For the past few weeks, it has been dreadful to open your email.
Almost every day, you’ve received a resignation letter from a key employee. It’s like your employees had a secret meeting where they agreed to jump ship. Deep down, you know that ignoring your email won’t help, but you don’t know what to do.
So, how can you stop the bleeding and save your business?
Keep reading to learn five employee retention strategies to help you fight the Great Resignation.
1. Ensure Fair Employee Compensation
7 out of 10 people leave their jobs due to low pay. What’s unfortunate is that despite knowing this, many businesses do nothing about it. Some even move in the opposite direction by lowering employees’ pay or getting rid of benefits.
For your company to succeed, you must ensure fair employee compensation. Additionally, offer work benefits, such as dental insurance, to motivate employees and encourage them to stay.
2. Invest in Employee Development
Employees yearn for growth and prefer working for companies that offer employee development. That’s why your business should invest in employee education. You can do this by providing training or sponsoring workers to advance their education.
3. Reward and Recognize High Performing Workers
When you don’t recognize or reward your employees for their hard work, you communicate that you don’t value them. Some assume what they do doesn’t matter, and this damages their morale. If this doesn’t change, the employees will start looking for work in other places, as to feel appreciated.
That’s why a key part of retaining employees involves creating a recognition and rewards program.
4. Properly Train Your Manager and Supervisors
Harsh and bias managers and supervisors make employees hate their jobs, and some even quit. That’s why, as the business owner, you must train the manager and supervisors how to deal with employees. You want them to understand the importance of being kind and fair.
Create channels for employees to report any harassment by their immediate supervisor. You want to take action fast to enhance employee retention.
5. Enhance Employee Engagement
Only 1/3 of employees in America feel engaged, which is a key reason why the Great Resignation is happening. Your business should turn things around by investing in employee engagement. The idea is to give your workers tasks that match their skillsets and talents.
Besides, you need to create a conducive work environment where your employees feel safe and valued.
Enhance Employee Retention to Lower Turnover Cost
It’s costly to your business to keep recruiting new employees due to a high turnover. That’s why you need to adopt the above employee retention strategies. You want to do things that boost employees’ happiness and engagement.
Ensure your company offers competitive pay and benefits to the employees. Recognize and reward employees who deliver amazing results.
Call us today for amazing staffing solutions that suit your business’s needs.
