The Great Resignation, our country's newest buzzword, is here to stay. It's no secret that Americans, about 4.5 million, are walking away from their jobs (Bureau of Labor Statistics). Although many people are resigning from their jobs, the hiring rate has increased. There's no doubt about it that people are quitting their jobs in search of better ones.
Learn how to get great employees to stay and hire top-tier talent by looking at four things you can do to turn the great resignation into a great re-engagement.
Spend less of the budget on recruiting and more on training
The Society for Human Resource Management1 reported that, on average, it costs a company 6 to 9 months of an employee's salary to replace them. For example, if you pay an employee $60,000 per year and leave after two years, your cost would be around $30,000-45,000 dollars in recruiting & training expenses2. The majority of workers want to grow their skills and value and appreciate an opportunity to grow. Therefore, it's important to focus more time and budget on training current employees. Choose training courses that will contribute to both employee and company goals.
Adopt a work-from-home policy
Most employees have recognized that they do not need to be in the office to be productive. But, since employees have different work preferences, many companies now offer various work environments: 100% work from home, 100% office, or a hybrid of these. When shifting to a new policy, it's necessary to determine who is eligible, provide clear parameters, establish consistent performance objectives, and create a culture that embraces remote workers in the same way that you do with full-time office employees.
Conduct quarterly stay interviews
It's common for companies to hold "exit interviews" to learn why an employee chooses to leave. Another type of interview that is commonly used are “stay interviews.” These quarterly interviews, conducted by HR, show each employee that you care for their professional and career goals. These interviews invest time and attention to see why employees choose to stay with your company. You can use this time to discuss what is going well and what changes can be made by the manager and/or organization.
Emphasize employee well-being and professional growth
Employee well-being should be a top priority for any organization. There are many ways to emphasize employee well-being in your workplace, and it starts with creating a culture of wellness. Provide great benefits, prioritize mental health, promote healthy habits, and encourage open conversations. Lastly, communicate to your employees that there is room for professional growth, and outline the steps. Clear communication about professional growth and advancement will give employees an incentive to stay.
See how Enrollme can help you keep and attract top talent
Sources:
1 https://lrshrm.shrm.org/blog/2017/10/essential-elements-employee-retention
