Nearly 25% of workers are reportedly considering quitting their jobs post-pandemic. According to CNBC, “Of the 26% of workers planning to leave their employers after the pandemic, 80% are doing so because they’re concerned about their career advancement; meanwhile, 72% say the pandemic caused them to rethink their skill sets.” The pandemic has given everyone the chance to reflect on what they really want to do with their future – especially when it comes to their careers. We are now starting to see what’s been nicknamed “The Great Resignation” – people leaving their current positions for greener pastures. Naturally, employee retention has become a hot topic for many managers.
You have top talent on your team and the last thing you need (especially as your business is recovering post-pandemic) is for your best employees to leave. It’s time to come up with a game plan to not only retain your trusted and talented employees but also strategize on attracting top candidates to your company.
Why Is Employee Retention Important?
Retaining your employees is important for businesses to thrive. When you have a good employee who constantly delivers excellent work, you don’t want to let them go. Additionally, high employee turnover is costly for businesses – as much as 2.5 times an employee’s salary depending on the role. (Source: CIO)
Strategies to Attract and Retain Employees
Preparing the right strategy for attracting and retaining employees is crucial in making sure you have the best talent to keep your business running smoothly. Here are some tips to help you avoid “The Great Resignation” within your company and hire some great talent along the way.
1. Listen to your employees’ needs
Employees want to feel comfortable, valued and secure in their positions. Create an employee-focused environment by listening to and understanding their needs – both as a team and as individuals. For example, flexibility, recognition, competitive pay, work-life balance and social interaction with coworkers all factor into an employee’s decision to join a company and stay long-term.
2. Involve employees in the recruiting process
Employees who are happy at their company can attract other top talent and show them that they will enjoy working at the organization. When employees know that they have helped in bringing a new employee on board, they will feel good about themselves – which boosts morale. Additionally, referral bonus programs can create enthusiasm among employees to play a role in the hiring process.
3. Good benefits are crucial
Having good benefits such as reliable health care programs, retirement packages, paid-time-off and other perks are now extremely important for professionals. Employees will want to see that their benefits are worth them staying or they will want to move on to a company that offers better packages. Additionally, when recruiting new employees, benefits packages are a main attraction, so it is important to evaluate what your benefits are and make sure it is clearly communicated in the recruiting process.
4. Know the importance of diversity
Diversity is of growing importance in society, including the workplace. Make sure you are being inclusive during your recruitment process and have a focus on diversity and inclusion at all levels of your organization. When you have a diverse culture, you gain a plethora of unique insights, perspectives, and knowledge. Employees appreciate diversity efforts and are looking favorably at companies that demonstrate a commitment to a diverse workplace.
5. Provide growth and learning opportunities
Employees want to grow and feel like they are being challenged. As we all come out of the pandemic, many people might feel like they want a change or want to work on new skills when it comes to their careers. Give your employees the opportunity for ongoing education or upskilling opportunities. If they are interested in different teams, give them the freedom to help other teams with their projects and tasks. By providing these opportunities, employees will see that you not only value their interests but are giving them the freedom to grow and evolve in their careers.
6. Provide transparent communication
Keep communication as transparent and continuous as possible. Your employees want to be in the know and it’s a good idea to update them on what’s happening in your organization. Additionally, make sure to also gain employee feedback in the process, to learn what areas may need improvement.
7. Focus on recognition
When you take the time to provide recognition, your employees will feel that their work is being appreciated and that they are a valued part of the team. It’s important to acknowledge your team members publicly or privately (depending on their preference) and give them constructive, specific feedback on their work. Make sure to also set 1:1 meetings to provide this recognition especially if they completed a project or task successfully.
Having the Right Talent for Your Organization
Just like every individual, all businesses are going through a period of change – especially with today’s volatile labor market and economic conditions. When it comes to their employees, managers need to communicate their value and provide opportunities to grow.