More than 47 million Americans quit their jobs in 2021, which averages around 4 million each month. ‘The Great Resignation,’ as it is known, highlights the talent retention struggles many employers face in a labor shortage. As an employer, what are you doing to tackle retaining talent?
You can use several talent retention strategies, including using staffing agencies, increasing pay, and creating advancement opportunities.
Check out these ways to better your employee retention rate.
Temporary agencies fill a void at critical moments in your manufacturing, construction, or administrative business.
With more people leaving their jobs, use a staffing agency to help with your labor shortage. A staffing agency can help you recruit new talent to replace people that are leaving.
A recent survey found that low pay was the top reason for people leaving their jobs due to the great resignation. If you can do it, increasing salary and benefits can go a long way to helping in retaining talent.
Consider other ways to raise pay, including salary bonuses. You can also set benchmarks throughout the year to incentivize employees.
A bump in pay might also come with more responsibility. It’s important to identify additional duties when increasing salary and benefits.
Create Advancement Opportunities
Moreover, that same survey found that a lack of advancement is another reason people leave their jobs.
Break down the barriers to advancement and include professional development and training programs. To increase the employee retention rate, set a timeline for different goals you want employees to achieve. Could you give them a roadmap for growth?
Set up meetings with employees and hear their goals. It would help if you also encouraged job shadowing and mentoring opportunities.
Adapt to Flexibility
During the pandemic, many employees discovered remote work. Is there a way to build that into a future schedule? Would a hybrid model work?
Identify some job situations where people could work remotely – even one or two days a week. Many employees might jump at working remotely in the future and forgo any increase in benefits.
Build a Great Environment
Creating mental health programs, hosting company events, and promoting diversity are all ways to build a great work environment.
Open the lines of communication with your employees. Find out what they want and need.
Having a culture of trust is also essential. Employees who feel they can trust you’ll make the right decision goes a long way in talent retention.
Guide to Talent Retention
There are plenty of ways to achieve talent retention in the great resignation. You can use staffing agencies and increase pay. You can also create advancement opportunities, be flexible, and build a great work environment.
With no end in sight for the great resignation, implementing these strategies can help you keep your business at full staff.
If you found this information helpful, please read our blog to learn more about talent retention. We can help you stop bleeding employees during the labor shortage!
Rachel Dixon works on travel and features at Daily Mid Time