This week, we continue our look at what it will take to stop the exit of talent and retain your good people.
To read, Part 1, go here. We covered what is happening, why this is happening, stay interviews (yes, again), and the importance of including your leaders in stay interviews. Now, onto, Part 2.
More Stats about Resignations
By 2030, some researchers estimate that poor retention will cost organizations USD$430 billion annually. There is a reason why 87 percent of HR managers say retention is their top priority.
According to the Work Institute, more than 75 percent of workers who quit their jobs could have been retained. Here are more suggestions to help you keep your good people and avoid costly employee turnover.
Explore your Organization's Benefits In-depth
How do your benefits stack up against the competition; and while you're doing that, be sure to recognize that the competition for talent may be in another industry. Recently, I had a conversation with a long-tenured, high-performing specialty grocery store manager who was talking about leaving her job. I suggested the hospitality field, and she was very interested.
The definition of benefits has evolved to include many things it did not before. There is a reason why the area of compensation and benefits morphed into "Total Rewards." People are looking for life-work balance, as well as insurances, access to short-term loans, child- and elder-care---including after-school care, physical and financial wellness programs, flexible hours, free lunch, educational reimbursement, parking spaces, mental-health and financial-planning services, and more.
Some employers are even offering laundry services on site. They want time off to go to children's events and games and teacher conferences. They want to be able to take a Mental Health Day and, of course, a 401(k)-retirement account. Then, there are always signing bonuses and retention bonuses.
Show your Organization's Appreciation
Some companies even have an Employee Appreciation Committee. Others have numerous policies and procedures for saying thank you---tangibly and intangibly. You can say "thank you" and support your community at the same time. How? You can give your employees tickets to local sports games, community theatre, and symphony concerts. Ask workers to vote on which they deem most valuable to them.
Consider holding employee appreciation events and/or handing out movie coupons or restaurant gift cards to support your local restaurants. If you're looking for a shortcut and can afford it, consider the software from WorkHuman. That technology provides an easy was to use technology to express appreciation to direct reports and colleagues for their valuable support.
Flexibility is Vital!
When the Pandemic began in 2019, only 7 percent of US workers were able to consistently work from home. Now, it is estimated that between 40 and 50 percent of today's employees are looking for remote work. In the past, numerous women leaders have shared that they would never have stayed with their organizations if they had not enjoyed flexible work arrangements. . . and that goes for flex-time as well as flex-space (working from home).
Though having employees in multiple places makes water-cooler conversations more difficult, it is still possible to build a high-performing, employee-centered culture while reinforcing company values; it just requires more time and effort to actualize. The secret is to ensure that everyone from the top leaders to the front-line folks are living the company's values.
Invest in Training and Development
One thing has not changed throughout the decades that I have been in Human Resources: most people strive to be better tomorrow than they are today. Offering all kinds of development opportunities can be your competitive advantage.
From the online live coaching platform Ingomu to educational reimbursement for college courses to access to videos on MyQuickCoach.com from AthenaOnline, your people will appreciate the opportunity to better themselves. The organization benefits greatly by having more capable employees who also bring additional diverse perspectives because of the new ideas they will be exposed to from their fellow learners.
Remember that People Leave Bosses
The time-tested adage, "People join companies and leave bosses," has never been truer than it is today. Leaders at all levels need on-going training. The workforce evolves and so must its leaders---if they are to be successful. Treating the new generations with their unique sets of values and attitudes the same way you treated Baby Boomers and Gen Xers is ill-advised.
However, unless we teach our leaders that one size does not fit all, many do not understand those differences. One of the most important things leaders can is to create a sense of psychological safety; particularly after the soul-crushing separation and isolation we have all experienced, this sense of safety and belonging can be your competitive edge.
"People Support What They Help to Create"
Allow your employee to co-create programs, policies, and systems with you. When people are involved in the creation process they feel vested in the success of them. Keeping employees engaged in this way, whether on a specific project or a resource committee, also can reap rewards by underscoring the trust you place in them; people will often step into the vacuum created by those actions.
Employer of Choice® Imperative
Finally, becoming an employer of choice is no longer optional. In these labor-turbulent times, employees have an increasing number of alternatives. Do your homework and know those options so that you may counter them. If you would like to be recognized as an Employer of Choice®, we can help you get there. Visit EmployerOfChoice.com for more details about how your company may become certified.
© Copyright 1998-2021 by The Herman Group of Companies, Inc., all rights reserved. From 'The Herman Trend Alert,' by Joyce Gioia, Strategic Business Futurist. (800) 227-3566 or www.hermangroup.com
The Herman Trend Alert is a trademark of The Herman Group of Companies, Inc. Reprinted with permission.