A Closer Look At Why People Leave and What You Can Do To Retain Top Talent
With more than 38 million workers dropping their jobs in 2021 alone, it is safe to say that the Great Resignation is upon us, and this has many employers throughout the country (rightfully) nervous. After all, the pain of high turnover goes beyond the loss of great people – it is also quite costly to hire new employees and train them up in a timely manner… assuming that you can even identify a replacement.
We have found that when some folks talk about “investing in employee retention,” that oftentimes means one thing: money. But for some small-to-mid-sized business owners, throwing salary increases at team members isn’t always feasible. So, we’re looking past the paycheck and exploring the other reasons top talent jumps ship and what you can do about it.
Remote non-starter: Your company is not offering work-from-home or hybrid working options
The pandemic has changed workplace preferences and expectations forever. Jobs that can be done remotely are almost universally expected to have a work-from-home or hybrid work option. Simply put: people don’t like their commute. They like their freedom, their family, and the ability to be most productive when and where they are most comfortable.
If such a perk is not available within your company, you may be able to get a similar positive effect by offering benefits for child care, flexible scheduling or four-day workweeks.
Lessons not learned: There aren’t growth opportunities
Stagnation is a death knell for employee retention. Younger workers strive to grow in their careers which means taking on more responsibilities, learning new skills and feeling like they are evolving professionally. If there are no continuing education opportunities, your employees may feel stale or like they are working a dead-end job.
Establishing a tuition reimbursement program can help eliminate this concern, while also strengthening your team by honing each individual’s skills. A recent working learning index study found that 82% of respondents said that the skills earned through their employer’s tuition reimbursement program helped them be more effective employees. On top of this, such a benefit can also attract even more talent to your organization.
Culture clash: Sometimes company values do not match up with individual goals
(Or maybe they do, but the team member does not feel it.)
What does your organization stand for? Establishing an identity and inclusive culture can go a long way in helping employees feel like they are a part of something bigger.
However, it is not just enough to throw a few hollow words on your website. If you do value creativity in the workplace, give your team platforms to let their artistic voices be heard. If you state that you value learning and the quest for knowledge, employees should be reminded of that through perks, benefits and words of encouragement.
New frontiers: Innovation is thriving – and your employees want to be a part of the movement
As a business owner, you know that there is always a chance that members of your team could leave for greener pastures. But, unlike in previous decades, the next destination is not always an established entity – it could very well be a new startup.
In 2021 alone, the United States saw a record-shattering 5.4 million new business applications, each of which could catch the eye of employees who may be resting on their laurels. Add to this some savvy social media branding, progressive benefits packages and advanced recruitment targeting, and you have a recipe for a job opportunity that looks more enticing than you can offer at the moment (or at least one that looks pretty awesome on LinkedIn).
One way to combat this newfound phenomenon: give employees more ownership when it comes to in-house innovation. Let them push the boundaries of what your company currently offers and put their name next to the project. Satiate their need to do something “new” while still offering them the security of their current job. It also couldn’t hurt to add pet insurance to the list of benefits provided or install a soft serve ice cream machine in the break room!
Disengaged and confused: Your team simply does not feel engage anymore
This is a tough one for business owners to hear, especially after the tumultuous nature of the past two years. While you may have done everything you could to keep your company afloat throughout the most treacherous parts of the pandemic, certain aspects of being a leader could have been placed on the back burner (think company outings, one-on-one meetings and public shout-outs).
When employees disconnect from their place of work, they may ask themselves, “Why am I still doing this?” This introspection leads them down the job search rabbit hole and, before you know it, they are out the door and your back is against the wall.
There are little things you can do routinely to remind employees why your organization is special. Face-to-face interaction goes a long way, especially when you ditch the old school performance evaluation meeting with one that empowers employees to define their high level responsibilities and goals, set measurements and self-assess regularly.
Formally recognizing the efforts of a team member will boost the morale of that person while potentially giving the rest of the squad something to strive for next time. If your culture allows for it, company-wide Happy Hours can be a great way for everyone to blow off some steam, bond and even pitch new, creative ideas for the future.
All of this said, we understand that not every business owner can meet with each employee every week. That is where technology solutions come in!
The solution: a robust employee engagement platform
Time is a limited resource and employee engagement software allows you to get the most out of every hour you have. These solutions are designed to become the go-to portal that connects team members with their leaders by creating a positive corporate ecosystem filled with accountability, professional praise and 1:1 feedback sessions.
We are tired of the top down and dreaded performance evaluation processes out there that have still managed to survive the pandemic. We’ve created our own solution – BPM Link – because of this need for a solution that allows business owners and administrators to engage employees (both virtual and in-office), gain valuable feedback and give everyone a voice. This intuitive and progressive employee engagement software platform uniquely connects each member of your team to the strategic direction of the company. The team will feel engaged, valued and heard, while you gain the insight you need to operate at the highest level without getting buried in meetings.