2021 was the year of The Great Resignation which has since spilled into the new year. According to The US Bureau of Labor Statistics, 20 million people left their job in the second half of 2021 and resignations have stayed well above average headed into February of this year.
With the unemployment rate dropping from 4.2% to 3.9%, Americans are starting to settle into new jobs and fewer are looking for new work, making competition higher for employers who are hiring or trying to retain employees – putting a necessity on reevaluating aspects of the workplace.
Here are four things you can do to make sure your employees don’t want to leave:
1. Monitor employees’ moods regularly
Given we are living in an employee’s job market right now, it’s safe to assume that members are at least staying abreast with job opportunities and keeping their options open. It’s important to keep regular dialogue with your employees and address any issues that may come up with earnestness. Communication is key.
2. Recognize and praise
According to Gallup, only one in three workers received praise or recognition in the last week, a major factor that impacts turnover rate. In fact, employees who don’t feel recognized are twice as likely to say they’ll quit within the next year. Little gestures such as giving shout-outs, treating employees to lunch, or simply saying thank you can go a long way.
3. Pay isn’t everything but it still matters
The freedom to work from anywhere has become a sought-after benefit during the pandemic – so much so that people value flexibility as much as a 10% pay raise, according to new research from the WFH Research Project.
With that being said, salary is still a driving factor with Millennials and Gen Zs, having indicated that dissatisfaction with pay is the top reason many consider leaving their employers according to Deloitte.
Another key contributor to retention are employee benefits. Nearly 50% of employees will start looking for a new job within 12 months if they are dissatisfied with the benefits offered. Luckily, Managepoint can work with you to ensure your company can offer a perfect benefits solution for any scenario.
4. Provide opportunities to grow
Providing opportunities to grow can be paramount for employees. Growth doesn’t have to be merely a promotion but can come in the form of professional development. According to studies 68% of workers are willing to retrain and learn new skills.
Managepoint understands what a business needs when it comes to providing human capital solutions. From 10 to 300 employees–for benefits, payroll, professional recruitment support, training and much more, our clients rely on us to provide the knowledge, support and technology necessary.