Is your company concerned about employee retention? If not, it should be.
The Great Resignation is actual and can be seen across virtually all industries. The U.S. Bureau of Labor Statistics recently announced that 4.3 million Americans, or 2.9% of the entire workforce, quit their jobs in August 2021 —a record-breaking month – with no showing of decline as 57% of employees recently surveyed said they’d consider taking a new position in 2022.
So, the question is, are you doing enough to retain employees? Here are five strategies to help you succeed in today’s war for top talent.
Review Employee Compensation
This is the perfect time to review each employee’s compensation package, including:
- Fixing salary disparities between women, people of color, and men for the same job classification
- Improving healthcare and retirement benefits
Promote from Within
Research from Robert Half found that 40% of professionals surveyed felt their careers had stalled since the start of the pandemic. That number jumps to 66% for workers aged 18-24.
Consider each employee’s career advancement path and their skills to get them there. Make it a point to conduct monthly meetings to review job performance and how each employee is doing on their plan.
Invest in Employee Education
- Give employees paid time off to attend virtual or live conferences and meetings.
- Provide tuition reimbursement for secondary education or certification opportunities.
- Ask employees to research and present to you an educational path to get them to the skill level they desire. Then, agree on a 2022 educational plan.
Provide Better PERKs
Again, yearend is the perfect time to reevaluate your Employee Assistance Program to see if it can be improved. Work on offering the following complimentary services in your EAP and let employees know of the changes:
- Yoga Classes
- Meditation Programs
- Stress management programs
- Reimbursement for fitness classes
- Elder Care Resources
- Online therapy sessions
- Substance Abuse help
- Legal services
- Identify theft insurance
- Retirement planning services
Provide childcare support
- Offer a caregiving subsidy
- Partner with a childcare provider
- Create a tuition discount program
- Provide flexibility around drop-off and pick-up times
Offer flexible work arrangements
In the EY 2021 Work Reimagined Employee Survey, 54% of employees surveyed globally would consider leaving their job post-pandemic if they are not provided some flexibility in where and when they work.
Liz Fealy, EY Global People Advisory Services Deputy Leader, said, “Employees’ willingness to change jobs in the current economic environment is a game-changer. The Covid-19 pandemic has shown that flexibility can work for both employees and employers, and flexible working is the new currency for attracting and retaining top talent.”
- Flexible schedules, including 4-day a week workweeks
- Remote or hybrid working arrangements
- Paid parental leave
According to Robert Half, 33% of professionals are expected to look for another job in 2022 if their job requires them to return to the office full-time.
Implement recognition and rewards
When was the last time you told an employee thanks for a job well done? By recognizing your employees regularly, you foster a sense of engagement where staff members feel genuinely motivated to work hard and remain with the company.
Provide recognition programs that include:
- Awards for work anniversaries and
- Incentives for meeting or exceeding certain milestones (i.e., quota, finishing a project on time).
Happy Holidays from Our Entire Team
As we push into 2022, SACS Consulting & Investigative Services, Inc.’s employees wish you and your family the best holiday season ever! Please give us a call at 330-255-1101 if you are experiencing The Great Resignation at your place of business. We have the right HR consultants to help you!