Months ago you probably heard a lot about the Great Resignation, but recently not nearly as much. High-turnover rates didn't just disappear. Finding it difficult to acquire and retain top talent is still a problem in today's workforce. If your organization is still struggling with employee turnover, you are not alone.
Check out our tips on how to retain your top performers:
1) Champion Psychological Safety
2) Encourage Work-Life Balance
3) Help Them Find Their Purpose
4) Invest In Them
5) Ask, Listen, and Take Action
Is the grass really greener on the other side? 19 million workers who quit their jobs between March and July 2021 would say, yes.
Not only are employees attracted to new opportunities, but they’re also feeling more supported and more satisfied in their new positions. A report from Limeade found that “respondents reported a 22% boost in feeling cared for as an individual by their new employer compared to their previous employer”.
More people than ever before are actively seeking new work opportunities, and employers are anxious to implement new strategies to combat what is being referred to as “The Great Resignation”. For organizations to shift from surviving to thriving in today’s competitive corporate landscape, it takes long-term investment in people, development, and culture.
“When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.”
- Simon Sinek
Why are employees seeking other opportunities, and what can employers do so employees feel more inclined to stay? Employee engagement – the level of an employee’s commitment and connection to an organization – is linked to increased productivity, retention, and business performance. So why isn’t this a priority on every HR leader’s budget list?
A study by Monster found that “74% of millennials rank purpose ahead of a paycheck”. Although salary is certainly a component of attracting and retaining top talent, it’s not everything. Employees who are more engaged will promote working for your business, stay longer, and work harder. Take action to improve employee engagement:
Champion Psychological Safety
When you feel safe expressing thoughts and feelings at work you feel more connected to those around you. Good relationships at work make it more enjoyable and harder to leave. Encouraging personal and professional updates in 1:1 meetings is a great place to start.
Encourage Work-Life Balance
A Gallup study found that 23% of employees reported feeling burnt out at work very often or always, while an additional 44% reported feeling burnt out sometimes. Employers that offer true flexible hours and champion work-life balance are where employees want to work.
Help Them Find Their Purpose
An article by McKinsey & Company stated, “People who live their purpose at work are more productive than people who don’t. They are healthier, more resilient, and more likely to stay”. Purpose can be the difference between becoming highly engaged or putting in two weeks’ notice.
Invest in Them
Invest in your employees’ skills and development. HR executive stated that “HR leaders should concentrate on “re-recruiting” existing employees to reduce flight risk and build an invested, engaged workforce”. Show employees, that you truly care about their careers by putting time and money into their learning.
Ask, Listen, and Take Action
It’s not enough to research what you think your employees need. You need to ask them. Give employees the opportunity to express how they feel and act on it promptly. Tiny pulse checks at a regular cadence can build trust and psychological safety with employees.
Improving employee engagement takes time. If employee retention and talent attraction are among your top priorities, it’s a marathon, not a sprint. For an action plan on how to improve employee engagement that goes beyond the tips in this article, book a demo with a member of the TINYpulse team today.