Call it the Big Quit, the Worker Reshuffle, or the Great Reset, we are in the middle
of a seismic change in the workforce that鈥檚 giving employers ample reasons to be anxious.
More than 4 million Americans quit their jobs every month in the last half of 2021,
a record-setting walkout rate, with additional waves of massive voluntary turnover
expected for the months to come. If you鈥檙e an employer, the question is clear: How can you improve employee retention during the Great Resignation?
The Impact of Turnover
McKinsey reports that 64 percent of employers expect or worsen over the next six months. Losing staff reverberates across your business
in far-reaching ways.
Churn Is Expensive
Replacing an employee costs about 6-9 months of that worker鈥檚 annual salary, according
to SHRM, and could be as high as 200 percent of an executive鈥檚 salary.
Turnover Kills Productivity
It鈥檚 easy for a worker to give two weeks鈥� notice, but it will take you much longer
than that to find a replacement. The conventional wisdom is that it takes up to eight
months for a new hire to hit their stride and reach full productivity. In a poll of
executives, ExecOnline found that the biggest challenge for 52 percent of business
leaders is managing workload with . Keeping your talent in-house keeps your workflow on track.
Quitting Is Contagious
When one employee leaves, the remaining team starts to take stock. found that nearly 60 percent of employees considered quitting when a colleague departed.
Strategies to Motivate Employees to Stick Around
The Great Resignation can be a great opportunity for you to build a robust plan for
employee retention, focusing on workers鈥� career growth, expansion of employee skills,
and the benefits employees need most in the post-pandemic future.
Pay for Your Employees鈥� Loyalty
This is the year to update your compensation package. Despite stiff competition for
employees, average compensation increased only 4 percent in 2021, according to the
U.S. Bureau of Labor Statistics. If you can鈥檛 give across-the-board raises, consider
loyalty bonuses, work-from-home stipends, student loan pay-downs, or tuition subsidies.
Elevate Engagement
Relationships matter. If you have a mostly remote workforce, you鈥檒l have to put in the effort to build and maintain a congenial corporate culture. Start with your relationship to your direct reports. Ask them what you could do better to support them, and then follow through on their upward feedback.
Have you thought about creating a culture committee or a Joy Division? Keep company
morale high with Slack scavenger hunts, trivia games, and birthday parties 鈥� whatever
your happiness team thinks would work to keep employees connected to each other and
to the company.
Align Your Business Values to Your Employees鈥� Values
People who work in a mission-driven environment are less likely to quit, but only
if they see the connection between their everyday work and the company鈥檚 larger purpose.
Ask employees for feedback on your organization鈥檚 goals and mission statement, then
rewrite job descriptions, tasks, and individual goals to align with what they tell
you is most important.
Be on the Lookout for Burnout
Prioritize the mental health of your employees. It鈥檚 not enough to remind them that counseling is available through your benefits package. Set aside time for meditation, wellness, or therapy sessions as part of your team鈥檚 workflow.
Maintaining a should be non-negotiable, so consider requiring team members to set their away notification
every day during their lunch hour, take a mental health day once a quarter, or reduce
meeting times to a mandatory 25 minutes, with a friendly reminder at the sign-off
to enjoy a five-minute break.
Initiate the Stay Interview
Don鈥檛 wait for employees to leave before you find out why they鈥檙e disgruntled in their
exit interview. Seek their input while they鈥檙e still on staff and use the information
from their to address their concerns, guide your decisions, and build rapport.
Be Open to the Hybrid Model
Employee retention could hinge on you having a clear understanding of what drives
your team. Nothing is more important to some employees than the location of their
workday. Provide flexible options for on-site and at-home workdays, so when possible,
they can complete their tasks where they want and when they want.
Audit Your Benefits Packages and Perks
Make sure what you鈥檙e offering your current employees is still what they need. Lives
have changed in the last two years. Acknowledge this by polling your staff to gauge
their preferences. Subsidizing daycare or days off for volunteering? Unlimited PTO
or more health care options? Not every preference can be implemented, but it鈥檚 smart
to get the pulse of your people long before they start jumping ship. Sometimes a small
tweak 鈥� creating a dog-friendly workplace or providing transportation vouchers 鈥� can
tip the scales in your favor.
Promote the 鈥淢ostly鈥� Qualified
If a current employee has 75 percent of the qualifications for an open role, promote
them. Provide professional development courses for the skills they lack. Employees who are recognized for their contributions and
potential 鈥� who feel respected 鈥� are 32 percent . You鈥檒l improve employee retention, too, when you prioritize inclusion and equity
by elevating high-performing staffers without regard to race, gender, age, or disability.
Pay for Certification and Training Courses
The Great Resignation requires meeting your employees at their place of need. Top
of mind for many is training for the future of work. When your company pays for customized
corporate training, it delivers the skills your employees need to prepare for the
next phase of their careers and ensures your organization maintains a highly trained
workforce today and in the future. USF Corporate Training and Professional Education
offers an array of programs to give your team members the knowledge they need to excel
and the engagement they need to stay.