Why are so many employees suddenly resigning from their jobs—even without new opportunities lined up? What can businesses do to better retain their talent without losing them to a competitor? Here are some strategies that HR professionals and managers can utilize to prepare for—and hopefully avoid—the turnover wave we are seeing during the Great Realignment.
Employ good managers
Although a senior employee with years of experience might seem like the right person to move into a manager role, not all individuals will be good managers—and some may not even want to manage. Utilize training programs and coaching to provide your managers with the tools, insights, and skills needed to become successful.
Get to know your employees and treat them as individuals
As a manager, you should check in with each of your employees regularly, take an interest in learning about them, and listen to what they have to say. What makes them happy and motivated to do great work? What’s a great day at work look like to them and how can you contribute to more of them? Have an open-door policy to encourage regular communication.
Challenge your employees
Employees want their manager to make work meaningful. Utilize your workers’ skills to their fullest potential. Challenge them to step outside of their comfort zone while making failure part of the learning process. Identify career path options within your organization and provide opportunities for professional training and development.
Conduct engagement surveys
Companies that conduct anonymous employee engagement surveys are often far more attuned to the challenges that are facing their workers. This is a great way to solicit input from your workforce and evaluate the performance of management teams. By encouraging your employees to be honest in their survey responses, you could pick up on key executives that are struggling to effectively lead their teams.
Offer competitive compensation
Employers are struggling to find and hire great talent and as a result, they are offering increased pay and perks. Is your organization’s pay competitive? Average weekly earnings have risen 4.5 percent over the last year.
When asked about talent shortage strategies, a recent West Monroe Executive Poll found that 57 percent of executives plan to offer employees more flexibility in where they permanently reside. A hybrid work model provides employees many benefits such as an improved work-life balance, flexibility in child care, more time for daily exercise, and cost savings. Learn how to develop a recruitment strategy for a hybrid workforce.
Foster work-life balance
Employers need to model and encourage their team members to set boundaries. A lack of boundaries can contribute to workplace issues such as miscommunication, conflict, and less loyalty from your employees.
The most effective way to manage the workforce resignations and realignments taking place in today’s labor market is by focusing on what can be controlled within your organization. Employee retention relies on a combination of factors—salary plays a role in employee retention— but it is not the only reason employees leave. Do your employees feel engaged and valued? Are your managers approachable and empathetic? It’s much more efficient and less costly to be proactive and retain a quality employee than reactive and have to replace an employee that quits.