Last year, a record number of Americans voluntarily left their jobs, making it a staggering 47.4 million voluntary separations out of 68.9 million (69%). The pandemic, along with many other factors, has caused workers to reevaluate their careers and seek opportunities that align with their priorities. Better pay isn’t enough to retain employees anymore. Many workers are leaving their jobs searching for positions that offer more flexibility, better medical benefits, and more vacation time.
With the increase of remote job openings, it has become possible for employees to access roles and companies that were previously unreachable due to extended commutes or relocation restrictions. Employers now face the daunting task of retaining top talent while competing within a broader market.
If you are looking for ways to tackle employee retention amidst the Great Resignation, read our tips below. We share some areas where your company can focus to craft your employee retention strategy.
Thanks to improvements in online collaboration and communication tools, placed at the forefront during the pandemic, employees can perform their jobs efficiently from home, making remote and hybrid work options one of the top areas that workers are focusing on when looking for a new job. Flexible schedules allow your employees to have a better work-life balance and save money on commuting, meals, and other expenses related to working in the office. Providing your employees with flexibility can also improve productivity for your organization by helping your team feel trusted and empowered to perform independently. Read one of our latest blogs for some tips to help you navigate the administrative side of remote work environments.
Diversity and Inclusion
Diverse workforces can have many advantages, including increased productivity and creativity. Today’s world is more connected than ever and having a diverse set of skills and ideas is key not just for your business but also for employee retention. Employees want to be in a place where they feel represented, and a diverse workforce allows them to relate to the company even more. A strong diversity and inclusion strategy can help your organization attract top talent and drive innovative results. Have a few minutes to learn more about this topic? Check out our webinar to learn more about how to create a more inclusive environment.
Many experts now suggest that the traditional idea of an annual performance review is outdated since employees need feedback and input a lot more frequently. By providing regular on-the-job feedback you can give your employees valuable tips to improve their performance as well as kudos for a job well done. Establishing regular check ins opens a two-way conversation that will allow you to understand any issues that are affecting your employee’s performance, creating a space for respect and trust. Frequent feedback also shows your employees you care about their career development, and allows you to work together to craft a career path that benefits both their professional growth and the organization.
Creating and implementing a strategy to improve your employee retention won’t happen overnight. Luckily, our team is here to help. Our dedicated team of HR experts can help you craft an employee retention strategy that will work specifically for your business. Give us a call today to get started!