5 Ways to Retain Your Top Talent When Employees are Quitting in Droves
According to Microsoft’s 2021 Work Trend Index, 41% of the global workforce is likely to consider leaving their current employer within the next year.
What can businesses do to retain their top employees and avoid a worker shortage? We have five tips to combat the "Great Resignation" we are currently seeing.
1. Be Flexible
Flexible working situations are becoming the norm, whether it means working-from-home a few days per week, flexible work hours, early release Fridays, or more flexible family leave. Be empathetic to an employee's situation and create policies that are realistic for the modern day.
Encouraging employees to take vacation is another way you can promote better work-life balance at your organization. Make your processes easy for them to request time-off and don't make them feel pressured to work or check email while they are gone.
A more flexible workplace can help prevent burnout, increase loyalty and boost productivity as well.
2. Pay a Competitive Salary
Be transparent about pay and compensate your team fairly. It should go without saying that you should be paying your team equally regardless of gender or race, and to be sure, you should review employee salaries and make any adjustments that may have been overlooked in the past.
Also, think about those all-star employees you have and consider, does their compensation reflect the value they bring to your team? Are they due for a promotion? Could they be tempted to look elsewhere?
A recent analysis by Payscale.com determined that employees who think they’re paid below market are 50% percent more likely to seek a new job within six months.
3. Listen to Your Employees
Are they happy? Do they feel they are utilizing their talents? What are their frustrations? What do they think needs improved? You can ask these questions in a variety of ways, whether 1:1 meetings, anonymous surveys, mentorships, or round table discussions. Regular one-on-one employee check-ins are also crucial to learn about your employees' passions and long-term goals, whether personal or professional.
Create an environment where your team feels safe enough to open up and provide honest answers, and then work to make sure they feel supported and fulfilled.
After you gain feedback from your team, take action! Do all you can to address concerns and give new opportunities whenever possible.
4. Offer Professional Development & Training
Professional development not only improves your current employees' performance, but it also attracts talent looking to learn new skills. Employees with development options are also more engaged, and you can often see future leaders emerge in these educational sessions.
Offering professional development also shows your employees you are willing to invest in them and will increase company loyalty. New technologies, trends, regulations, and capabilities emerge every day, so educating your workforce on them will keep your organization competitive and create a culture of innovation.
5. Put the Right People in Charge
They say, "people don't quit jobs, they quit bad bosses." Make sure your leadership and management teams aren't driving people away.
Up to 75% of people report that their primary reason for leaving a job is because of their boss, according to a Gallup survey.
A good manager should empower their team, exude positivity, and uphold your strategic goals and company mission. Evaluate whether your managers are fair, supportive, and trusting of their team. How often are they checking in and communicating with their direct reports?
Management red flags to look for: those that are too demanding, don't give other employees credit, resist change, act as micromanagers or have a habit of communicating rudely or aggressively. Pay attention to employee feedback and address concerns discretely. You may even consider replacing the manager if you feel they are failing a department or team.
What else would you add to the list?