The great resignation is something employers have been experiencing for the past couple years. It’s a reflection of the deep dissatisfaction many professionals have with their employment situation. The ongoing global pandemic has forced workers to really evaluate what they need from their employers. And there are more opportunities available to those who realize they are ready to make a change. But there are things that you can do to improve retention and make sure you keep the people you need.
Firstly, Recognition Matters
Recognition is big in the workplace, no matter which field you may be in. Financial incentives matter, but they do not distinguish you from other employers. There’s always a bigger fish. Or a bigger company willing to offer just a little more. If your employees don’t feel recognized and valued, you risk them moving on to a company that does. Recognition plays a huge part in that satisfaction and confidence in career path and long-term success. So even though you think you may be providing the organizational structure and tools needed to support professional development, make sure that individual recognition is also a part of your strategy.
Recognition can even take the form of a simple statement of thanks, but the long-term value is often immeasurable. Employee engagement is built and supported by both recognition and compensation. Too many employers forget that recognition is as much a part of the equation. Don’t let your staff feel like they are working a thankless job. Rather, boost morale with on-the-spot recognition and meaningful call-outs. It’s a budget-friendly and moral boosting leadership strategy.
Encourage and Nurture Career Growth With Professional Development
In a recent Randstad US survey, the number one reason employees leave their jobs was the lack of a career path. Think about that for a moment, because it’s a big problem. Employees’ lack of a career path shows a lack of commitment to staff, and those employees know it. Companies must reevaluate their long-term retention strategies to include the kinds of succession paths and career growth opportunities that encourage and engage workers. Suppose an employee feels that their company is committed to their success as an individual and in supporting their long-term growth within the company. In that case, they are more likely to feel satisfied on the job and motivated to do their best work on a day-to-day basis.
Offer Training Opportunities
Employees are motivated to do their best work when they learn the new skills that will make them more effective. Employers who invest in the ongoing education of their staff are likely to see employees more committed and loyal to their companies in the long term. It can be a challenge to stay on top of all the latest trends and processes needed to stay ahead of the competitors, but that doesn’t mean that they’re not interested in staying up to date. The support and investment of their employers will go a long way to employees empowering themselves to keep learning.
Employers know that it’s much more effective to retain and even retrain the employees you have already invested in. Moral and career growth are both critical to employee retention because industry leaders want to work for employers who are invested in their future. Particularly for younger generations, employees are ready to move to a different job if the opportunity presents itself. Hiring managers need to address that issue upfront with a clear and effective retention strategy.
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