- The great resignation of 2021 accounted for the resignation of 1 in four employees quitting their jobs.
- Unfair work conditions and poor pay were common factors that caused the great resignation.
- The effect of the Great Resignation of 2021 left a gaping hole of skill-sets leaving many organizations with vacant positions to fill.
As the effects of the COVID-19 pandemic waned at the end of 2020 and a return to “normal” life appeared close, it seemed like many employees had a eureka moment that prompted them to quit their jobs and pursue their passions. Their dissatisfaction with unfair work conditions and pay leading to mass job resignations is atypical of The Great Resignation phenomenon.
Undoubtedly, the effect of the Great Resignation of 2021 has left a gaping hole of skill-sets in many organizations as employers scout for top talent to fill in vacant positions in their companies. However, exposure to a global pool of exceptional talent ready to work remotely solves the problem for organizations. Partnering with an Employer of Record (EOR) or a global Professional Employer Organization (PEO) enables employers to hire and onboard talent, manage global payroll, and ensure full compliance with the laws and taxation system of the country they are employing from.
There is a fundamental shift in the employee-employer dynamic, and employers need to embrace this change to hire and retain talent for their organizational growth. So, how can the war against the great resignation be won? It starts with stepping outside the box and geographic boundaries.
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Can a global PEO/EOR solve the problem of the Great Resignation?
A Global Professional Employer Organization (PEO) or an Employer of Record (EOR) functions as a legal employer on behalf of the client organization to help in hiring, onboarding, managing payroll, and ensuring compliance with the country’s employment laws organization seeks to employ talent. Due to this arrangement, organizations are not limited by geographical boundaries, increasing their exposure to a broader pool of workers to fill the vacant positions in their companies.
With rapid technological developments, we live in a borderless world where the talent pool is the entire world. However, building a remote team across borders can be time-consuming, expensive, and frustrating. As a Global PEO/EOR, Skuad takes every step to building a global team. We undertake all HR and legal responsibilities without you needing to set up a local company.
- Hire remote talent, anywhere - Employees are increasingly focusing on the “why” of their work - why are they doing what they do. A Stanford study found that working remotely increased productivity by at least 13%, further proving that remote work is beneficial for both employees and employers. Allowing staff to “work from anywhere” is the new key for discovering world-class talent and retaining them. With Skuad’s global talent network, you can hire talent that checks all your boxes.
- Digitize your onboarding process - Automate your virtual onboarding for new hires using our dashboard. With Skuad you can send localized agreements, safeguard all employee documentation in one place, issue work devices, and set up new software, regardless of where your remote talent chooses to work from.
- Pay your employees accurately and on time - Compensation is a huge aspect of attracting and retaining talent. Research shows that over 43% would leave an employer that paid them late or incorrectly, repeatedly. Having a distributed workforce doesn’t have to translate to payroll processing nightmares. With Skuad as your global payroll partner, you can pay your employees with a single click, in the currency of their choice.
- Provide benefits that your employees will love - If you thought that compensation is limited to the paycheck, think again. Your team deserves the best, and a great benefits package means an even happier team. Skuad gives you access to medical, dental, PTO, pension, stipends, and more benefits across the world. With us, rest assured that your team is healthy, motivated, and well taken care of.
- Automate local compliance in 160+ countries - Hiring internationally is tricky. Each country has different requirements for employees and contractors for agreements, compensation, taxes, benefits, and more - to manage these independently is challenging. With Skuad, you mitigate the risks of international employment. We also support you with the right visas, work permits, and the necessary compliance documentation needed to hire international talent.
Other ways to improve employee retention
- Develop customized programs to address workplace struggles - The most basic form of discovering the common workplace issues that affect your organization’s retention is by requesting feedback and tackling the common issues. Once the feedback results give a clear picture of a shared workplace struggle, develop programs to solve them.
- Prioritize initiatives that improve employees’ health and well-being - Organizational health is often affected by burnout and an imbalance in the employees’ work-life. Doubling down on health and creating programs that emphasize the employees’ health and well-being is crucial to improving the general work attitude of the employees.
- Provide flexibility - Workplace flexibility can be a game-changing incentive to retain employees for organizations that are not fully remote. Employees actively seek flexible work schedules. Therefore, providing a form of flexibility may just be the thing that makes the employees stick around
The thought of managing employees working from different coordinates makes employers hesitate in their tracks, “should we hire someone living across the ocean”. While considering between PEO vs EOR, it is better to choose the one that closely aligns with the company's talent goals. Using Skuad as your Global PEO/EOR makes the world just a little smaller for your organization to benefit from an efficient global workforce. Book a demo to see how Skuad can help you build and manage your international team.