The turmoil phase of the pandemic allowed professionals to reassess what they want from their lives (values, priorities, and purpose) and the type of employers who’d provide that to them. This brooding also made the substantial gap between their demands and their organization’s offerings more evident. 

The result of this was more and more employees quitting their jobs globally. As per a study by McKinsey & Company in September 2021, 53% of employers admitted to experiencing a higher voluntary turnover than in previous years. 

Moreover, 64% confessed to expecting the situation to worsen over the coming years. Suffice it to say we’re now in the middle of the Great Resignation. And this turmoil in the labour market isn’t likely to subside soon. 

Thus, retaining human capital is going to be foremost for leaders. As the feud for employees rages on, leadership teams must be ready with a plan. 

While the challenge for employers here is severe, it’s not impossible to overcome. This article will offer various ways to make your retention efforts relevant during this period. But before getting into the pointers, learn why employee retention is so significant. 

Why Employee Retention Matters? Happy united business team

Did you know it costs an average of six to nine months of salary to replace an employee? Employee turnover includes costs like recruiting, hiring, training, and onboarding. Not to forget the time it takes for a new employee to produce at the same levels as the current workers. 

Besides cost savings, retaining top workers offers many benefits. These include increased employee loyalty, enhanced customer relations, and a better brand reputation. 

That said, leaders must invest in their teams to keep top-performing employees. You can reap the following benefits by keeping your workforce engaged: 

  • Increased customer engagement rates 
  • Improved communication 
  • Higher profitability 
  • Enhanced productivity in sales and evaluations 

Businesses that can keep their workforce engaged will triumph in the ‘Great Resignation’ period. The following are some effective techniques for how to do so.  

6 Ways To Make Your Retention Efforts Relevant in The Great Resignation 

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1. Provide Growth Opportunities 

Most employees who plan on staying with employers long-term want to grow. These could include moving into leadership roles or learning new skills. According to a poll by Monster, 49% of professionals expect their employees to help them grow in their careers. 

Providing development opportunities to employees allows employers to retain them. An effective way to do so is by providing corporate training programs to the workforce. These programs can be customized with actual university curricula to allow employees to grow their skills and knowledge. 

As per a review by BCG, 68% of employees around the world want to learn new skills and retrain. Conducting retention interviews also helps your top talent to stay. So, if one of your top employees calls it quits, try to provide them with growth opportunities. You can shape their current job into their dream job. 

2. Emphasise Connection Building and Culture 

All work and no play make an organisation a dull place. That is why it’s vital to maintain a balance between work and building connections. In addition to solidifying employees’ links with the organisation, it also boosts the productivity of the workers.  

Employees globally place an enormous emphasis on having healthy relationships with coworkers. In fact, many prioritise this more than other job attributes. 

Now that employees are transitioning to regular work after working remotely, it becomes all the more essential to prioritise relationships. Celebrating little wins for an employee or the organisation with everyone goes a long way. 

3. Offer Flexibility 

If they’re one takeaway from the pandemic, it’s that balance is crucial. 

The practice of offering flexible work environments in terms of profile, place, and time is essential for employers. 

Remote work enables many professionals to nurture a better work-life balance. In addition, having employees form teams to create their future work will boost their productivity. 

For pliability, losing up on qualifications is also vital. Instead of being adamant about ticking all the boxes while recruiting, opt for flexibility. If individuals meet 75% of your requirements, grab them.

4. Evaluate Compensation Structures 

If money is a persistent issue for employees, they wouldn’t likely stay at your organisation for long. In order to retain loyal customers, you must take the money issue off the table entirely. 

Besides updating compensation packages, consider offering them one-time bonuses and providing them with work-from-home stipends. You can also help them pay down their student loans. 

As employers, this would give you an opportunity to correct pay inequities for working mothers and people of colour. Moreover, identifying the jobs that require outsized packages and overpay is significant. 

5. Promote Work-Life Balance 

Workers today are willing to leave their current employer for a supreme work situation. That is why it becomes foremost for businesses to promote work-life balance. 

There are various business benefits of supporting work-life balance as well. As per a survey by Gartner, businesses that promote a work-life balance achieve a 21% increase in the number of top performers. 

Besides that, the physical and mental health of their employees enhances. Here are some things that employers can provide to support employee well-being. 

  • Free childcare and parental leave
  • Add-on Benefits for health (mental, dental, eye care, etc.) 
  • Reimbursement for job-related education 
  • Stress management programs 
  • Flexible schedule 
  • On-site yoga classes/ gym memberships 

Leaders can survey their employees to understand how to support work-life balance seamlessly. Analysing and implementing employees’ feedback can enhance employee engagement and retention significantly. 

6. Communicate Your Ambition 

Ambition or purpose is the enduring reason your organisation exists. Many employees who choose to stay are the ones that buy into your ambition and resonate with it. In tumultuous times, employees hold on because of what an organisation wants to achieve. 

Helping current employees and potential employees understand your purpose is essential. In order to do so successfully, merely talking about it isn’t enough. Instead, use it to shape what you do and how you do it. 

It allows employees to understand how their ambition aligns with the organisation. The result of that will be improved employee engagement and enhanced loyalty. 

Conclusion 

In order to effectively retain employees, decisive action is what’s needed. Businesses must work on improving workforce engagement and prioritising employee well-being. One of the most efficient ways of doing so is understanding their needs and attitudes towards the organisations. 

Employers must also watch out for signs of burnout and stress in their employees. Providing them with the required resource at every step will enhance their satisfaction levels and productivity. In addition, be sure to re-communicate your company’s mission to boost the enthusiasm of the workers. 

Situations like these require leadership to get creative. Playing around with different employee retention strategies and figuring out what works for your organization is the way to go.