Do you have strategies in place to combat decreased retention? If not, now is the time to start. According to the U.S. Bureau of Labor Statistics, “4.1 million Americans left their jobs in December 2022.” This number continues to rise.
Companies are actively looking for new talent. Over the last year, there has been a large turnover in the market, leading many employees to start considering other options. More than ever before, companies need to put strategies in place to retain talent and increase employee satisfaction.
Here are six essential strategies to help combat the war for talent:
Top Drivers of Turnover
|Limited Development Opportunities
|Lack of Culture
1. Onboarding Approach
The success of new hire orientation and onboarding is critical. During this stage, employees should learn about the company culture, values, and what role they play in this beyond the day-to-day tasks their job entails.
2. Competitive Compensation
It is vital companies maintain competitive compensation packages. Companies should regularly update, evaluate, and perform competitive research to ensure they continue to maintain an advantage.
3. Benefits and Wellness
When you take care of your employees, they’ll take care of your business. According to Dr. Maslach, Leading Burnout Expert, “People’s health, well-being, everything in life, is way better if you’re connected with other people.” Providing coaching allows companies to invest in their teams to elevate employee performance, retention, productivity, and happiness.
4. Development Opportunities
Managers should actively meet with their employees to establish goals and opportunities for growth and development. BetterBuys research shows “Providing development opportunities increases retention by 34%.”
5. Flexible Work Environment
When the pandemic hit, many workers were moved to work remotely. What was once a temporary circumstance has now become a common practice as many companies now offer a remote work environment to further incentivize employees. According to the EY 2021 Work Reimagined Employee Survey, 90% of respondents stated “They want flexibility where and when they work, with millennials twice as likely to quit.”
6. Effective Management
The pandemic has brought forth a sea of constant change. Employees need to feel supported and reassured. Leaders must understand their employee’s needs and provide ways to support them. This makes clear, effective communication from leadership key.
It is imminent employees will part ways and move on to new endeavors. However, putting these strategies in place will in turn decrease desire, and furthermore incentivize prospective candidates.