There has been a lot of buzz about the “Great Resignation” and the immense impacts of the unpredictability of today’s labor market. In fact, according to a recent article posted by LinkedIn News, “Americans set another record for quitting their jobs in September, pushing the rate up to 3% (from 2.9% in August).”
Employees have a lot of leverage and are empowered to find a company that provides them with key components for their overall job satisfaction. Therefore, it is of the utmost importance that you take the time to consider what is important to your employees and provide options (where you can do so).
Retention can be extremely valuable for keeping productive and happy employees and avoiding the high costs of interviewing, training, and loss of productivity (involved with losing an employee). Below are some trends we are seeing regarding candidates leaving their place of work for a new opportunity.
This has been something that has gotten much attention and deliberation. It depends on the company and environment to determine the success of having an in-person, hybrid, or remote schedule.However, it’s highly regarded in terms of those looking for jobs. We’ve talked to many candidates who are required to come on-site, full time (with no flexibility), which has been a main motivating factor in them looking for new opportunities that offer that benefit. We’ve also had a much wider pool of candidates to pull from when it is not a full, on-site role we’re recruiting for.
If you are not already, this may be something to consider for employees that are highly productive and valued at your institution. That assurance that you trust them (without being able to actively look over their shoulder) can go a long way with the overall perception of your management and their contentment in the workplace. It just may be a deciding factor in staying or going.
More and more, the importance of a company’s values is coming up in conversations with candidates looking to leave their current places of employment. Employees feel inspired to discover new opportunities that align with their values. It’s important to know the “who” of your organization and have defined core values so that you can retain employees that match up with those. It’s equally, if not more important, to remain true to those values so that they are not just a tagline to attract employees who later leave realizing there was no substance to your words.
This one is huge for employee retention because if they believe in you and your mission, they’re much more likely to remain motivated in the work they are doing (with that vision at the forefront).
Many ambitious, successful employees are eager to learn and grow, which may mean that you need to have a clear and attainable path for them to do so. This could be through a company organization chart, additional new projects/opportunities, or expansion into different business areas.
As a manager/employer, you should be considering each employee and what motivates them so that you can start to define the ways that they can continue to be successful versus feeling like they’re at a dead end. If someone is looking for a new challenge, change, or advancement and they cannot foresee it at your organization, this can be a powerful cause to jump ship to a place where they can feel excited again.
In speaking with candidates, work-life balance and flexibility have been some big factors in why they’re unhappy and/or leaving an organization. Whether avoiding bad commute traffic, sleeping a little longer, or spending more time with family, an hour or two can make a huge difference for your employees.
Something to consider is what your employees’ lifestyles are like and how you can best accommodate work hours to support them being able to enjoy the things they love outside of work. Usually, for a company, this means having a standard set of hours (i.e., 9-4) that employees must be available but allowing for earlier start and end times based on employee preference.
With today’s competitive salaries, it’s no wonder we’re experiencing such high rates of employees leaving their current organization for a new one with a much higher price tag. As much as there are many other important factors, money talks, and employees are listening. We’ve found this to be a big motivator in candidates exploring other opportunities.
Benefits are a deciding factor in looking for new work for some employees. We find that some candidates who have been contracting for quite some time are now looking for a full-time, permanent job with the added value of benefits being a part of their overall package at that organization. Perhaps, it may be time to consider offering full-time employment to your high-performing contractors.
Also, we come across many candidates who support their entire family through their benefits and, therefore, highly regard what is being offered. Having good benefits is a sure way to support your current employees and can be a strong contribution to retaining them. Health insurance, PTO, 401K/retirement, etc., come into play when employees weigh and compare options.
In closing, retention is such an important piece of the overall complex hiring puzzle. The effort cannot stop once you’ve landed the employee. You must actively and intentionally implement changes that keep your employees happy, engaged, and feeling appreciated. Reminders of why they chose your organization and effort to keep them feeling valued are how you can retain good employees and, therefore, save on the costly expenses of losing them.
I hope you enjoyed this blog; if you have other ideas or comments about retaining employees, please share them with me atmtoohey@marketstreettalent.com.
Head to our LinkedIn, Instagram, or Twitter for more from Market Street Talent!