In recent months, the U.S. has entered what experts have called the era of “The Big Stay.” In contrast to 2021’s “The Great Resignation,” quit rates across private industries have dropped significantly. With voluntary turnover down, many employees are recognizing the value of staying put with their current employer.
However, while most employers see low turnover as a favorable trend, this particular phenomenon comes with caveats that organizations must pay attention to. Here’s what you need to know about the current “low hire, low fire” landscape and how you can celebrate stability without succumbing to workforce stagnation.
What’s Driving “The Big Stay”?
When employers strive to lower turnover rates, most imagine having a workforce that’s loyal to the organization, highly engaged in their work, and enthusiastic about the company’s mission and values.
Unfortunately, while fewer employees switching jobs may seem like a positive trend on the surface, employers need to take a closer look at what’s prompting employees to stay put.
For many of today’s workers, the motivation to keep showing up comes from a generalized fear about the future.
With the rising cost of consumer goods and reports of a chaotic job market destabilized by artificial intelligence, 11% of employees don’t have confidence that they’ll be able to find a good job in their desired pay range if they leave the one they have.
Now more than ever, employees are experiencing personal and professional stress, and many of them feel burned out and lack optimism about the future. As an employer, it’s become critical to find ways to promote employee satisfaction and engagement among those who choose to stay.
Without intentional action, you may end up with a stagnant workforce that lacks the ambition to pursue the high performance needed to maintain a competitive edge.
Strategies for Energizing and Engaging Employees During Uncertain Times
While workforce stability can be a great thing for employers, it’s critical that you don’t allow your workforce to become stagnant. Here’s how you can keep your employees from succumbing to stress while increasing their motivation and morale.
Emphasize Transparent Communication
Uncertainty remains one of the most significant sources of employee stress. Many industries are undergoing constant change, and employees may feel insecure about their future in a particular organization.
By acknowledging these feelings and providing open communication about what employees can expect moving forward, company leaders can reduce stress and motivate employees to keep working toward strategic goals.
Rethink Development Pathways
Employees don’t just want to hear about your proverbial career ladder — they want you to help them climb it. Consequently, employers must provide real opportunities for career development that can lead to tangible promotions.
Consider implementing personalized career mapping, fostering internal mentorship networks, and providing resources for training and upskilling. These measures will help employees see a future in your organization and stay determined to work toward it.
Address Employee Workloads
Many employees are feeling burned out under the pressure of high expectations. For this reason, it’s important for managers to be realistic about employee workloads and do what they can to keep them fair and balanced.
It’s also essential that you train your managers to build a culture of psychological safety where employees feel empowered to raise concerns and propose solutions when they’re feeling overwhelmed with tasks.
Provide Support When Possible
Today’s employees aren’t just stressed about work. They’re also bringing worries about their personal lives into the office. This can easily lead to low morale and decreased productivity and performance across your workforce.
Instead of lecturing employees about their attitudes at work, consider providing them with financial education and mental health support.
Employee assistance programs (EAPs) and access to mental health services and apps can go a long way in helping employees beat the negative impacts of burnout and find the motivation to continue performing at their best.
Keeping Employees Motivated Is the Key to Business Success
While more employees are staying where they are these days, that doesn’t mean they aren’t becoming stagnant. Organization leaders must prioritize employee motivation and engagement to keep their workforce refreshed and striving to achieve business objectives.Are you looking for strategies to increase morale and engagement in your workforce? AssetHR can help. Contact us today to learn how our consulting and Leadership Development services can help you reach your goals and build a high-performing workforce in any business climate.