It’s no secret that 2021 and the COVID-19 pandemic have shifted the workplace landscape in unexpected ways. One of the greatest challenges has been the Great Resignation phenomenon that has swept the nation. Americans are quitting their jobs in droves and employers have to be willing to adapt if they want to keep their top talent. The goal of every single organization is not only to hire the best, but to keep the best talent with the company for as long as possible. It’s not enough to just fairly compensate an employee anymore – there are important factors that employees want from their employers to stay in their current position. Below HR Anew is outlining a few tips to retain top talent within your company.
First, let’s start with why employee longevity is important. When an employee quits, not only is this a headache to replace them – it’s an exorbitantly expensive endeavor. Studies have shown that employee turnover can result in over 30% of the employee’s salary in costs for the employer. That’s a great deal of money to lose out on! Not to mention, employees who leave may cause low company morale and poorer quality of service for your customers. So how can your company avoid losing top talent?
If the COVID-19 pandemic has taught us anything, it’s that employees want flexibility. Companies are going to have to adapt to this new way of thinking if they want to retain their top talent. The traditional 9-to-5 workplace is just not a reality anymore. Companies need to be willing to trust their employees to get the job done, no matter the time, location or manner the employee decides is best for them.
Build a Healthy Company Culture
Compensation is no longer enough for many employees. They want to feel valued by their employer, which means that businesses need to offer company perks that prioritize employee well-being, in addition to fair compensation. That means creating a healthy workplace culture that prioritizes an employee’s mental wellbeing and work-life balance. Perks like an employee-appreciation program or free food at the office are two ways to accomplish this.
Properly valuing your employees is a company’s key to success in our post-pandemic world. Luckily for employers, there are simple ways to recognize and make your employees feel respected and valued in your business. In addition to monetary gifts, there are small ways to show gratitude to your employees, even with just a handwritten note of appreciation. When showing appreciation to your employees, don’t over-do it and always be sincere. A little can go a long way when it comes to employee appreciation.
HR Anew helps employers and organizations solve their business problems. Connect with us when you want new ideas and solutions to optimize digital resources, strategy and training in the areas of diversity, equity, equality, inclusion, and belonging; manager and employee education and training, employee relations and workplace investigations, and human resource advisory services. To help your company retain top talent, we invite you to complete our complimentary business continuity assessment and receive an immediate complimentary to-do checklist for your company.