Is your company concerned about employee retention? If not, it should be. We’ve all heard of "The Great Resignation.” It’s a real phenomenon that can be seen across virtually all industries. The U.S. Bureau of Labor Statistics recently announced that 4.3 million Americans, or 2.9% of the entire workforce, quit their jobs in August—a record-breaking month.
Your employees are being recruited by competitors now more than ever. And remote work has increased competition for candidates with in-demand skills. So, the question is, are you doing enough to retain employees? If you’re struggling to improve employee retention, it’s time to act quickly and thoughtfully. Here are five strategies that will help you succeed in today’s war for top talent.
Promote from within
Research from Robert Half finds that nearly 4 in 10 professionals surveyed feel their career has stalled since the start of the pandemic. That number jumps to 66% for workers aged 18-24. And among those who said their career has stalled, about half reported that they’ve seen stagnation in salary growth, career advancement and skills development. Promoting from within provides a clear path to greater compensation and responsibility and helps employees feel that they are valued and a part of the company’s success. Take Target, for example. The Minneapolis-based retailer is staying on top of employee retention efforts in advance of the holidays by announcing 5 million more hours for current store associates, adding up to more than $75 million in pay. In addition, the company said its goal is to hire fewer seasonal employees than in previous years and instead focus on more flexible scheduling, training, pay, and benefits for its existing team.
Invest in employee education
Employees view training as an investment in their worth and a powerful incentive to stay at the company. Workers want to be part of a company that facilitates their growth, and if it doesn't, they will probably leave and take their talents elsewhere. To support this theory, a survey by Better Buys found that 92% of employees think having access to professional development is important or very important. Also, employees with access to development opportunities have 34% higher retention and are 15% more engaged. Ultimately, a strong training and development program can have numerous short and long-term benefits, including increasing employee engagement and retention, encouraging innovative thinking and giving your organization a competitive edge.
Provide childcare support
Childcare is no longer just a family issue. The pandemic has proven that it is also a business issue. One national panel survey of 2,500 working parents found that nearly 20% of respondents had to leave work or reduce their hours due to a lack of childcare. Yet only 7% of companies offer any childcare relief to their employees, despite its being an effective recruiting, retention and productivity tool for working parents. To help retain talent, provide your team something your competitors don't. Listen to your workers to understand their pain points. For some people, it's a financial issue. So offering a caregiving subsidy or partnering with a child care provider to create a tuition discount program may be viable options. For others, flexibility around drop-off and pick-up times could make all the difference for parents juggling long commutes.
Offer flexible work arrangements
The last year has changed the way employees view and approach work. In short, employees want more, and they don’t want to compromise. In the EY 2021 Work Reimagined Employee Survey, more than half (54%) of employees surveyed globally would consider leaving their job post-pandemic if they are not provided some form of flexibility in where and when they work. Liz Fealy, EY Global People Advisory Services Deputy Leader, says, “Employees’ willingness to change jobs in the current economic environment is a game-changer. The Covid-19 pandemic has shown that flexibility can work for both employees and employers, and flexible working is the new currency for attracting and retaining top talent.”
Implement recognition and rewards
When was the last time you told an employee “thank you” or “great job”? One company, Ensono, created a program called “Ensono Shout-Outs” to enable all employees to be able to say thank you publicly to another employee or group of employees who helped them with a project. According to Meredith Graham, Chief People Officer at Ensono,” We can’t focus solely on compensation and we need to focus more on engagement to compete in this market.” By recognizing your employees regularly, you foster a sense of engagement where staff members feel truly motivated to work hard and remain with the company. In fact, SurveyMonkey partnered with Bonusly to find out how recognition and retention are related. Out of 1,500 respondents, 63% of those who were "always" or "usually" recognized said they are very unlikely to job hunt in the next 3 to 6 months.
According to Jennifer Kraszewski, the VP of Human Resources for Paycom, “Building a positive culture requires more than just lip-service. Focusing on culture needs to be a constant and intentional process.” Employee retention is quickly becoming a key competitive differentiator. By implementing just a few key strategies, you’ll be able to successfully attract top talent, build employee engagement and prevent unwanted turnover.
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5 Strategies To Improve Employee Retention - Forbes
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