Businesses across the United States have been impacted by The Great Resignation. A record-breaking 50.6 million people quit their jobs in 2022, according to the Bureau of Labor Statistics’ (BLS) annual Jobs and Labor Turnover Survey (JOLTS). The previous annual record for most quits was 47.8 million in 2021.
We know that workers have been leaving their jobs in droves for the past two years, but why? A survey by the Pew Research Center revealed that low pay, inadequate career advancement opportunities and feeling disrespected at work were among the top reasons why Americans quit. That said, these employees have not permanently left the workforce, but left in search of better quality jobs.
To overcome attrition, employers need to start training for retention. This starts with building a strong company culture, investing in excellent leaders, and offering career-advancing opportunities.
Build a strong foundation
Retaining employees starts from the top down. Your company culture, the ethos that managers and employees follow, must align in theory and in practice. It’s one thing to say work-life balance is a priority at your company, but if managers are constantly emailing employees after work hours, then your employees’ work-life balance is likely off keel. Your company’s values, and how leadership enforces those values, will inform how your workers are treated by their colleagues and supervisors–and consequently, your retention rates.
Your values should be incorporated into your onboarding program, and your trainers should know and live by them. Nearly 70% of employees are more likely to stay with a company for 3 years if they had a positive and comprehensive onboarding experience. Make sure you include your HR team in the development of your onboarding program and incorporate feedback you’ve received from previous employees and exit interviews.
Lead by example
Behavior is influenced from the top down. A business owner signals what appropriate behavior is to the CEO, the CEO signals to their executive team, they all signal to managers, and that all trickles down to the individual employee.
Invest in hiring and training leaders that exemplify your company’s values and provide meaningful feedback to their direct reports. Your leadership team should be motivational and personally invested in their team’s performance, not discouraging and quick to point the fingers at those who made minor mistakes. They should leverage teachable moments to build trust with their team.
Offer career-advancing opportunities
Employees tend to perform better when they believe their employer cares about their professional and personal growth. According to Gallup’s upskilling report, 48% of Americans would switch jobs for training and education opportunities, and 61% cite upskilling as an important reason for staying at their job.
There are various ways to implement learning and development programs, like utilizing on the job training or baking educational opportunities into employees’ everyday activities. Most importantly, make sure you are looking at your employees holistically, not just as their job description. In addition to learning experiences that help employees hone their professional skills, consider also providing resources that build personal skills, such as financial management or dealing with anxiety.
The secret to retaining employees is not difficult to solve. Show your employees that you value them and make sure your managers and leadership team does the same.
NB Business Solutions is here to help you build an employee retention plan, including development of onboarding programs and career paths. Contact us to learn more.