August 12, 2022

How can you tackle the top factors that affect employee retention?

Recently, the Great Resignation has been a topic of great interest. It is causing more people to quit their jobs, reevaluate their life and work values and seek the right balance. The statistics on employee turnover are frightening.

Over 24 million Americans have quit their jobs between April 2021 and September 2021 is a record for American workers. It encourages business owners from all industries to investigate the causes of the Great Resignation phenomenon and take the necessary steps to retain valuable employees.

Poor pay is the main reason that employees are unhappy. This topic dominates media discussions. While adequate compensation is an important factor in employee retention, it’s not the most important factor that causes employees to quit their jobs.

Toxic company culture

Many employees define a toxic workplace lacking diversity, equity, and inclusion.

People want to feel valued and heard at work. If you don’t provide a supportive environment that offers equal opportunities and respect, everyone, you can expect to see a lot of resignations.

This factor should be enough to motivate you and your company to revaluate the core values it promotes.

Insecurity in the Workplace

The sudden onset of the Covid-19 pandemic disrupted every aspect our lives. People worried about how they would stay safe and healthy during the global crisis. They also worried about their income and job security. Many business owners had to fire or close their doors permanently due to pandemic restrictions, increasing employee anxiety.

Although the major Covid scare is over, fear of losing your job seems stronger than ever.

Employers reach out to employees when the company’s future looks dim. They lay off employees, leave them with an increased workload, drive them to exhaustion, and eventually quit.

Many employees quit when company reports show a decrease in profits or productivity. They look for more stable work environments that provide significant job security.

Inadequacy of recognition

This is a sign that your workplace is toxic. Managers who fail to recognize and reward outstanding performance, and set them apart from others, can risk losing their most valuable employees.

This is especially true for Millennials, who are looking for instant gratification and an evaluation of their work.

You can provide regular, objective and timely performance evaluations and ensure that overachievers get recognized and rewarded. This is why advanced solutions such as software for employee tracking are so important.

Poor Response to the Covid-19 Crisis

The workplace has been reshaped by the global health crisis, which emphasizes the importance of employee wellness and adequate healthcare.

People who complained about the company’s response to the Covid-19 pandemic most often quit their jobs.

You now know the key factor that could cause your employees to leave your organization in search of better work conditions. Here are some effective ways to improve employee experience and retain top talent.

Offer Lateral Career Opportunities

Some employees are not interested in the corporate ladder. Many employees want to be challenged and offered new opportunities that can make their job more exciting. Offering lateral career opportunities, new jobs and responsibilities, without the need for promotion, may be the best way to retain employees.

This option is often chosen by workers because it offers a better work-life mix or allows them to learn new skills that will help them move their careers in a different direction. This is why lateral career opportunities are 12x more likely to keep employees in the company than promotions.

Create various company events

The Covid-19 era taught the business world one thing: people need human interaction. It is true that Zoom hangouts are not a substitute for a human interaction. If you want tight-knit, highly productive teams, ensure that employees have the opportunity to spend quality time together.

Happy hours, team building, and exciting company trips can all be organized to bring people together and share your core values. This will help you build trust and loyalty in your relationships.

Provide Remote Work Options

Remote work is one of the few positive outcomes from the Covid-19 crisis. Employees will be less likely to return to work if they have experienced all the benefits of working remotely. Employees are more likely to talk positively about remote work and stay longer.

To increase employee satisfaction and performance, offer hybrid or remote work to ensure high retention.