Over the past year, the US economy has seen historic levels of worker resignations, and employers in every sector have struggled to keep people on payroll. Many companies are looking to end the high levels of turnover in 2022, but how do you hold onto employees while every other company is just as desperate to hire them?
The first step is to reassess your company’s existing practices. Outdated practices are often continued only because they worked in the past. This can result in counterproductive practices that may be inconveniencing current employees. As a business, you want to consider employee mindsets in the functionality of your workplace.
“This chapter in history has impacted us all and employees want to feel like what they care about matters. We want leaders to pay attention to and support their people – so everyone can continue their mission and have purposeful careers in their organization.”
As a result of the pandemic, many workers have become accustomed to working from the comfort of their homes. As restrictions lift, some companies expect their workers back in the office, regardless of whether they’re more efficient, productive, or content at home. Forcing employees back into the office unnecessarily is one of the fastest ways to lose their favor.
According to the St. Louis Fed, employee productivity rose 1.02 percent from Q4 2019 to Q2 of 2020, despite most people being remote in Q2 of 2020. This is among the many signs that point to higher productivity working from home. The problem is, not every job can be worked from home all the time.
In order to avoid dissatisfying their workers, companies should be more flexible than before. By allowing hybrid work and only requiring people to come into the office when it’s absolutely necessary, employees will feel like their time is valued and their voices are heard.
To you, it’s obvious that your company’s mission is important. Make sure that it is clear to your employees as well. In this time of turbulence and uncertainty, it’s important for your workers to believe in the mission, and see its significance.
Reiterate your company’s mission in meetings and emails. Show the benefits that their work is doing, both within the company and in the outside world. Celebrate all accomplishments, even the relatively minor ones. If employees see that their work is making an impact, they will feel more inclined to stay.
One of the biggest motivators for leaving a job is when employees think they can make more money elsewhere. If your company is struggling to keep its employees, it might be a good time to research what your competitors are paying their people and ensure that your company is giving competitive wages.
It may not be possible for your company to raise all of your employees’ salaries, but giving out additional PTO or bonuses are easier ways to gain their favor. Send holiday presents or random care packages. Find ways to show that you care about your employees and they will be more likely to stick around.
It’s easy to focus on employees who have left already, but it’s important to show your appreciation for those who stayed. Failure to do so can result in even more trouble for your company’s operation.
Another major factor when an employee is considering leaving is whether they feel like there is room to grow. Most people don’t want to be stuck in the same position with the same pay for the rest of their life. If they can’t find upward mobility inside the company, they’ll look elsewhere for a better job.
Reassess how you go about hiring and promoting. If there’s already a strong internal growth mechanism, make sure your employees know about it. If there isn’t, it may be worth rethinking the process. Many companies look for outside candidates when a new management position becomes available, and that may bother employees who feel like they deserved a promotion.
Rewarding people for their hard work can go a long way in maintaining job satisfaction. Bringing in an outsider can not only disrupt the work flow, but also belittle the abilities of the workers already on payroll. Promoting from within leads to both a smoother transition and an incentive for employees to stick around.
While these are just a few measures you can take to increase employee retention, each company has unique needs that should be evaluated. If you’re struggling to keep your workers and you need help, you’re not alone. We’re living in historic times right now and there is a huge amount of uncertainty in the future.
If you ever need help planning for the future of work or implementing meaningful change, KGO is here to help. Our workplace experts have helped numerous companies adapt to the changing world and overcome a plethora of different issues.