‘The Great Resignation’ — How to Retain Your Best Employees
Have you heard of the newest global trend in business? It’s called the “The Great Resignation,” and it’s the moniker for the millions of employees resigning and switching jobs after the pandemic. In fact, according to a survey by Prudential Financial, “1 in 4 workers is considering quitting their job after the pandemic.”
So, how do you keep your employees as the market opens up and everyone they know is switching jobs?
Long-Term Solutions for Employee Retention
The first solution most executives jump to is to pay more. Unfortunately, that works for the short term, but it’s ineffective in the long run. True, employees would always appreciate getting more money, but keeping them around for the long run is much more complicated.
For example: A survey by Joblist revealed that 30 percent of employees would actually trade less pay for better work life balance.
To motivate and retain your employees, use the acronym PAMC.
Your employees need to know and hear often the purpose or “why” of your company. Why does the work you do and they do matter?
If they’re connected to either the purpose of your organization or how your organization can help them achieve their own purpose, they’re more likely to be engaged, productive, and more loyal.
Your employees want to feel like they have some control or influence over what happens at work. Most recently, this is manifesting in flexibility for being in the office.
The pandemic showed our employees can be more productive at home and achieve better work-life balance, but they also recognize the benefits of being in the office. Providing some sort of flexibility and letting them decide how they will maximize their productivity will go a long way in making them want to work for your organization instead of moving on.
A survey by Robert Half showed that one the biggest reasons for changing jobs is a lack for career progression and skill development.
Our employees need to feel like they can grow and improve. They want to get better and be able to see a brighter future.
How can you help them learn more, introduce them to new experiences, and clearly explain their potential career paths? If they feel like they have a future with your organization, they will want to stay.
Employees want to connect with their peers at work. Having friends they want to see and be around encourages them not to leave, but the most important connection is with their leaders and specifically with their direct supervisors. Making sure employees have a positive connection with their supervisor and don’t dislike or even hate the person they work for is a key to keeping them around.
The Benefit of a Caring Culture
One more vital connection is with the company overall. Do your employees feel like your company cares about them and all employees in general?
Providing a robust benefits package, a focus on health and safety, and programs that emphasize the importance of their wellbeing and emotional health all help form a solid connection to the company.
The Importance of Adapting to a New Normal
The pandemic has changed a lot of areas of our lives. As companies, if we want to retain our employees, we have to adapt. Providing purpose, autonomy, mastery, and connection are key elements to showing our employees that we understand their value and care about them as people.
If you need help in navigating this new normal, feel free to reach out to us. In fact, our partner, Joyages, and its team members are well-equipped to get you on the right path. Feel free to reach out to us or our Joyages team directly at info@Joyages.com to get started!
Published on: 08.16.21