When Recruiting is a Challenge, Retention is Critical
It’s not just you. Employers everywhere are having difficulty recruiting hourly, entry-level and mid-level positions despite the high percentage of unemployment.
Before the pandemic, the hourly workforce was vast, making turnover easier to manage. Employers are now unable to fill gaps in their staff because the talent pool has shrunk dramatically. So, while recruiting is a primary focus for businesses that are trying to keep up with demand, employee retention is more important than ever. Turnover can cost employers 33% of an employee’s annual salary, forcing them to complete the hiring and training processes all over again with someone new.
Avoid costly attrition by being proactive and providing jobs and an environment where your employees can thrive. Here are some ways businesses can increase employee retention and reduce turnover during the labor shortage.
Create and maintain a positive culture
It’s one thing to declare that you have a great company culture and to talk about it in meetings. But it’s another thing to actually create and maintain a positive culture, especially during challenging times.
If you’re suffering from turnover, your current employees are most likely working harder to make up for the open positions you’re struggling to fill. Ensure that your team feels appreciated and motivated by acknowledging a job well done, rewarding exceptional behavior and celebrating wins. Buying your team lunch, offering an early release on a Friday, raffling off gift cards and hosting a happy hour are just a few ways you can maintain your company culture. These types of notions will inspire your team and contribute to their overall job satisfaction to help fuel positive morale.
Workplace flexibility is becoming increasingly more important to employees at all levels. The pandemic changed how many businesses operate, calling for policy changes and corresponding support systems for remote employees. But because not everyone can do their job from a remote setting, it’s crucial to offer ample benefits and greater flexibility in things like weekly work scheduling to account for staff preferences.
Understand your role
Employee retention starts with leadership and the standards you set. It is important to recognize that all employees are unique and have different values. Establish a workplace that is built on effective communication and promote a culture where open and honest communication is encouraged.
By taking the time to truly talk to and understand the needs and values of your employees, the more strategic you can be in the promotion of work-life balance on their behalf. Find out what’s important to them when it comes to their careers, then work to provide benefits and a culture that are enticing to them. Showing that you are committed and invested in your team will go a long way in fueling job satisfaction.
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