Business owners and human resources (HR) specialists alike know that finding the best talent for your organization is only half the battle. The other half is holding on to that talent once you’ve found it. In the era of the “Great Resignation,” however, retaining your best employees has become increasingly challenging.
The key to avoiding the pitfalls lies above all in knowing how to keep your employees happy. Fortunately, it’s not all that difficult, provided you understand what your employees need in our new post-pandemic normal.
A Thriving Wage
Odds are, what was once considered a reasonable wage may no longer be sufficient to hold on to your top talent. In this tight labor market, workers aren’t likely to stay long with a company whose wages are not comparable to or better than their rivals. It’s also important to remember that workers today now have more opportunities to work freelance or in the gig economy.
So, if you want to keep your best workers, do what you can to offer not just a living wage, but a “thriving” one.
A Competitive Benefits Package
In the recent past, health insurance, some paid time off and a retirement plan were enough to attract and retain most workers. Today, however, you’re probably going to want to improve your benefits packages if you wish to retain your best workers. Offering incentives such as mental health coverage, pet insurance, stock options or other perks can help you stand out from your competitors when it comes to preventing turnover.
Provide Support, Flexibility and Balance
There’s no question that today’s workers have been through a lot in the past three years. That means they’re likely going to need a substantial amount of support as they endeavor to return to ordinary working life in the wake of the pandemic. Workers may no longer be mentally or physically prepared to navigate the same work conditions they once did.
For example, employees may now need more flexibility from leadership, including the option to work remotely at least some of the time.
Additionally, given the challenges of the pandemic era, your employees’ priorities and values have probably shifted significantly. This is likely to mean that they will require a healthier work-life balance and may be unwilling to remain with a company whose management does not facilitate this.
On the other hand, when management proves their willingness to support employees in whatever way they may need, they are also inevitably demonstrating that each worker is far more than simply another cog in the machine. Humanizing workers, valuing them as human beings and not just profit-producers, is imperative in winning their loyalty.
Nurture Employees’ Safety and Recognize their Achievements
Now more than ever, your employees want to feel both safe and appreciated when they come to work.
The worst public health crisis in modern history has left its mark, after all, and it’s imperative that workers understand all that their company is doing to keep them safe. No matter what your industry, for example, you would do well to define for employees exactly what steps your company is taking to protect them against coronavirus and other illnesses and injuries.
In addition to demonstrating to employees that their health and safety are a top priority, it’s also important to go the extra mile in showing your workers how much the company values their contributions. Instituting an employee recognition program is a highly effective way to promote engagement, build morale and increase retention.
Foster Goals and Values that Promote Employee Well-Being
Every company has a set of goals and values that drive its business model, whether those attributes have been clearly defined or articulated or not. One of the most important ways to support employee retention, though, is to establish organizational goals, values, and processes which prioritize employee wellbeing.
Once you’ve established the mission, goals and values that will guide your company’s operations no matter where in the world they may occur, you will be far better positioned to ensure that how you treat your employees aligns with these values. That means that your employees will be able to expect and enjoy fair, just and supportive treatment, no matter where they are or their particular role in the organization.
The Takeaway
Now more than ever, a company’s success depends on the ability not just to acquire the best talent but to keep it. In this era of the Great Resignation, retention depends on the ability to keep employees happy by understanding and responding to their ever-evolving needs.
Beau Peters is a freelance writer from the Pacific Northwest with a passion for purpose-driven business content.
