Employee Retention in 2022
Employee retention and staff turnover are an increasing problem for many companies large and small. A record 4.3 million Americans quit their job just in August of 2021. Changes in workplace expectations and an increase of remote work opportunities over the past two years is a large factor in this, but other things to consider are generational mindsets, a competitive job market and, of course, the economy.
With the availability of open positions from this mass exodus and new remote opportunities, this trend will likely not slow down, which is making it difficult for many companies to attract and keep new talent. This employee turnover leads to much more than just a temporary internal disruption. It not only affects the rest of your staff and clients but replacing an employee can also be costly. What’s worse is that companies often see a domino effect from even just one employee’s resignation. The workload for the rest of the team increases, often leading to a decline in company culture, morale and ultimately performance.
So how can business owners ensure employee happiness to prevent them from looking elsewhere for a new opportunity?
Invest in your employees and their growth. It’s no secret that keeping your skills sharp and continuing education in your field is crucial in any industry — especially with the ever-changing advances in technology. If your employees know that you’re investing in them and their climb up the corporate ladder (i.e., course offerings, financial support surrounding education, mentorship programs, etc.), their satisfaction is likely to increase.
Encourage heart-led management tactics. Poor relationships between employees and the managers they’re reporting to never lead to success. Your company’s performance reviews should always include a review of management skills and feedback from the team that directly reports to them. A heart-led leader shows vulnerability, humility, transparency and empathy — qualities that make an exceptional leader.
Offer fair and competitive compensation. This one seems like a no-brainer, but it’s important to reassess your employee wages based on industry standards to prevent them from looking for a better option. Be clear and transparent about your pay structure, and don’t shy away from bonuses and wage increases if your employee has demonstrated that their value is deserving of it.
Prioritize employee wellness and a healthy work-life balance. This is more than just offering a hybrid remote work environment and unlimited PTO. You should be regularly checking in with your team to gauge their workload and overall happiness at the company. Scheduling team meetings that are just check-ins that have nothing to do with work is another tactic I’ve found successful in creating a great company culture.
There are many other options that you can explore when it comes to increasing employee happiness, but the main takeaway is always making sure that your employees feel valued. Whether it’s financial incentives, educational growth opportunities, or benefits, feeling valued leads to increased productivity and ultimately a happier and healthier work environment.