There seems to be a buzz around the term “the Great Resignation,” or the shift we’ve seen in the job market during the pandemic. When people realize they have other opportunities that could put them in a better career position, they’re going to investigate them. So how can employers effectively retain their best employees? How can they show their employees that staying at their company is the best option for their careers? Below are a few key components to aid in answering those two important questions.
One of the most important aspects of creating a healthy work culture is having proper communication. This advice is universal across all types of relationships. If one party is unaware or uninformed about a particular issue, it could lead to some problems. For one thing, a lack of communication creates stress in the workplace, and tension left unattended will eventually lead to employee resignation.
One way to remedy this is to make sure all employees are having regular conversations within their departments as well as in direct communication with managers. Employees should be encouraged to speak up and voice their concerns over any problems with their work or environment. The last thing that should be happening is employees sharing frustrations with each other and never letting management know of their issues. If those in leadership positions never hear about what needs to be improved or changed, nothing will happen, and employees become more dissatisfied.
Offer Competitive Benefits
Many companies are now offering new benefits or features to their employees as a result of the shift in the world of work. While many of these benefits are expected, such as life insurance and a 401(k), there are two main benefits that have become more prominent during COVID. An article by Forbes shows that 83% of workers prefer a hybrid work model, and 63% of companies are already using some sort of hybrid work model.
Having this system gives employees greater flexibility and freedom, and in addition to this, many companies are also offering a flexible work schedule. “Flexible” means that employees can choose what time frame they want to work each day. If they want to start earlier and get done with work earlier, they can. Or if they’re not a morning person, they could start a little later and be done later.
Another benefit businesses are offering is aid in the form of online services. This aid is usually regarding online services for mental health, a type of training, or an educational program to help with things like career management and personal finance. If employees feel they need to talk to someone about something personal, they can use the service to speak to a trained professional online without having to let coworkers or family members know. As far as educational programs, companies can offer courses with advice about personal finances such as how to set up a budget, or the differences between a 30-year fixed mortgage and a 15-year fixed mortgage if they’re looking to make a large investment like purchasing a home. Having sound financial knowledge is something many people lack as a result of the education system failing to offer many lessons on it. Employees that are capable of budgeting and smart with big financial decisions like buying a house are much happier overall, which is why many employers have been pushing to educate their employees.
Some people need more appreciation than others, but everyone enjoys a pat on the back. Much like communication is important to address problems, it is also important to address excellent performance. Employees that actually feel appreciated, and feel like they are making a difference, are more likely to stick with the company. Giving them opportunities to be creative and showing that their ideas are appreciated will go a long way. Highlighting those successes and encouraging new ideas will not only empower them but bring innovation to the business.
Get It Right the First Time
Arguably one of the most important factors of job retention starts at the beginning of the process. Having an effective hiring process is key to making sure employees that are the best fit for the company are the people that end up being hired. Taking advantage of structured interviews will allow you to hand-select the best candidates that are the best at what they do and are capable of adapting.
Additionally, having a strong employee retention strategy is essential for minimizing employee turnover and promoting employee satisfaction. By focusing on the behaviors of your own employees, you can identify areas where improvements may be necessary and take the necessary steps to promote a positive work environment that fosters employee growth and development. With these strategies in place, you can create a strong and cohesive team that is equipped to succeed in today's competitive business landscape.
What's The Takeaway?
When employees leave, it can be costly and time-consuming to find and train a replacement. Therefore, companies should be making efforts for retaining employees in these job market conditions.
If you see these problems occurring within your organization, take the time to preview our Employee Turnover Framework Whitepaper.
Our comprehensive suite of courses and programs helps employees feel valued. Don’t hesitate to talk to us about the ways we can help fix your employee turnover problem and how we can work with you to develop a solution that fits your needs.