The Art of Retaining Workforce in Today's Tight Labor Market
Do you know there are Approx.10 million job openings throughout the United States of America? That's great news, but there is another side to this — the labor participation rate has been the lowest in many decades.
A survey conducted by Korn Ferry — a Management Consulting Firm Headquartered in Los Angeles — involving 1,100 professionals, revealed that 305 employees are re-evaluating their priorities during the ongoing pandemic. 24% believe that there have been no advancements in their career path, & 23% wished for better payoff & perks.
The skilled professionals with relevant experience have the power to select the employer of their choice. An ineffective employee retention strategy involves applying the solutions of past to present challenges. So, now is the right time to revisit your strategy and evaluate each one. So, the Billion Dollar Question is How to Retain Your Employees?
#1 An Advancement Pathway is a Must
There must be a well-defined pathway for each employee in your organization, regardless of the designation progress in career and gain promotion through their hard work.
If there is no advancement pathway, your employees will be inclined towards other opportunities out there in the market to excel in their careers.
So, it is of paramount importance to map out the steps for your employees to advance in their careers and realize their professional goals.
#2 Build a Culture
Some leaders positively impact people's careers, while many fail to back even the most talented employees. If you want any of your employees to punch above their weight, then create a culture where everyone has his/her say, and the needs of employees are catered to. Your organization has to genuinely invest in each employee to help them achieve the company's goals, which will motivate them to work tirelessly year after year.
#3 Tuition and Education Assistance
Most individuals see their profession as a lifetime career, and they want to evolve continually. In that process, they wish to garner certificates, additional degrees, and licenses. However, all this comes at a steep price, way beyond their reach.
This is where your organization comes into play, providing them the necessary training and education assistance at zero or nominal costs.
#4 Mentor Programs
Establish a mentor program within your organization to create a sense of community among the employees. Make sure you pay penalized attention to their needs. Include mentors from where your employees can gain hands-on experience.
#5 Flexible Schedules
Flexibility in working hours is the new norm. Whether any of your employees prefer working from home or office, performance at the end is the key.
Also, they have flexible working hours, whether they want a 9 to 5 or 11 to 7 schedule.
The flexibility enables satisfaction and allows them to establish work/life balance.
#6 Better Benefits
Evaluate the deductibles; are they worth it? You should evaluate the company's medical benefits. A medical
with a high deductible isn't a great inclusion, and employees may go elsewhere to offset this deductible.
#7 Pay Increases and Bonuses
Inflation is increasing by leaps and bounds. And, if you are not giving your employees pay increases and bonuses, don't expect to stay around for many years. You can give bonuses based on performance, but there must be some criteria for the same. Bonuses can be paid quarterly or post-award on the successful completion of the project.
#8 Vacation and Holidays
The benefits along with the salary play a crucial role in improving the employee retention rate. Research to know what other players in the industry do, and then plan accordingly to include annual vacation & holidays.
#9 Your Brand
What do your employees perceive about your brand? Employees are the ambassador, and they are like word-of-mouth advertisements everywhere they go.
So, figure out if your workplace is good to work in? Conduct a comprehensive survey to identify the possible problems and what you need to do to fix them.
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