10 Employee Retention Strategies for the Great Resignation Era
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The labor market in 2021 is historically tight. A record 4 million workers quit their jobs in April 2021 alone.
The factors behind the Great Resignation are complex. Some workers are simply burned out. The disruptions of the pandemic have prompted others to reflect more deeply on what they want out of their work. Others, aware of the tight labor market, figure that now is the time to make a long-contemplated change. Some fear reentering unsafe workplaces.
In light of the mass exodus still underway, it's more crucial than ever to make sure you're doing all you can to retain talent. Learn 10 strategies that can help you avoid attrition in this historically tight labor market:
Make DEI Part of the Culture
It is not enough to hire more diverse staff if they’re still encountering prejudicial behavior in the workplace. According to a recent study from LinkedIn, 50% of workers in tech and IT between 18 and 28 years of age left work because the company culture made them feel uncomfortable or unwelcome. Mandating DEI training isn’t enough to retain this young, historically diverse workforce. To make your workplace as appealing as possible, make DEI part of your organization’s DNA.
Increase Compensation
Not every business can afford to increase compensation, but there is no better way to communicate that your employees are valued than by putting your money where your mouth is. Improving the benefits you offer employees can also help you retain talent.
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Ensure Opportunities for Upskilling
If employees have the opportunity to learn and grow professionally, they are more likely to remain at their current place of employment. While starting a new learning and development program may or may not be possible at your workplace, facilitating informal meetings between employees in different roles can help foster learning at almost no expense. Consider implementing a monthly mentorship program as a low-investment strategy to help your employees develop professionally.
Provide Opportunities for Advancement
If employees cannot advance within your organization, they might look elsewhere, particularly if they are developing new skills and able to improve their performance. Make sure that there are pathways for career advancement at your company.
Offer Recognition
Especially if increasing compensation is not an option, make sure that you are doing something to recognize employees. While a bonus program can help align employees’ goals with those of the company, regular performance feedback can also make employees feel valued.
Foster Social Cohesion
Employees are more likely to stay in jobs if they are embedded within social and professional networks and communities. Encourage activities that build social relationships, like team-based projects.
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Be Transparent with Job Candidates
Employees will be much more likely to leave if they do not have a good understanding of their responsibilities before the start of employment. If they find that they are not a good fit for the role, they will understandably be much more likely to leave when the opportunity presents itself.
Ensure Fair Treatment from Supervisors
The way in which managers treat employees makes a huge difference in retention. HR professionals can serve as an intermediary between employees and management and work with supervisors to help them improve their people skills. Excellent management boosts morale and improves the likelihood that employees will stay at their current place of employment.
Offer Perks
While a foosball table is unlikely to encourage retention, more meaningful perks, like extra vacation days, flexible hours, or the opportunity to work from home even one or two days a week, can have a significant impact on retention.
Provide Well-Designed Jobs
Workers whose responsibilities are ambiguous tend to report higher rates of job dissatisfaction. Especially if you notice a pattern of employees leaving a particular role, consider whether it has been properly defined.
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