The Great Resignation: How to Prevent a “Tsunami” of Open Positions at Your Company
The Great Resignation has now touched nearly every industry across the United States, highlighting the way that worker expectations are shifting as we emerge from the recent pandemic. Your company may already have been affected by an unusual number of employees quitting, leaving your company in search of better opportunities.
This trend has many HR departments trying to play “damage control,” looking for ways to retain employees so that their companies can continue to run smoothly. Today, we’ll take a look at some of the common strategies you might implement to weather this unusual season.
Why Retaining Employees Is So Important
As you likely know, it typically costs significantly more money to hire a new employee than to retain an existing one. The cost of the Great Resignation is felt not only in the loss of each employee but also in the cost of hiring and training a new one. Companies can help their bottom line by retaining quality talent.
Strategies for Retaining Employees During the Great Resignation
Retaining talent at your company requires you to understand the reasons employees are quitting in the first place. Here are some of the top strategies for retaining employees in the immediate future:
Communicate Your Purpose
For many employees, a job has to offer more than a mere paycheck. Many workers are hungry for a sense of purpose, a sense that they are part of something greater and more meaningful than just punching a clock.
Keep your company’s mission and purpose at the forefront at all times. Ensure that department heads and company communications offer some nod to your mission statement and help each employee to understand how their individual tasks and projects contribute to this larger good.
Provide Opportunities for Growth
Many employees may be more willing to stick around if they can be provided opportunities for growth.
Continuing education or additional training can help your workers build a broader set of skills, and these skills might provide them greater opportunities for advancement within the company. As an added benefit, this approach might also attract prospective employees in the future.
Make Employees Feel Valued
When you work for a larger corporation, it’s easy to feel like just another face in the crowd. HR directors can take steps to ensure that employees feel valued for their contributions.
Sometimes, this is as simple as saying thank you when a worker completes a significant task. In other settings, providing small rewards (such as an employee lunch) can be a simple way of acknowledging the dedication and loyalty of your team.
At a minimum, your full-time workers are spending 40 hours a week together. Take the time to build relationships between employees.
The more your staff knits together like a family, the greater your chances of retaining employees. After all, even if your staff doesn’t feel strong loyalty to your company, they may feel a sense of loyalty to one another.
Invest in Your Employees’ Families
Take care of your staff – and their families. In recent years, parents have struggled to meet the demands of their job while also getting their kids to school or daycare. Your company might consider subsidizing child care or providing additional time off to working parents.
Offer Flexible Hours
The chances are that your workforce got a taste for working from home, and they liked it. Why not continue the trend? After all, digital technology and cloud-based solutions allow many workers to perform their jobs from literally anywhere in the world, including their home office or living room.
This strategy doesn’t have to mean a permanent shift to telecommuting, but allowing your workers to work from home for a portion of the week offers greater flexibility, and this goodwill may make your employees more loyal to your company.
Get More HR Assistance with AssetHR
These tips are great for retaining talent, and we can help you manage your staff through additional training, resources, and other on-demand human resources tools to help your company flourish.
Your staff will thank you for contacting AssetHR, and we can help you manage training, taxes, employment benefits, and so much more. Contact our team today, and learn more about how AssetHR can provide quality workplace solutions for every industry.