How to Hang on to Talent During the Great Resignation

You’ve probably read the articles about how more employees are leaving their jobs than ever. In October 2021, the Bureau of Labor Statistics reported that over 4 million Americans had quit their positions since January—and the trend shows no signs of stopping.

This seismic shift in the working world has become known as the Great Resignation, and it’s affecting every industry, from retail workers to office personnel. Employee retention is a major concern for every organization, big and small.

As employers struggle to retain their talent, many organizations opt for quick fixes, such as financial perks like bonuses or raises, without taking the time to learn exactly why their workers are interested in finding new jobs.

How can business leaders ensure that their employees stick around? The key is to listen and take action.

What do workers want from their employers?

No employee will turn down a pay raise, but for many staff members, a bonus or boost in compensation feels transactional. As a result, employees often end up feeling undervalued and unappreciated, which is the number one reason why people quit their jobs.

While employers tend to focus on the financial side of the business, employees often want more investment in the human and relational aspects of their organizations. They want to feel that their work has purpose and that their managers and company value them. Employees seek meaningful interactions with colleagues and supervisors, not just transactional relationships.

When employers don’t try to understand what employees want, they put their business at risk and increase the likelihood of losing their top talent to competitors.

Implement “stay interviews”

You’ve heard of exit interviews, but a new trend in business is engaging employees in “stay interviews.” Instead of asking employees why they’re leaving, these informal conversations focus on what employees like about the company and what they think needs improvement.

Also known as a retention interview, a stay interview should be a two-way dialogue between manager and employee. Remember that workers will only share their honest opinions if they feel comfortable and able to speak freely.

Here are some great questions to get your stay interviews started:

• What motivates you to come to work each day?
• What do you want to do more of at work? What would you like to do less of at work?
• Do you see a future for yourself at this company?
• If you were a manager, what would you do differently?
• What would make you consider taking another job?

Taking time to regularly sit down with employees can be eye-opening for company leadership. From these conversations, employers can learn clear ways to improve the work environment for their staff and boost employee retention.

Offer growth opportunities

A common motivation for employees to seek positions elsewhere is a lack of career growth opportunities in their current company. During your stay interviews, ask employees what they would like to learn or what else they would like to do in the organization. Do they feel that their skills are being put to good use?

Most employees (68%) are willing to invest their time in additional training and learn new skills. Give your workers the opportunity to grow and you may be surprised by how much more engaged they will feel.

Provide incentives to encourage loyalty

Money should never be a reason that your employees start looking for positions elsewhere. If you want to improve employee retention, make sure you pay every employee what their skills and talents are worth. You should also consider offering other financial benefits, such as a work-from-home stipend or assistance with paying off student loans.

Live out your company purpose

Your organization should have a clear message and reason for existing. But your purpose should be more than words on your website. It should be the focus of the work you do and should help your employees feel a sense of meaning when handling their day-to-day work. Show your staff that your business is about more than just making money. A clear purpose can make employees feel like their work is meaningful and has value beyond the bottom line.

Focus on connection

Relationships are incredibly important to employees, whether they’re in the office or working remotely. Your staff spends most of their time each weekday with their team, so having positive relationships with coworkers is critical. In fact, a sense of social connection can even lead to improved productivity and is key to employee retention. When employees feel connected to the people they work with, they’re more likely to feel connected to the company and will want to stick around.

Take care of your workers and their families

Work-life balance is about more than avoiding burnout. It’s also important to ensure that your employees aren’t stressed about financial issues and have time to be with their families. When you offer benefits that help your workers feel supported, they’re more likely to feel good about your company.

Taking care of employees goes beyond providing a health insurance plan. You should also consider offering mental health resources, as well as personal days employees can use when they just need a break. Some companies even provide funds for parents who need daycare to help eliminate a common financial stressor. Find out what your employees need and do whatever it takes to ensure that they feel taken care of.

Be flexible

A recent survey found that 40% of employees said they’re at least somewhat likely to quit their jobs in the next three to six months. And even workers who have no intention to change jobs may be tempted by companies that offer remote positions or more flexible work environments.

Work looks different these days, and that flexibility is something that companies need to embrace if they want to retain their best people. Give employees the opportunity to work from home or work more flexible hours. Your staff will thank you, and employee retention will likely be less of an issue.

Improve your onboarding process

One of the best ways to improve employee retention is to get started on the right foot. Focus on recruiting the best people, even if they don’t have all the skills you want for a specific position. Smart, hard workers can be trained. When you make an effort to fill positions with talented people, you can also motivate your current employees by reducing their workload.

Your company’s onboarding process should help new hires clearly understand their position and where to ask for help. Ensuring new employees see how they fit in and how valuable their work is can encourage them to stay with your organization. An onboarding welcome kit is a great first step.

Show consistent appreciation

Work with your Human Resources team to develop an employee appreciation program. This can be a structured program with targets for workers to reach, a more informal program with surprise gifts, or a combination of both. Our skillfully developed Employee Care Programs takes care of gifting your team, and we offer discounts on larger volume purchases.

The most important thing you can do as a leader is listen to your employees and implement policies and programs that meet their needs. Make your workers feel valued and appreciated, and you’re less likely to lose your talented team members to another company.