Yes, you read that title correctly. More than half of employees in America plan to look for a new job in 2021, which is why employee retention is so important. The main reason for this is the pandemic. When the pandemic started, every industry was hit hard, causing many layoffs. These layoffs caused many employees to double their workload while having the same pay as they did before the pandemic.
A recent report from Achievers found that 51% of workers are worried that their manager doubts their productivity. As a result, more than 30% of employees start their workday earlier and end it later than usual. In addition, more than 1/3 of employees are now skipping their lunch break to satisfy their employer.
These are just a few factors that caused a 43% increase in employees planning to look for a new job this year. With employee retention rates steering towards an all-time low, it is time to start to look at ways to keep your employees engaged and satisfied with their current role with your company.
First and foremost, flexibility is one of the most important things to add to your company. The pandemic changed the way we work and manage. Before COVID, companies rarely offered flexibility in any position. The majority of companies are hiring for 9 am-5 pm job openings, with little room for flexibility in scheduling.
Since COVID, most of the population has now got a taste of what it is like to work remotely. That is why there has been such an increase in job seekers looking for fully remote positions rather than working in the office. Offering flexibility is a great way not to lose your great employees.
Flexibility in scheduling doesn’t have to mean allowing your employees to work from home forever, but it does mean allowing some room for change. If your regular schedule is 9 am-5 pm, but your employee needs to pick up their kid at school at 5 pm. Allowing that employee to work 8 am-4 pm may be the best solution.
Another great way for your company to be flexible is for your company to allow a 3-2-2 workweek. A 3-2-2 workweek is where employees get to work 3 days at the office, 2 days at home, and then have a 2 day weekend.
Recognition is one of the easiest ways to keep employees at your company. Everyone likes to be appreciated. Recognizing employees that work hard and go above and beyond is a great way to keep your team satisfied!
Recognition doesn’t even have to cost you anything. You can recognize your employees with bonuses or vacation days, but it is not necessary. Taking the time to reach out to them and saying what a great job they have been doing will keep your employees engaged.
In fact, people who are not recognized are twice as likely to quit their jobs next year.
Asking and acting on feedback is very important in anything you do, and running a company is one of them. Asking current employees’ feedback is crucial for companies to understand the best ways to rebuild their policies and strategies for employee retention.
According to Inc.com, over 50% of employees surveyed reported that their organization had sought feedback on improving employee experience, improving company culture throughout the pandemic, and remote/hybrid work preferences after the pandemic.
However, even asking all these questions, many employees reported no action based on their answers, and 19% said their company acting horribly on feedback.
It is great to ask for feedback to improve your company, but not acting on it is even worse than not asking for feedback at all. Take the time to sit down with your team and act on your employees’ feedback. After doing this, I am sure your employee retention will skyrocket!
As we are halfway through the year, this is the best time to rethink your employee retention strategy. The majority of employees seek new employment, so make sure to keep your employees engaged with these tactics!
Don’t lose your talented employees, start developing a better employee retention strategy today.
Here at City Personnel, it’s our business to help your business grow. City Personnel has built a solid reputation on our ability to provide you with a tailored recruitment experience for all your staffing needs. We will work with you to help you find the best talent on the market. We offer a wide range of staffing services, from temp hiring to permanent placements. If you need help with staffing, contact us today!