In the current job market, it is not enough to find and attract employees, you also need to be strategic about how you retain them. Low pay, lack of career advancement, and feelings of disrespect were listed as the top reasons that people quit their jobs in 2021. According to CNBC, 44% of employees plan to look for a new job in 2022, continuing the “Great Reshuffle” that we saw from the year prior. Employers can always benefit from investing in employee happiness and retention, but it is more pertinent now as employers struggle to find qualified candidates amid the post-pandemic labor shortage.
Check out the top 5 areas that your organization can invest in to aid in employee retention:
Growth and Development
With the high turnover rate that the Great Reshuffle has brought forth, employees are seizing the opportunity to take on other responsibilities outside of their current job descriptions. Many are using this time to advance their careers and further their development by taking classes, receiving certifications, and upskilling. Workers want to know that there is a place for them within their organization long term, and 94% reported that they would stay with their current employer if they invested in their personal development. Leaders should find dedicated time and set up processes to make learning a regular part of their team’s workday.
Diversity and Inclusion
Diversity and inclusion are essential components of employee attraction and retention. Today’s workforce not only expects that there will be diversity programs, but they also aspire to make inclusion a regular part of their work interactions. To accommodate this, managers must learn to create an environment where their team feels comfortable showing up as an authentic version of themselves. Employers should also advocate to help women and other minorities receive representation in leadership roles and do their part to bridge pay disparity within their organization, as this can help with diversity and inclusion efforts within their industry as a whole.
Health and Well-Being
The pandemic has forced our society to realign their priorities, especially around the way in which they work. Many people have grown accustomed to the flexibility and work-life balance that remote and hybrid work allow, and 97% of employees would prefer not to return to the office full-time. While hybrid work may not be an option for every organization or industry, employers should consider how they can provide flexibility in other ways. Additionally, managers should encourage employees to take time off to re-charge. While it may seem counterintuitive, allowing employees the opportunity to disconnect from work encourages them to be more productive upon their return, which can be good for business.
Appreciation and Gratitude
While money can be a powerful motivator on performance, studies show that it is not the most influential factor on job satisfaction, recognition is. 79% of people who quit their jobs cite lack of appreciation as a main reason in leaving. It may seem like a simple concept, but more than half of employees reported working harder in 2020 than ever before without receiving any recognition for it, thus increasing the likelihood of slacking off or searching for job opportunities elsewhere. Establishing a companywide employee recognition program can be a helpful way to ensure that your team feels appreciated, but leaders should also express gratitude to their teams on a regular basis by celebrating small and big wins alike. When expressing gratitude, managers should be specific, timely, and sincere to have the most significant impact.
As many companies continue to work remotely, employees have begun expressing feelings of loneliness, isolation, and disconnection from their teams. While two thirds of remote workers feel this way sometimes, 17% of workers reported feeling isolated at all times. This can make it difficult to foster community engagement and team building, which are important aspects of maintaining a strong organizational culture. Leaders should plan virtual team events and provide frequent opportunities for socialization to make up for the lack of connection caused by remote work.
We hope these tips help you feel more confident about your post-pandemic retention strategy! If you have been impacted by the Great Reshuffle and need help identifying top talent in the Network and Utility Construction, IT, or Wireless and Wireline industries, reach out to us at email@example.com!