The past two years of pandemic living have given many workers a new perspective on their careers and their lives. Some were laid off, others quit voluntarily in search of something more fulfilling.
In fact, since April 2021, the number of workers who have quit their jobs has been at some of the highest levels, according to the U.S. Bureau of Labor Statistics. In total, around 33 million people left their positions during this period. That equates to around one-fifth of the total U.S. workforce – prompting the label “The Great Resignation.”
If you haven’t experienced a lot of turnover at your company since the start of the pandemic, then count yourself lucky. However, that doesn’t mean it won’t happen. At any given time, a number of your workers could be actively looking for a new job. So how can you up your retention game and keep your top performers happy and on staff?
Here are some tips to keep in mind:
Invest in your people.
Your top team members want to keep gaining new skills and developing, so they can achieve their career goals. When you partner with them and help them do this, they’ll be more loyal to your company in the long run.
Investing in your people can be anything from footing the bill for continuing education opportunities, hosting regular brown bag lunches, developing a formal training program, and offering a mentorship program. Not only will loyalty increase with these opportunities, but so too will on-the-job satisfaction.
Build relationships with your team.
You’re the boss and it’s not your job to be best friends with your staff. However, it is important to build strong relationships with each one. Learn about what motivates them, what they have going on at home, and how they envision their career moving forward. The more you know about them, the better you can guide them forward in their career and the more they will trust and respect you.
Go beyond fair compensation.
If you want to retain your top people, try to offer as much as you can in terms of compensation. Competitive wages are a must, however if you can offer more generous salary, benefits and perks than your competitors, it’s a great way to retain your top people.
To start, make sure you’ve conducted a recent compensation analysis, so you have the most up-to-date facts and figures. Also, be clear and transparent with your people about how you structure pay and what they need to do in order to earn more.
Make work-life balance essential.
These days, helping employees maintain a healthy work-life balance is key to happy workers. Whether this means offering a flex schedule, hybrid work schedule, the option to telecommute and other benefits that help your employees stay balanced in their lives, this is vital to keeping your staff happy.
Also, make sure you are checking in with them regularly and talking about their challenges and struggles at work. Open communication is also critical to a healthy balance and workplace culture. In addition, it can help you identify any issues or problems you weren’t aware of and deal with them before they escalate.
Recognize and reward employees.
According to a Gallup survey, a sobering 65% of people don’t feel appreciated on the job. However, if you want your people to stay on with you, then it’s imperative you show your gratitude for them. Whether it’s a quick “thank you” email after a job well done or a bonus for achieving a key company milestone, showing your appreciation will leave employees feeling happy, valued and more likely to remain with your company as a result.
This doesn’t mean you need to go around thanking your people every day. However, it is important to start looking for those moments that are important to company success and recognizing the role your employees have played in them.
Monitor the potential for turnover.
There’s always a chance an employee will quit. However, your goal is to be aware of issues and handle them before they escalate into a resignation. To do that, you need to be in regular communication with your staff, talking about expectations, goals and challenges. When you talk to your people on a routine basis, you’ll get a sense of the pressures they’re facing and whether they’re happy at work. If they’re not, then you can talk to them about what’s going wrong and ways to improve the situation.
Talk to employees that do leave.
If an employee decides to quit anyway, conduct an exit interview with them to discuss why they’re leaving. It’s best to take this conversation out of the office into a less formal setting, like a restaurant or coffee shop. This will help your soon-to-be-departed employee open up more and talk honestly. Then ask about the reasons they are leaving, keeping the conversation calm and professional at all times. Your goal here is simply to gather details so you can deal with any weaknesses and prevent further turnover.
Need help filling a position that recently opened up at your company?
At Murray Resources, we’re a leading staffing agency, serving companies in Houston, large and small, for over 30 years. In these unprecedented times, we can partner with your company to ensure you are optimally staffed. We can even help with training, onboarding and retention, so you can maintain a strong team, at all times. Simply contact us today to get started.