Will your employees think twice before leaving you?
Are you ready for the mass exodus that experts are predicting in the upcoming months? Baby boomers are choosing not to return to work, and many employees are re-evaluating their priorities when it comes to work-life balance as well as the flexibility to work from home. Inflation fears are also on the rise, with speculations that employers will need compensate at or above the 60th percentile of wages in order to persuade candidates to consider them. What can organizations do mitigate the risk of massive turnover?
Addressing these 4 areas across your organization has proven over and over again to be the cornerstone for employee retention:
Fair Compensation
Offering a fair wage is the bare minimum for your organization to be considered for employment opportunities. This area can be tough to navigate because often times “fair” is in the eyes of the beholder, and what constitutes compensation differs in understanding from person to person. Some companies may offer a base wage without any benefits , while others may offer comprehensive benefits to cover every aspect of an employee’s personal and professional life. The key question here is whether employees understand the offer, and whether the components of the offer are considered valuable to the majority of its members.
When was the last time you measured how employees value your total compensation package and its components?
How does your total compensation offering measure up against your competitors - within your industry AND within the overall market you are recruiting?
As a Human Resources Consultant, I can help you with ensuring your compensation strategy attracts and retains talented team members.
Connectedness
The relationship employees have with their managers always ranks at the top when it comes to reasons employees leave companies. Do you have an accurate reading for whether your managers are building positive, productive relationships with their team members? Employees want to feel connected - that their contributions are meaningful and that they belong. Managers play a key role in helping employees to connect to how their roles impact the big picture, with facilitating relationships between team members, and with providing the vision for how employees fit into the future. If the manager relationship indicates they are lucky to have a job and that the future is questionable, you can expect your employees to be actively looking for another job.
Are you managers approachable and practicing emotional intelligence as they interact with their employees?
Do your managers express clear expectations of responsibilities and how the outcomes of contributions connect to organizational success?
How well do your managers address interpersonal conflict and inclusivity across team members?
How clearly do your managers trickle down your organization’s vision of success, and does that vision invite the employee along?
With my extensive experience in leadership and developing effective leaders across various levels of organizations, I have multiple tools, from assessments to coaching, to ensure your managers are properly executing a culture of connectedness.
Individual-based Growth Opportunities
They may not always appreciate public praise, but employees generally agree that they want to be seen as individuals, not just a number. They want to know that they matter and are trusted with things of importance. How does your organization say, “I see you” to employees? Empower them to work autonomously. Ensure there are frequent and intentional points of feedback. Have individual development plans for their growth. Invite their input and offer opportunities to volunteer for projects.
What does recognizing individuals and offering opportunities for growth look like for your organization?
My passion is developing and advancing growth-focused individuals across organizations. From goalsetting to working on specific skills such as communication, problem-solving, and resiliency, I partner with leaders and professional team members to find their passions and learn how to shine within their workplaces.
Work-Life Flexibility
While there are times when it can be expected that your employees will have to take on extra roles to make things happen, the long term stacking of responsibilities will eventually extinguish their energy and take a toll on their well being, their safety, and their personal life.
Do you have a process for evaluating the effects of adjusting the responsibilities of your team members, both for the short-term and the long-term?
What might be some indicators, aside from the financial workbook, that your team can successfully manage the goals you have set for them? What might be some red flags?
What processes are in place for team members to be able to communicate when they need help? Are those processes working?
Schedule a brief chat with me if you’re looking for an expert to help you prioritize what’s most important and create healthy work-life balance across your team.
At the end of the day, if you get these 4 areas right, you can create a powerful incentive for employees to think twice (or perhaps more) before considering jumping ship to another organization.
