As waves of workers walk out on their employers, business managers need to understand how to retain employees during the Great Resignation. Consider the immense cost of replacing an employee. Advertising job openings, interviewing and selecting the right candidates, training and waiting for them to reach the same productivity level as the previous employee all requires a large amount of time and money, not to mention the added stress to you and the other employees who need to pick up the slack after every job vacancy. Hiring new employees is much more expensive than retaining employees who are experienced and fully trained. So what’s required of businesses to prevent employees from leaving? Below are some practical tips for how to retain employees during the Great Resignation.
Increase compensation
It’s imperative that your employees receive the right amount of money for their services, especially as the cost of living increases. If raising hourly or salary wages seems infeasible for your company, Harvard Business Review writers recommend paying out bonuses, student loan reimbursements, work-from-home stipends, travel compensation or other valuable benefits as strategies to retain employees.
Offer benefits for employees and their families
The past two years have put tremendous burdens on families. Consider an employee who needs to cover child care costs and medical insurance for their family. Offer subsidized day care, medical and dental coverage and additional paid time off if you want to retain employees.
Provide opportunities to grow during the Great Resignation
Rather than starting from scratch with a less experienced new hire, offer a path forward for your current employees. Perhaps some of your employees have other skills they want to utilize in their role. Instead of searching for another job to realize their potential, offer opportunities for your employees to grow where they are now. Additionally, provide upskilling training for ambitious employees looking to expand their repertoire.
Improve company culture to retain employees
Despite the shift to remote work, it’s crucial that you maintain positive relationships with and amongst your team. Per Boston Consulting Group’s research, “employees who reported satisfaction with social connectivity with their colleagues are two to three times more likely to have maintained or improved their productivity on collaborative tasks.” Team-building activities and celebrating achievements are additional ways to improve company culture and retain employees.
Be flexible with your employees’ needs
Before the next employee turns in their resignation notice, sit down to learn what they need to stay at your company. You might discover how to retain employees during the Great Resignation by listening and adapting to your current employees’ needs. They have the answers; it’s time to be flexible with your team in order to sustain your business.