According to the U.S. Bureau of Labor Statistics, 4 million Americans quit their jobs in July 2021. Resignations peaked in April and have remained abnormally high for the last several months.
The question employees are asking themselves is: “Why would I stay at a job where I am unhappy when I know that things can be different?”
The “great resignation” is undoubtedly upon us, and companies that fail to adapt to the shifting dynamics are at risk of losing their top talent.
Employers can focus on the following aspects to retain employees:
Build an excellent company culture. Your company’s culture plays a critical role in whether employees feel welcomed and valued by the company and peers. It also impacts employee morale and—inevitably—employee turnover.
Coach managers on soft skills. For many employees, the decision to stay with or leave a company boils down to the relationship they have with their manager. Bad managers drive even the best employees away.
Improve engagement by helping employees find purpose. For many people, personal fulfillment is found in the workplace. It’s no surprise that employees who feel fulfilled at work are more engaged and more likely to stay with the company long-term.
Embrace work-from-home and hybrid teams. Regardless of company preference, remote work is here to stay. The ability to work remotely full-time or in a hybrid situation has quickly become a desirable perk for candidates. Businesses that only offer in-office jobs are facing employee turnover.
The needs of the workforce are constantly shifting. Companies that commit themselves to prioritizing employee retention now will not only find themselves better prepared to weather this current storm, but can also establish employee retention measures as a permanent part of their internal processes for the storms to come.