Did you know we are in the midst of what is being called the “Great Resignation?” Since 2021, employees have left the job market in record numbers. The job supply is far exceeding demand. A business’s most valuable resource is its talent – its people. When employees quit,
- Valuable knowledge, trust, cohesion, and productivity go out the door,
- The remaining employees lose morale and take on more responsibilities, often resulting in the snowball effect of increased turnover,
- Customers notice the break in the continuity of your service, negatively affecting your brand perception, demand for your product/service, and ultimately, your profits,
- Your costs increase due to advertising, interviewing, hiring, and training (by as much as one-third to double your employee’s salary).
So, how can you keep your knowledgeable team from turning over? The answer lies in keeping them satisfied, motivated, and happy by giving them what they value.
Adequate Compensation
We all like to make good money for what we do. Many employees will look for another job if they feel they could make more money doing the same thing at another company. It’s important to regularly reassess your compensation plan against industry standards and adjust employee compensation as necessary. If a permanent pay increase isn’t in the budget, other monetary rewards, like spot bonuses, can make them feel appreciated.
A certified public accounting firm can assist you with the critical research and timing necessary to stay on top of competitive pay. Their financial planning expertise can help you establish a plan or timetable for regularly rewarding your employees while keeping your payroll budget manageable.
Strong Benefits and Perks
Offer attractive non-salary benefits to keep your employees engaged and satisfied. For example, work-life balance and health are high priorities for most people. Workers want rewarding careers while managing personal responsibilities, such as caring for kids and other family members or running errands when they need to. They want the freedom to work and live as they see fit as long as they work the required hours and finish their tasks on time.
Employers should consider offering any of the following:
- Flexible scheduling
- Health insurance with low premiums, exercise rewards, or mental health coverage
- More vacation days or mental health days
- Remote work or hybrid schedules
- Gym memberships or reimbursements
Reasonable Workloads
Flexible schedules and remote work are a great start. However, if employees are overwhelmed with their workload, if the company culture necessitates working past business hours, or if they must answer emails and phone calls at odd hours, the extra perks don’t matter much.
Communication is key. Build a rapport with your employees and regularly communicate for a “pulse check” on how they seem to be handling tasks. Ensure an open-door policy where employees feel free to talk to you or their direct supervisor about work-related stressors.
Add employees, even temporary ones, to help with heavy workloads if necessary – it’s better than losing a good employee. Assess meetings and administrative duties, doing away with those that add little value. Look into technology to help free employees from mundane tasks and work on more beneficial ones.
Skilled Leaders
Micro-managers, hot-tempered managers, managers who think working longer is working smarter, etc. Despite our best efforts, one poorly chosen manager can create a revolving door of highly valued talent.
Luckily, leadership skills are teachable. Hire quality managers and train them, especially first-timers. Connect them with a mentor, and conduct regular performance reviews. You want to do your due diligence here because a supervisor with poor leadership qualities will undo your retention efforts in a heartbeat.
Recognition
Displaying gratitude and thankfulness goes a long way and costs little. A pat on the back for a job well done boosts morale and decreases turnover. Encourage managers to recognize employee achievements and those who go above and beyond the call of duty within their division or throughout the company.
Listen to your employees’ ideas and take steps to implement them. Give public recognition when those concepts prove fruitful. You’ll create a purpose-driven work environment that would be difficult to walk away from.
Career Development
Employees are loyal to employers who help them develop their careers. The care and attention make them feel like a valuable team member. Invest in additional education, like online certifications and mentorship programs. Upskilling or reskilling your team improves workplace talent and employee satisfaction.
Routinely chat with your employees one-on-one to identify their goals and ambitions. Without making any promises, chart a path to opportunities and promotions within your company.
Extras
Additionally, workers care about company culture and want to work in an environment where they feel accepted and included. Let them know their opinions matter by being an engaged listener, eager to consider and implement suggestions, and friendly in your tone.
Ensure that your employees feel connected to the company and each other. Facilitate communications to intentionally build community. Feeling part of a team makes collaboration, sharing, and working together more effective. In-person conversations aren’t always possible, but virtual ones are just as helpful at building rapport among employees.
Provide the proper tools for the job. Technology can become outdated, glitchy, and infuriating. Stay up to speed with what no longer serves the company well by staying in communication with your employees. When possible, have a dedicated staff member who can fix IT issues.
Keeping Good Employees
Improving employee retention is vital in today’s economy, where significantly more jobs are available than workers who want to fill them. Employers must discover what motivates their workforce. Compensation, work-life balance, recognition, and career development opportunities are a few factors that increase employee satisfaction and loyalty.
Infographic
Worker shortage has resulted in challenges for companies, leading to the loss of knowledge and motivation among staff, which affects service quality and costs. To address this, employee happiness and retention should be prioritized by companies, with measures such as competitive pay, perks, workload management, leadership training, recognition, career growth opportunities, and the promotion of inclusivity, ensuring success in a job market characterized by worker turnover.
