If you’re a business owner, you’ve heard about and probably even seen the Great Resignation unfold before your very eyes.
While companies have a record number of positions open in the U.S., it’s not just a domestic phenomenon. Worldwide, 41% of employees plan to leave their current jobs this year.
So, the question is, how do you avoid the trend, or at least minimize the damage? What can you do as an employer to recruit and retain your employees? We’ve pulled together a few tips:
1. Ensure your employee’s success. Put processes in place that are well documented. Sometimes that can be challenging because management doesn’t have a good grasp on the processes themselves. This includes everything from standard operating procedures for equipment all the way to understanding how your company generates a purchase order.
2. Train, train, train. If you aren’t devoting resources to training, you are really missing the boat. If you don’t have the knowledge or bandwidth, hire outside consultants who will help train your staff. Doing so will maximize your productivity and your employee will gain skills/knowledge.
3. Offer competitive salaries. This is an obvious point, but one that still needs to be made. Are your salaries competitive? Are you offering attainable performance and/or signing bonuses? This can make a big difference between “stay or go” for hourly workers making between $15 and $20 dollars an hour.
4. Make sure they see a path forward. Are there ways for your employees to advance or will they view their position as a dead-end job? Building in job advancement is a sure-fire way to ignite motivation.
5. Do better with communication. Most companies get a failing grade here. Try to be as transparent as possible with your employees. Let them know what is going on — the good, the bad and the ugly. Left to their own devices, they will come up with a scenario that’s most likely worse than the reality. Upfront, clear, and frequent communication builds strong trust between management and employees. Conversely, listen to your employees. Show that you are open to suggestions, process improvements, etc. Your employees are the ones who perform the task. So, when they have an idea to improve it, you owe it to them to listen.
6. Lavish them with praise. Are you notoriously quick in dishing out criticism about performance but slow in handing out praise? How many times have you thought, “They don’t appreciate me?” Well, your employees are doing the same thing. Take the time to make sure that your employees are appreciated and acknowledged. Nothing is more important to boosting your retention rate.