How To Navigate The Great Resignation

By Soko Directory Team / Published December 9, 2022 | 3:12 pm





Employees are the driving force behind any company. A high employee turnover curtails the growth and development of a firm. A workforce brings diversity to a company, providing various unique perspectives, skills, and expertise.

Every employer must keep their employees satisfied to ensure their loyalty to the company. A company with a high employee turnover can never grow properly. One must offer something more than just money to keep your workforce content and entice potential candidates.

Kenya has a very vibrant workforce and a strong work culture that has seen most neighboring countries strive to tap into. Kenyans are among the most hardworking people. The best workforce lies in the Small and Medium Enterprises (SMEs).

Despite this fact, it is evident that organizations are still grappling with creating a strong high-performance culture that also fosters a positive working environment among employees.

Many firms are also trying to develop clear reward systems that enhance the performance and retention of top talent. Rarely do employees get rewarded outside their workspaces hence a need for a neutral reward system that recognizes employees outside their organizations is needed.

Creating a balance between having a motivated organizational workforce and still, one that is centered on performance delivery is key.

Every employer needs better results. No one hires someone and pays them for doing nothing. With the high unemployment rate in Kenya, some employers have ended up capitalizing on the desperation of employees to exploit them.

The best way to appreciate employees is to recognize them with an award. An award does not need to be in form of a monetary one. A simple “thank you” can be enough to uplift the spirits of your employees. And yet, people keep of leaving the workforce. Why?

The world has never been the same after the invasion of the Covid-19 pandemic. Millions of businesses shut down and millions of people lost their jobs. Despite the fact that it is fading away, many will take ages to recover from the shock of the global event.

One major thing that the pandemic brought into the world is that it shifted how work is done and conducted. Most businesses around the world realized the immense power of digitization, hence moving most of their operations to digitized platforms.

With digitization, many jobs that were done by people were taken over by machines and online platforms. Although many are calling it the new normal, there are those who think that it is a disastrous new normal that has made workplaces unbearable.

According to WorkPay, the world now has a phenomenon known as “The Great Resignation.” This is a phenomenon that has swept across the globe since the pandemic hit. More people realize they have options when it comes to where and how they work.

At the same time, the great resignation refers to the higher-than-usual number of employees voluntarily leaving their jobs since late 2020 and early 2021, although resignation data show that this phenomenon actually began more than a decade earlier.

As more people voluntarily leave their jobs, it’s becoming evident that the value of a job is beyond just the compensation; particularly now as the younger generation is entering the workforce.

Losing the workforce costs companies billions of dollars every year, and it’s essential for employers to nurture and grow a vibrant workforce.

“Employers must consider this shift in values along with the changing landscape of the workplace as they strive for employee retention,” says WorkPay.

In the past few months, shocking layoff news has been overshadowing a bright job market. Within weeks, mass layoffs primarily in tech, including at Twitter, Meta, Amazon, Salesforce, HP, Lyft, Doordash, and more, have flooded headlines.

More than 50,000 workers in tech lost their jobs in November, up from 12,600 in October. However, overall layoffs remain historically low. Throughout 2022, the monthly layoff rate has hovered around 1% of the workforce or around 1.4 million people. It’s even lower than pre-pandemic numbers.

Economists and business experts say recent layoff headlines are neither widespread nor indicative of trends in the larger workforce, yet they’re still getting talked about at high volume and great length, in part because they’re taking place at household name companies that are covered a lot in the media.

While a period of upheaval such as the Great Resignation might feel like a challenge, it can also present great opportunities for organizations to attract and retain top talent.

“One such opportunity is the 2022 Employee of the Year Awards an initiative spearheaded by WorkPay. The employee of the Year Award (ETYA) is a WorkPay initiative launched in 2021 to celebrate employees across businesses and organizations in Kenya.”

It is an annual event that brings together industry players from across different sectors to celebrate the efforts and contributions of employees to their organizations.

This year, ETYA returns with the theme “Navigating the Great Resignation: Retaining and Attracting Talent with a view of shining a spotlight on this phenomenon, dissecting this topic alongside HR experts and key industry stakeholders.

ETYA’s goal is to create a platform for employers to recognize and celebrate the valuable contributions employees make throughout the year to businesses and organizations.

ETYA 2022 is the second of many award ceremonies geared towards recognizing and celebrating the people who are the foundation and backbone of the company and ensure its continuity, growth, performance, and ultimate success – the employees.

“We endeavor to look beyond the honors and accolades that people have accumulated over time and try to identify truly remarkable employees who have gone above and beyond their work in the year 2022,” said WorkPay in a statement.

Note Below

The WorkPay software is an end-to-end HR management solution-based process that keeps track of payroll and payment processing, salary disbursement to banks and mobile wallets, and monitors employee timing. It provides a complete overhaul to the paper-based payroll system of accounting.




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2023
  • January 2023 (161)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (359)
  • April 2022 (294)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (231)
  • December 2022 (166)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (273)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950