Opinions expressed by Entrepreneur the collaborators are his.
I think the pandemic and the time we spent working remotely contributed a lot to the increase in waivers. People were able to assess their reconciliation of work and family life in a way never before possible. In addition, government assistance, although necessary in most cases, allowed for more risk-taking, which has had its positives and negatives.
In fact, according to some estimates, more than 4 million workers a month leave their jobs, a phenomenon that is disrupting companies everywhere. As companies and leaders try to address the problem, many will continue to struggle, because they don’t understand why their employees are leaving in the first place.
A survey found that most workers who left work in 2021 reported a low salary, no opportunities for promotion and feeling despised. Instead of addressing rising waivers as an insurmountable problem, employers and leaders should see this as a unique opportunity to assess, re-engage, redefine, and adjust management (if necessary) using the following tactics. :
Related: How to hire and retain the best talent in the midst of big resignation
1. Start by hiring the right people
Entrepreneur Gary Vaynerchuk once said, “Hiring is guessing.” There is some validity in this statement. However, I’ve found that hiring someone who aligns with your organization’s core values and fits a solid culture typically leads to lasting, mutually beneficial hiring.
By hiring the culture and values we consider extremely important, you create a team that can work together, and employees who feel valued and share values with the company they work for will be more likely to stay. Fast or bad hiring practices will leave you absolutely in a situation where you will be subject to further waivers.
2. Show genuine appreciation
McKinsey’s research suggests that employees want more investment from the employer in the human aspects of work. While they are, of course, looking for a sufficient salary, benefits, and perks, the survey data shows that they want to feel valued by their executives and their company.
How do you show gratitude? If the team you lead is working hard on a challenging project, send personalized thank-you gifts to each team member. While employees like bonuses, the key is to link the gift with genuine appreciation. If people feel exhausted, close the office for a day of unplugging and recharging.
At Twinlab Consolidated Corporation, we select and recognize one of our team members as our employee of the month, convene work anniversaries, and celebrate special personal moments (e.g., baby parties and birthdays). We also sponsor quarterly outings, hold lunches and department meetings, organize an annual holiday party and a summer barbecue, and look for charities in which we can participate that are important to our employees.
Over time, we have created a family atmosphere where we win and lose as a team. At times like this, having this kind of structure and care helps a lot in retaining your people.
3. Offer professional development
Professional development and training are also important. Webinars, seminars, and management coaching are tools we have used and found effective in showing team members that they are valued.
Supporting training not only enhances the value of that person within our company, but also their own business ability. If someone decides to move on, we agree that we have supported that person’s ability to create a more rewarding career for themselves.
That said, we do our best to make staying with us more appealing than moving on. If you show your employees that you care, you will get more productivity and higher retention levels.
Related: 10 actionable employee retention strategies for 2022
4. Don’t be stingy with pay and benefits
Offering competitive salaries and benefit packages gives you the opportunity to fight to land and retain the best performing employees. I believe in bonus plans, annual benefits and compensation reviews. These practices ensure that your superior talent is appreciated.
What my leadership team and I have noticed over the past two years is that current job seekers consider the work-life balance to be as important as (or in some cases, even and all more important than) a competitive salary or a benefits package.
5. Give stimulating and high visibility tasks to the best results
I have found that the best results have a competitive nature that brings out the best in pressure situations.
It’s no coincidence that several of our staff and management team are former NCAA Division I, II, and III athletes; is one of the smallest details that has helped transform our company from a cheeky startup to an agile and profitable organization in a short period of time. The sporty expression is to let the big dogs eat. We absolutely believe in this philosophy. In addition to being competitive, the best ones tend to get bored if they don’t challenge them regularly.
6. Offer flexibility and conciliation of work and family life
We have absolutely adopted a philosophy of “productivity over time in the office”. The world has become a very complicated place to successfully navigate life and work. We wanted to assure our employees that we understand this stress and that whatever we can do to support the reconciliation of work and family life, we are here to make adaptations that make sense for everyone.
We have found that this is an important factor in retaining staff, not only during this pandemic period, but also before. Showing yourself that you care without making people responsible for “getting the time” is an underestimated way management and leadership can show their appreciation. In addition, we made the decision earlier this year to offer unlimited sick time to our full-time employees.
7. Maintain a good relationship between each employee and the company
As a senior leader in an organization, you should feel responsible for the company culture. By having a relationship with each team member, you are only strengthening the bond between the company and the team member.
I have done a personal internship every quarter making records with at least 20% of our staff. During these recordings, I will ask my set of questions, but I will not speak further. I just listen to what they say. I have found that this helps a lot in building trust.
Related: 4 Strategies for Recruiting and Retaining Successful Employees
8. Communicate, communicate, communicate
I, along with all members of the leadership team, have an open door policy and each staff member has my cell phone number. We encourage open and honest communication, and if the conversation is sometimes difficult, it’s okay too; thus gaining trust over time.
If you can talk about complex and difficult situations, there is no problem that you cannot overcome. Eclipsing problems or sweeping them under the carpet will never work.
9. Provide avenues for progress
Having enough avenues for advancement can sometimes be a challenge in an organization. I believe that communicating around professional goals, explaining where the opportunities and problems are in a business directly with those seeking promotion will give you the best clue as to who should be considered for promotion.
We have had a great history of promotion from within. When someone asks me how I can move forward, I tell them to look for current problems and find a solution. There is no faster way to move forward.
While organizations will always face a percentage of layoffs each year, smart, committed companies can take real steps, including the above, to defeat the “Great Resignation” by valuing, involving, inspiring, and retaining employees, especially the best.
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