If the Great Resignation has instilled in us anything, it’s to not take employees for granted. However, many companies still commit the same mistake in various ways. They still fail to support those finding meaning at work to deepen the trust that may lead to positive outcomes. They seem very relaxed again.
The Great Resignation is still far from over. That’s the bad news. A recent study shows 38% of employees still consider quitting their jobs in less than a year. Beware.
Fortunately, you can still take account of your policies and become a dream employer for many workers. This article will provide some tips to improve employee retention in your company.
Create a Refreshing Workplace
In a survey, 27% of Canadian employees feel stressed at work daily. You don’t want your employees to be part of the statistics. You must do something to relieve employee stress and burnout. A vibrant and relaxing ambiance entices employees to come to the office. Although it sounds too typical, transforming the workspace can help more than you can imagine.
One way is using a theme in the office design or desk accessories. Is there a theme that suits your company? You can discuss and agree to themes from films, books, TV series, cooking shows, and even games. Be creative and promote fun at work.
You can also reserve a space where employees can take short breaks. You may use accent chairs with ottomans and pillows for aesthetic and functional purposes. They can relax while having power naps, coffee, or chit-chatting with their friends.
And don’t forget about the lighting and plants! Many lamps can warm and brighten up cold and dull areas. They can help employees stay energetic and focused on tasks. Meanwhile, greenery makes the workspace vibrant as employees tap into the magic of nature. Artificial plants will do if no one is there for constant sprinkling.
Hear Them Out
Listening to your trusted and loyal employees can go a long way. It makes them feel valued, increasing engagement and deepening your bond. Sadly, only 33% of employees in the US and Canada feel engaged at work. Therefore, you must find ways to nurture camaraderie in the workplace.
You can provide opportunities for employees to get together after or even during work hours. Non-work-related huddles can become a breather from tedious tasks and deadlines. They can also serve as a channel to know them better and find your common denominator. Dining out with them can make you appear someone who can understand them.
Likewise, hearing out their concerns and suggestions can point your company in the right direction. They know precisely what the business is about, so they can help you improve processes. Everyone must have the opportunity to share their ideas at senior or entry levels.
Provide a Competitive Package
Many leading executive search firms know that compensation is the most typical reason to apply for a job. A recent study shows 88% of employees looking for a new job consider compensation a top priority. In response, many employers have provided non-performance-related salary raises. It paid off in no time as employee satisfaction in the current job rose as well.
A competitive package will motivate them during this time of economic volatility. Prices are higher, taking away a portion of their purchasing power. Transportation, risks, and food allowances will also help, especially if they are working onsite. Note that hybrid setups are more common now, with over 50% of companies adapting to them. It also makes sense since the vast majority of employees are drawn to flexible work setups.
Provide Growth Opportunities
Aside from salaries, allowances, and bonuses, employees want to find meaning at work. They fear getting stagnant, doing the same things over and over again.
Promote deserving employees to higher positions instead of hiring outsiders. It is more efficient since they already know the ins and outs of the business. They have a solid grasp of business processes and their colleagues. Hence, training, adjustment, and orientation will be quick.
You may also provide them with soft-skills training to avoid them getting fed up with monotony. Remember, training and promoting employees are less expensive than hiring and training new ones.
Automate and Digitize
You must invest in human capital management solutions as digital transformation speeds up. It will be easier to manage employees from recruitment to resignation or retirement. It includes their attendance, time off, and payroll. It is more of a staple today as hybrid work setups dominate the business sector.
Investing in the right technology will streamline business processes and ease their burden. For instance, you can use accounts payable software for all business transactions. It will reduce errors and the stress of seeing piles of invoices to sort and check. It will save more money, time, and effort eventually.
Conclusion
Improving employee retention may be challenging during this time of economic volatility. It is even harder as the labour market landscape continues to evolve. Even so, you can do a lot of things to keep your employees motivated. You can be the employer that employees dream of.