The Big Quit. The Great Resignation. The Great Reshuffle. Whatever you call it, you undoubtedly had your share of it over the last few years. Now, thankfully, quit rates are falling. Chances are, your remaining employees are happy to be where they are—with you.
The question is: how do ensure that happiness going forward?
Well, let’s examine why the Great Resignation happened in the first place. According to an expansive Pew Research study, many workers jumped ship during this period for one of the following reasons:
- Low pay
- Lack of opportunities for advancement
- Feeling disrespected at work
- Childcare issues
- Inflexible work schedules
- Inadequate benefits
So, now we hold the key to most employees’ hearts!
In other words, if you want to hold onto your current staff—to keep them happy, engaged, and, of course, on your payroll—here’s a few ways to do just that.
1. Commit to Competitive Pay and Benefits
We know, we know: you’re already giving hefty pay raises and enriching your benefit package. That’s great, but in this market, it’s a forever prospect. While salaries will likely have increased by an average of 4.6% by the end of 2023, inflation is still very much in the picture. If your employees don’t feel that you’ll keep them ahead of the curve, you’re inviting them to look elsewhere.
Ditto when it comes to sweetening those benefits. For example, some employers have already decided to absorb their employees’ 2024 health plan premium increases, rather than pass the hike along—now that’s an impressive statement! Others are adding more voluntary benefits to enhance their offerings.
In particular, consider offering or enhancing childcare assistance—a huge pain point for working parents. Whether you add a dependent care flexible spending account (DCFSA)…offer childcare subsidies…or promote parent-friendly work schedules, it’s a compelling way to show you care.
2. Prioritize Your People’s Professional Development
Employees are more likely to stick with an employer that invests in their growth. Don’t just promote from within when it works out, be deliberate and proactive at every level. Plan for it.
To that end, make sure your managers are talking to their reports about their career goals and then helping them work toward them. Provide ample training, skill development, and certification programs. Implement a robust mentoring program.
And if you operate in multiple locations, always offer existing employees relocation opportunities first. As your relocation partner, UrbanBound will ensure that you’re a providing smooth, positive relocation experience—a great way to show employees that their future with you is bright.
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3. Take Flexibility to the Next Level
Ask any employee what they want more of, and they’re likely to answer: better work-life balance, which translates to more control over when and where they work.
According to a recent survey, 98% of U.S. employees want to work remotely at least part of the time, and 57% are ready to switch jobs to do so. Not surprisingly, studies show that, when employers issue return-to-work mandates, attrition soars while recruitment plummets.
So, offer as much schedule flexibility as you realistically can. If you can operate effectively with remote and hybrid work arrangements, by all means, do so. Because if you don’t, somebody else will.
4. Build a Culture of Respect
Of course, you want to ensure that all your employees feel respected in your workplace. But it goes deeper than you might think.
Neuroscientific research reveals that being treated disrespectfully activates a powerful physiological reaction in the primitive area of the human brain, triggering an all-out fight-or-flight response.
Dismissive managers, rude coworkers, department cliques…even in mild forms, these all can contribute to a toxic culture, which does indeed result in flight—to kinder, more inclusive employers.
Therefore, make sure your employees and managers receive respectful workplace training. Conduct 360-degree performance reviews. Survey your workforce regularly, while confirming that HR takes all complaints seriously.
In addition, build the habit of celebrating all your accomplishments—on the employee, team and company-wide level. Be generous with praise and recognition. Find a zillion small ways to show employees that they’re valued and appreciated.
All of these steps will contribute to a happier, more gratifying, “I-love-my-job!” workplace. And what employee would ever dream of fleeing from that?
