Many employers across the United States have seen their employees resign and go to other companies in the past couple of years. It has become so common that it has earned the name “The Great Resignation.”
Many are scratching their heads and trying to understand why numerous people voluntarily leave their jobs in such a volatile economy. Some speculate that it’s due to the high demand for workers and the increase in vacancies. Others say it is due to the lack of pay, hours, and benefits.
No matter the reasons, business owners agree that it’s costly and time-consuming to hire someone only to lose them in a relatively short amount of time. Business owners are anxious to hire high-quality candidates and, even more so, to retain them.
If you’re struggling to retain employees and want to reduce your employee turnover rate, please continue reading the four tips below.
1. Implement A Reward System
Reward systems are vital to motivating employees to remain at your company. Without a reward system in place, it can be difficult for workers to feel compelled to stay.
If you’re looking for rewards to motivate employees, consider involving them in deciding on something they think is worthwhile. Bonuses have a way of expressing acknowledgment and praise for a job well done and are very effective in creating a positive work environment.
2. Keep The Wages Competitive
According to Pew Research, one of the top reasons why employees resign is due to their wages being too low for the amount of work they’re asked to do. Therefore, increasing the amount of pay can help retain employees.
While it may seem frightening to employers to increase pay and keep wages competitive to retain workers, it’s more cost-effective in the long run to do so. Think about it; hiring and training new workers is not only time-consuming, but it’s also expensive. It’s much cheaper to raise the pay than to lose valuable workers and have to fill their positions with inexperienced new hires.
3. Offer Opportunities For Growth And Advancement
Human beings desire growth and are motivated when they can transition from a lower level to a higher one. It’s one thing that inspires us in different aspects of life.
For example, you may have seen young children (or adults) sit and play a video game for hours and remain motivated to play the next day and onward. The desire to reach a new level in the game drives them to continue playing.
Individuals who advance to the next level feel a sense of accomplishment, and the brain rewards them with elevated dopamine levels. When workers feel that they are stuck in the same position and have no opportunities for growth, they can feel less driven, affecting their performance and desire to remain at your company.
Increase employee retention by creating opportunities for advancement and growth.
4. Provide More Flexibility
Providing more flexibility for workers could help them have a healthier work-life balance and motivate them to stay at your company.
In the world of education and psychology, Maslow’s hierarchy of needs clearly shows what humans require to reach their best performance. You can’t expect individuals to perform at their best if they’re expected to work non-stop without breaks or vacation time to spend with family and friends.
By creating more flexibility and encouraging a healthy work-life balance, you can help foster a positive work environment that will encourage employees to stick around.
In Conclusion
If The Great Resignation has hit your workplace, the above tips can help decrease employee turnover and motivate current workers to stay at your company. You’ll have happier and healthier employees who will be able to provide exceptional work for many years!
