The Great Resignation is currently a global phenomenon, and it is unlikely to disappear soon because of which even giant employers and big multinational corporations are worried about retaining their talent. Meanwhile, for small businesses, the challenge is many times greater. However, in February 2022, the then Treasurer of the Australian government, Josh Frydenberg, saw it quite differently. In a speech delivered in February, he stated that it was more of a Great Reshuffle than a Great Resignation in Australia. The workers who were quitting jobs were not dropping off the horizon. Most remained in the job market and were joining other companies, bigger or smaller ones, for higher pay, better facilities, or for other reasons.
Given the difference in perceptions highlighted above, small business owners need to interpret this phenomenon from their own perspective. Offering higher pay and better facilities to talented employees is definitely essential for retaining them. But that is true for all businesses, big or small. So, what makes a small business tick for talented employees when more pay and better facilities are taken out of the equation? The answer is greater empowerment. Something that large hierarchical organizations with information silos and barriers cannot offer. Studies have demonstrated that some highly talented staff may prefer to continue with small companies that practice employee empowerment rather than switch over to top brands that don’t appreciate the importance of empowerment.
So, to motivate your skilled and talented employees to perform well and simultaneously ensure they stay loyal and committed to your firm, they need to feel valued, trusted, challenged, and empowered in their roles. Generally, the empowered employees believe they have greater control over their work and a more significant say in business affairs. Because of these reasons, empowered employees enjoy a sense of security and recognition, dramatically boosting their job satisfaction, comfort level, and productivity. On the other hand, business owners or employers who don’t understand the benefits and importance of employee empowerment tend to boss over and micromanage their employees.
As talented, skilled, and result-oriented staff members feel suffocated in this kind of work environment, they may not stay long with such organizations as they cannot thrive or flourish in such an ecosystem. In fact, they would feel stifled and restrained by restrictions. So, every business owner should remember that empowerment is one of the most critical drivers for productive, result-oriented, and self-motivated employees. Furthermore, empowerment can nurture and encourage their desire to excel, persevere and innovate. Hence, empowering your best employees will prepare them and your business enterprise for tremendous success by promoting and ensuring a high-performing culture within the organization. This, in turn, will make it easy to retain quality talent in your business.