even worse, 62% of meetings and phone conversations are unplanned or impromptu.
In addition, chats are a factor. It was discovered that “the typical Teams user [was] sending 45 percent more conversations each week, and 42 percent more per person after hours.” No matter how much communication there is at work, around half of employees still answer within five minutes or less.
Employees Are Underpaid
Pay for employees seems to be keeping pace with current market developments, at least on the surface “Wage growth maintained strong for most U.S. employees” despite the outbreak, according to a Research Center findings.
You have to go deeper to find out what really happened. Consider this:
- Workers on the lowest end of the income spectrum were hit harder by layoffs, which kept the national average salary from falling more.
- In October 2021, the annual inflation rate in the United States touched 6.2%, the highest in more than 30 years, but businesses may not have raised wages to pace.
- Wages for women are still just 83.3 percent of those for White males.
- Black guys make up only 71.7% of what white men make.
The World of Work Is Changing
Even while these results are crucial in explaining why individuals quit their jobs, other changes in the workplace also contribute to high-potential employees looking for other opportunities:
- There is a global shortage of HIPO specialists. Those who are looking for a new career or a firm that better suits their personal and professional needs can find a wide range of possibilities with remote work options.
- Many workers, including those at HIPO, are beginning to experience a greater sense of isolation at work as close team relationships have dwindled. They’re looking for more interesting professional and social interactions, and they’re looking elsewhere.
- Workers at HIPO typically feel undervalued since corporate executives seem to have more latitude, bigger compensation, as well as a general air of entitlement in comparison to the hours and demands they are expected to achieve. Employees depart because they don’t like the culture’s injustice (actual or perceived) and want to express their displeasure.
When a High-Performance Employee Resigns, What Should You Do?
You need to do more than congratulate and send them on their way when a high-performing employee leaves the company. This is a moment to collect feedback, analyze data, and create a long-term connection with your customers. It is impossible for companies to halt the resignation turnover unless they have that knowledge and commitment.
Create a More Effective Plan for Offboarding
It’s a mistake to not pay attention to the leaving process, according to management experts. To what extent a business lives true to its stated ideals and promises may be judged by how it handles departing personnel.”
Offboarding should be seen as graduation rather than a severance of ties, according to the authors of the report. The following portion of this article will go into further detail about how companies may help ease the transition of leaving workers into new positions and help position them for future success.
In order to create an offboarding strategy that both benefits businesses and departing workers, here are a few guidelines to follow:
- Continue to foster an atmosphere of openness and transparency throughout the whole process, including the final departure interview.
- Ensure that all legal and regulatory requirements are met.
- Ensure that the procedure is aligned with the company and HR goals.
- Any change should be driven by data.
- Take a methodical and deliberate approach.
- Be attentive, devoted, and adaptable in your actions.
- Learn from the experience and move on.
When it comes time to go, understand that not all workers are the same. Emotional and personal departures from work may be extremely difficult to deal with. Every issue should be handled by the HR team with the greatest sensitivity to meet different requirements.
Continue the Relationship
When a high-potential person quits the company, it’s a tremendous error for managers to break all relations with them. You may, however, be squandering the opportunity to build a long-term business partnership that will benefit both of you in the future.
Here are a few pointers on how to keep in touch with HIPO employees:
- Ensure that alumni information, including contact information and current employment and career positions, is accurate.
- With an RisePath HRTeam-integrated corporate alumni program, former HIPO employees may stay in contact with each other quarterly and build new relationships with each other and the company.
- Let them know you’ve talked to their potential employer—and see if they’d be open to a follow-up conversation—if they utilize your recommendation.