Practices to Maintain Company Talent

Due to the COVID-19 pandemic and the emergence of working-from-home, businesses across the country are experiencing the same phenomenon: ballooning resignation rates. In July 2021, over 4 million people resigned from their positions. A record-breaking high of 10.9 million jobs were empty at the end of 2021.

It’s never easy to watch talent — especially top earners — resign from the company. However, that’s exactly what’s going on. Over 87% of the workforce claims that they’re open to a career change. While the reasons differ, there are several routes employers can take in an attempt to mitigate the resignation frequency. Here is a glimpse at to maintain employees for the long haul.

Frustrated workers list burnout, long hours, lack of recognition and low compensation as main issues. Management needs to implement strategies so these issues are a thing of the past. For starters, burnout can affect work productivity have negative health effects. By identifying the root causes, it is much easier to identify the issues and handle them accordingly.

Working from home was a necessary and revolutionary part of life during the pandemic, changing the way employees view productivity. Allowing team members the option to continue working from home if they so choose is one way to curry favor with employees. This can not only help with burnout, but also to get your healthy work-life balance back on track. Having family-friendly policies is a major benefit, as less employees are prioritizing their job over their personal lives. Consider updating the guidelines regarding time off, such as maternity leave and PTO. This doesn’t only encourage retention, but also makes your company a sought-after destination.

Addressing recognition starts by improving relationships between managers and their employees. It’s recommended that managers bolster their efforts check-up on their employees and point out when an individual or group has been going the extra mile. Recognizing achievements can do wonders for improving morale.

Finally, it may be time for a pay increase. While not the singular reason, it is a major issue with many employees as they face inflation among other rising costs. Adequate compensation is necessary in this era of “job hopping” as stagnating wages are less than desirable. If raises are not an option, benefits or other performance bonuses could also work.

Making the necessary changes and implementing practices aimed at helping the employee’s day-to-day functions will make sure your employees stick with you during this “Great Resignation.” For how to reduce talent loss, please see the accompanying resource.

Guide created by GForce Employment Professionals

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