By now you’ve probably all heard about the great resignation, but did you know that it shows no signs of slowing down? In January of 2022, almost 4.3 million people quit their jobs. There are also 11.3 million open positions. This indicates that the job market remains strong and many employers have had to raise pay to attract new workers. As a small business owner this can be a scary scenario, but it helps to know the reasons why people are resigning.
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So, what can you do to keep your great employees? Here are SIX tips to help you keep those employees during the great resignation.
One thing that most of us have learned during the pandemic is that many jobs can be performed almost anywhere if you have an internet connection. We have seen a 34 percent jump in people moving into the gig workforce. Future Forum found that 93 percent of workers want a flexible schedule and 56 percent are open to new job opportunities that provide flexibility. Give your employees the trust and freedom to accomplish their work outside of the typical “nine to five” environment. This will also open up new opportunities to a wider talent pool.
You have to consider pay
Your employees want to be compensated fairly for what they do. They also want pay bands to be transparent. Do your research and make sure you are paying the market rate for the position. It’s easier and more efficient to keep an employee than to hire a new one. You would also have to hire a new worker at the market rate, and this could cause further dissatisfaction with your current employees.
Invest in people
Investing in your employees isn’t just pay and benefits. It’s training, recognition, mentoring and creating a good working environment. Your employees want to know you value their input. They want to be involved with decision-making because it affects them and their jobs. Consider getting rid of the hierarchy and focus on creating a partnership with your employees.
The work environment
This partners with investing in people – your work environment must be healthy and make it fun while you’re at it. A toxic work environment is 10.4 times more likely to contribute to an employee leaving than pay. Employees aren’t willing to experience anger, humiliation and discomfort five days a week. Address the employees or policies causing your workplace to be toxic and everyone will be happier and more productive.
You can also build fun activities into your workplace to keep employees happy and eager to come to work. Ask your employees what fun things they’d like to see in the workplace. You’ll see that many of these things cost little to no money.
Look at your policies and update them if they’re not inclusive. Your employees have a life outside of work and it’s good if you recognize and embrace this fact. Parental, caretaker and mental health are some of the policies you should review for inclusivity.
Another policy that you should review is your holiday schedule. Make sure it accommodates employees' spiritual, cultural and religious beliefs. You can do this by giving your employees flexible or floating holiday schedules. If you’ve ever been to New Orleans over Mardi Gras, you know they treat that Tuesday as a holiday.
Recognition and growth opportunities
Make sure you recognize your employees for a job well done. A study found 69 percent of employees felt demotivated by lack of recognition. This can lead to a reduction in work quality, productivity, mental health and mood. A little appreciation can lead to happier, more tenured employees. Recognition should be in the form of praise as well as tangible rewards like a bonus or raise.
It can be a little more difficult for a small business, but if you can you should provide opportunities for your employees to grow with the company. There is nothing a go-getter hates worse than doing the same thing day in and day out. They will get bored with the repetitive nature of the job and start looking elsewhere for more of a challenge. If a promotion isn’t available, maybe you can help your employee learn a new skill or a different job in your company.
This can be a difficult time to retain your employees, but if you follow these tips, you’ll have happier, more productive employees. You may also consider hiring freelancers or other gig employees to fill positions you currently have open.
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