People everywhere are using the phrase "The Great Resignation", a growing trend that has seen employees quitting their jobs in droves. Employers everywhere are struggling to find enough workers, and no part of the economy has remained untouched.
The Great Resignation is certainly real, but not every business has been impacted in the same way. Yet, employees have to be going somewhere, with the desire for better working conditions and greater respect from employers, two of the top priorities that today's candidate pool looks for.
How To Deal With The Great Resignation & Maximize Employee Retention
Employers looking to keep their talented team together first need to recognize the reasons employees are leaving. These are the top 10 reasons for The Great Resignation and why employers everywhere are struggling with employee retention.
The first reason is the most obvious, and the easiest to correct. If employees can earn more elsewhere, they are likely to leave for better employee compensation. While budget constraints may limit options, even a small raise in compensation could be enough to convince your best employees to stay, so it is important that employers understand employee compensation.
Poor Work-Life Balance
Money is not the only reason employees seek new employment. Employee burnout is a big reason for poor retention. Employees are increasingly being forced to work to live instead of living to work. Employers should try and provide a better work-life balance to keep those employees on the job, all without raising wages or hurting your bottom line.
Lack Of Communication
Many departing employees complain about the lack of communication in their former workplaces. When employees feel like they are being ignored, or can't even get the time of day from coworkers or managers, they may finally give up and simply move on. Poor communication in the office can lead to a lot of frustration, and frustration is the biggest cause of employee resignation. A lack of office communication is also another contributor to employee burnout and a lack of employee engagement.
Limited Opportunities For Career Growth
Employees, especially younger employees, do not want to be stuck in an entry-level position forever, and those who lack advancement opportunities at their current employer are likely to look for them elsewhere. Providing a clear path to promotion is one of the best ways to combat this trend and keep your best employees working for you.
There are few things employees find more uncomfortable than having their boss hanging over their shoulder. Micromanagement is a huge source of employee dissatisfaction. Just like no kid enjoys a hover-parent, no employee enjoys a hover-boss. It is important that the managers in your workplace have established trust with the employees they are in charge of. When there is no trust between managers and their employees, employees often feel a lack of respect and leave.
When morale tanks at a company it can be hard to bring it back. No amount of team-building exercises will reverse the damage overnight. Keeping morale high should be the goal of every employer. Maintaining workplace morale can be as simple as a weekly team lunch, where everyone can just have fun and relax with their team.
Endless Red Tape
Many employees feel like they have to jump through lots of hoops just to do their jobs, and endless red tape is a big reason your employees are choosing to leave. Cutting the red tape and reducing those extra layers of management are effective ways to keep the best workers on the job. Again, employers need to trust their employees.
No one wants to deal with a bad boss. Poor supervision is a major problem causing businesses to lose employees. Improving the management team could be the solution to your high turnover rate, and it is also good for your company.
Lack Of Training
Newly hired employees need the right training to do their jobs effectively, and if they do not get it they are likely to become frustrated. Improving the quality of your onboarding process and ongoing training is one of the best ways to keep those newly hired employees on the team. Even if the compensation or position isn't exactly what the employee wants, as long as they are learning valuable skills related to your industry, that may be reason enough for them to stay until you can give them the compensation or promotion they have been looking for.
No Retirement Plan
No matter how much your employees love their jobs, they will want to retire one day. Not having a retirement plan is a big problem for small businesses, and setting one up could be the key to better employee retention. It gives them a light at the end of the tunnel.
Final Thoughts On How To Improve Employee Retention
As the great resignation continues, competition for qualified workers has never been greater. The trend is growing fast and is likely to get worse in the future, and that makes finding ways to increase employee retention all the more important.
If you want to stay in business, you need to find the best employees, and that starts with identifying the reasons others are quitting their jobs in droves. Now that you know the top 10 reasons employees may leave, you can work hard to differentiate your business and keep your key team members on the job.
In addition, a modern, cloud-based talent acquisition solution can help you hire and retain best-fit employees, so you can begin to put together the all-star team you have always strived for. For any employers looking to increase employee retention, Inflection HR can help. Contact us today to see how we are already helping countless businesses with employee retention.