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The Great Resignation – How To Boost Retention & Keep Your Best People

Wednesday, February 9, 2022

The Great Resignation – How To Boost Retention & Keep Your Best People

Right now, there's a massive mismatch between the working conditions employees want and the one that their organizations are providing. Among other things, this is one of the driving forces behind the Great Resignation — the current situation in which workers are quitting their jobs en masse and leaving companies across all industries in a bind when it comes to filling all openings.

If you want to reduce employee attrition in your own company and make it a more attractive place for workers, there are some things you can do, though. Here are some methods for keeping your best people around in these difficult times.

Incentivizing employee loyalty

There are plenty of factors that guide employee motivation and their loyalty to their current employers. However, while we'll go through the various benefits people expect nowadays, there's still one factor that trumps all others — money.

In fact, it's the first factor to cover before tackling anything else. You have to provide adequately competitive salaries that will make money a non-issue for people who are thinking about whether to stay at your company or not.

And while updating your company’s general compensation packages is important, there are other vital ways to provide meaningful monetary compensation to your top talent. One-time employee bonuses for the people you’re keen on keeping are always an option — but so is assistance in paying off student loans, as well as work-from-home stipends.

While you're re-levelling compensation around your company, you've also got a great chance to notice and correct any potential pay inequities. In this day and age, inadequate compensation for women, people of color, and groups like newly-minted mothers is disastrous, both from a humanitarian and a PR standpoint.

Besides being great for employee retention, some companies also use updated compensation packages to bring back recently departed talent.

Create Growth Opportunities

For a moment, think about what you would do if your top talent all turned in their resignation notices at the same time. What would you be prepared to do to change their minds?

To increase employee satisfaction during the Great Resignation, you should constantly try to give top employees their dream jobs right here at your company. In addition, it's always good to perform frequent retention interviews — providing you with an up-to-date view of what your employees actually want in practice.

For most employees today, a significant job satisfaction factor is whether they feel like the company is adequately making use of all of their skills in their current positions. If you want your best people to stay on board, you need to show them that they’re valued more than potential new hires; preferably through opportunities for growth and advancement within the company.

Elevate the Company Vision

In uncertain times, the purpose and vision of your company are critical factors for employees who are reevaluating their employer. A clearly defined purpose means there's a genuine reason for the organization to exist — and for top talent to join and decide to stay.

Try to prove to your employees that there’s more to your company than the pure bottom line. Redefine your core purpose, and then use it to reshape internal processes.

Make Connection and Culture a Priority

Obviously, the quality of work is essential for any company — but it isn’t the only pillar that keeps the organization standing in tough times. Periods like this Great Resignation are the perfect time for companies to put aside work and start making some time for the solidification of company culture and interpersonal relationships.

Especially during COVID-19, stronger social connections in the workplace resulted in increased productivity. That’s why both white-collar and blue-collar workers everywhere are putting more stock in a better relationship with their coworkers as an important job attribute.

Investing in Employee Wellbeing

During the pandemic, most office employees have started thinking about their personal wellbeing and work-life balance more than before. And that’s why today’s top talent expects their employers to help them take care of themselves and their families.

Providing some much-needed mental health resources is something all workers will appreciate — along with subsidized daycare for parents with smaller kids and more paid time off. Do as much as you can to take care of your employees and acknowledge their practical needs, and they'll reward you with loyalty in the long run.

Embrace Flexibility

Whether we admit it or not, the future of work will be more flexible. So with that in mind, embracing flexible work environments that employees are demanding more and more is the way to go. And make sure to do it as early as possible, as companies that get in on the ground floor of this new work model will reap the highest benefits.

Also, it's important to imbue your corporate processes with flexibility — and it's not just about providing remote work or hybrid work opportunities to your employees. Flexibility also means becoming looser when it comes to formal qualifications. There are plenty of great candidates that fulfil 75% of your formal requirements — don't knock them because of those last 25% if they can successfully perform the required duties, especially during the Great Resignation.

As an employee experience platform, Qualee can help companies of all sizes to drive continuous engagement, gather actionable insights, and curate exciting journeys, with the ultimate goal of maximizing organizational alignment and belonging throughout the employee lifecycle. Sign up for a Starter Plan today!

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