There’s no turning back from the workplace changes brought about by the “Great Resignation,” according to the expert who coined the term, psychologist Anthony Klotz. A management professor at Texas A&M University’s Mays Business School, Klotz said, “The pandemic brought the future of work into the present of work.”
Workers are taking a step back and considering their true value and worth and demanding more for their time and talent, creating a “Great Reshuffle.” Talent is not resigning from the workforce – individuals are re-evaluating and prioritizing what is most important to them, which equates to finding more challenging and rewarding work. SMBs are feeling uneasy with this shifting environment, which showed in the results of Ascentium Capital’s 2022 SMB Outlook survey. Survey respondents chose employee shortages as the top-ranking concern for 2022, while 61% of our respondents indicated a desire to increase headcount in 2022. With compelling opportunities being presented in the marketplace, it’s critical to retain employees if businesses want to maintain or expand their workforce, considering the growing shortage of qualified candidates.
Studies show employees want to be part of high-performing teams with companies that support healthy cultures. Businesses may try to drive retention through compensation, but in our digitized world with information easily accessible and more options available, compensation is only one component of retaining staff. Employers must evaluate benefits and growth opportunities offered to stay competitive and keep employees onboard. Successful companies will be those who adapt to meet workers’ needs by addressing employee wellness, including mental and financial health, and offering benefits such as long-term remote work opportunities. Each business is unique and while it’s important that you determine what is most important to your employees, focusing on the below areas can be a great place to start.
The workforce is rethinking where and when they work, and that is developing more equitable cultures and mindsets. Flexibility, wellness, and a work-life balance are top priorities for employees and remote work arrangements can allow more control in how people structure their lives. The ability to have flexible hours rather than the traditional 8-5 schedule and options to work from virtually anywhere in the world are enticing. Many companies see increased productivity and a willingness to work more hours among happier, healthier employees in a remote/virtual office environment.
Encourage collaboration and meet with your team regularly. It may require extra planning, time, effort, and investments in technology, but the result of maintaining meaningful employee interaction is invaluable. Employees want to feel connected, respected, appreciated, and be heard. Here are just a few things you can do to help engagement amongst your employees:
A work environment where everyone has a voice and feels comfortable being open and honest can really move a company forward.
Motivate your team by being an advocate for advancing their career path. The most talented employees seek growth and learning opportunities. Upskill your staff to be more tech savvy so they’re equipped to meet the requirement for technical knowledge. Encourage training and development and ensure team members are being challenged and not stagnating. Collaborate with team members to develop SMART goals and offer growth opportunities and a clear path for achievement based on team member objectives and interests. Communicate and inspire others to make an impact by understanding their strengths and building upon them.
Companies should be evaluating benefit offerings and trends in the marketplace. Priorities have shifted along with the transformation of the work environment.
These 4 tips can provide a quick start to your employee retention plans, but it’s important to determine what will be most impactful among your unique organization. Surveys and other outreach methods are critical in understanding the needs of your workforce. Demonstrate interest and commitment to your team’s happiness and well-being, and you will gain happier employees.
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