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By now, we’re all familiar with the Great Resignation (shoutout to the internet’s endless think pieces). Don’t worry—we’re not here to talk your ear off about how employees are leaving companies in droves. Instead, we’re here to discuss how HR teams can transform this pivotal moment, and make lemons into lemonade. To ensure that their employees want to stick around, organizations must turn the Great Resignation into the Great Retention.
But this doesn’t mean that HR teams should throw retention strategies at the wall and see what sticks. In order to retain their people and make the Great Retention the next big phenomenon, companies need to study exactly why the vast majority of employees leave for greener pastures, and then strategize accordingly.
Here are several ways to boost retention in your organization, backed by the data behind why employees resign in the first place.
Make Employee Well-being Paramount
Key Stat: 40% of employees cited burnout as their top reason for leaving their jobs in 2021.
How to Respond: Employees experience burnout when a high workload and a high amount of stress combine with a low level of organizational support. HR teams must prioritize the well-being of employees to successfully combat burnout. This starts by making sure employees have access to the proper organizational support and resources.
Remind employees of the resources that are available to them—such as Employee Assistance Programs—and think about which resources are missing or need improvements. For instance, perhaps you have a generous PTO policy, yet employees are having to jump through hoops to get their time off approved. Some organizations—wink wink, like GoodTime—also allow employees to take a day off each quarter for company-wide mental health days.
Emphasizing connection across your organization is another way to boost well-being and squash burnout. Consider planning virtual or in-person, get togethers for employees to bond.
Improve Opportunities for Advancement
Key Stat: 33% of people said no opportunities for advancement was a major reason why they quit their job in 2021.
How to Respond: Your HR team’s ability to support the career advancement of employees heavily influences whether they stay or leave. Ensure that your organization provides team members with a clear roadmap for career progression so that employees aren’t left wondering what they’re working towards.
Whether it’s a designated mentor or their team leader, employees will benefit from having someone that they can meet with on a regular basis to discuss their career goals and ensure that they’re set up for success.
Reimbursing employees for learning opportunities that they would like to take on, whether it’s a certification course or educational books, is another great way to support their goals.
Pay Employees What They Deserve
Key Stat: 37% of people said low pay was a major reason why they quit their job in 2021.
How to Respond: Yes, employees want to work at a place with flexibility and a good work/life balance, but they still have to pay their bills. Yet fulfilling requests for higher pay isn’t always an option for companies. Still, there’s steps you can take to ensure that your employees earn what they deserve.
A major way to move the Great Retention full steam ahead is to give employees retention bonuses. That way, employees have a worthwhile reason to stay at your company. Alternatively, set up a bonus plan where employees are compensated whenever your company reaches certain attainable milestones. With that option, employees will get to celebrate your company’s success and be rewarded for their contributions.
Above all, make sure that your company champions pay equity. Every single employee should receive equal and just compensation for their experience and tenure.
Boost Work Flexibility
Key Stat: 21% of Americans who plan to resign want more flexible/remote work options.
How to Respond: For every company that doesn’t promote flexibility in work arrangements, there’s a handful that will—and those are the companies that your employees will flock to. The proof is in the headlines: we’ve already seen swarms of employees quitting over RTO policies.
Even if the nature of your organization/industry requires all or certain employees to spend time in the office, considering at least a hybrid work policy is sure to make a big impact on employee retention.
If you don’t know where to start, learn from the companies that are excelling in this new world of work. We’ve compiled a list of four organizations with stellar flexible work policies.
Most Importantly: Listen to Your Employees
The importance of gathering feedback from your employees cannot be overstated. Ask for their thoughts on how you can improve their experience at your organization. Listen to them with an open mind and be prepared to acknowledge any faults.
Transparent communication is crucial to a healthy company. Thoughtfully analyzing your periodic eNPS (Employer Net Promoter Score), a measure of employee satisfaction and loyalty, is a great way to understand how employees feel and take action on their feedback.
And if you haven’t held exit interviews before, now is the time to do so. Facilitating candid discussions with employees who want to resign helps you identify patterns that cause team members to leave.
Give Your HR Team a Leg up With Goodtime Hire
Turning the Great Resignation into the Great Retention all boils down to acting in the best interest of your employees. But let’s not forget about your future employees. Talent retention and acquisition are two sides of the same coin; when you successfully cater to candidates, you create new hires that are eager to stay with your company for the long haul.
And the key to exceeding the expectations of candidates? Leveraging GoodTime Hire.
Hire automates coordination, builds relationships during interviews, and provides actionable insights to continuously improve your connections with applicants.
Interested in learning all about how Hire can supercharge your talent acquisition process? Come right this way.
