NEARLY HALF OF U.S. EXECUTIVES REPORT A HIGHER OR MUCH HIGHER TURNOVER THAN NORMAL AT THEIR ORGANIZATION IN THE PAST 6 MONTHS.
The Bureau of Labor Statistics (BLS) says 4 million Americans quit their jobs in July 2021. Resignations peaked at 2.8% in April, dropped to 2.5% in May, and then rose to 2.7% in both June and July. Additionally, a record-breaking 10.9 million jobs were available at the end of July”. (Grace Ferguson, author at Zenefits)
● Hire Based on Your Company Values
Apollo Technical suggests “Hiring employees in accordance with your company values is an imperative employee retention strategy.
Shockingly up to 80% of a company’s employee turnover rates may be attributed to hiring practices that are not aligned with a company’s core values.
Moreover, a recent Glassdoor survey indicated that 35% of hiring managers believe their newly appointed employees will tender their resignations before the end of the year.
To hire loyal and engaged employees:
Ask questions during the interview process concerning your company’s values.
Refrain from sugar-coating the less pleasant aspects of the new role”.
● Create professional development opportunities
“94% of employees surveyed by LinkedIn for its annual Workplace Learning Report said they would stay at a company longer if it invested in their professional development” ( Neya Abdi, content creator for SparkBay)
● Offer fair and competitive compensation.
Spencer Hadelman, CEO at Advantage Marketing says “This one seems like a no-brainer, but it’s important to reassess your employees wages based on industry standards to prevent them from looking for a better option. Be clear and transparent about your pay structure, and don’t shy away from bonuses and wage increases if your employee has demonstrated that their value is deserving of it” (Forbes.com)
● Flexible work arrangements
“Flexible work arrangements used to mean the ability to work from home or shift hours occasionally to meet needs such as childcare schedules. Today, in the context of a largely hybrid workforce, employees may be working in the office, from home or a mix of both. Fast-changing health landscapes can also mean work arrangements vary from week to week.
A culture that embraces truly flexible work arrangements needs the right systems in place to ensure those arrangements are successful. So, how can managers keep employees engaged in a hybrid or mixed environment?” (Liz Alton, Freelance writer)
● Prioritize Work-life Balance
Beasley and Hartman state” In addition to promoting a corporate culture that encourages open communication, set and enforce policies that support a healthy work-life balance. Depending on your organization, this may mean offering work-from-home options (even post-pandemic) or otherwise facilitating flexible work hours. In fact, a survey suggests that employees working flexible schedules (such as four-day workweeks) have a 63% higher sense of well-being.
Work-life balance can also involve maintaining manageable workloads (do regular check-ins to ensure it’s working for the employee), creating a positive work environment, and providing wellness programs. Allowing employees to prioritize a healthy work-life balance will make them more likely to stay with your company for the long haul”.
● Show Appreciation and Gratitude
Whether big or small, public or private, employee appreciation should always be a part of any employer’s strategy. According to a recent survey, 77% of employees surveyed said they would stay longer at their current job if they felt more appreciated by their employers. Furthermore, recognition doesn’t have to be expensive. It can be as easy as a kind word or an invitation to lunch.
And on top of all that, studies show that engaged workers are significantly more productive and bring higher profit margins to their company than disengaged workers. All of these perks make showing appreciation an easy and powerful retention tool for 2022 and beyond.
So take some time today to explore more about your co-workers and encourage them along their personal growth journeys (Invoicera).
Give us a call today if you are having difficulty retaining employees and need to start the hiring process.