Statistics from the U.S. The Department of Labor revealed that nearly 4.4 million Americans quit their jobs by choice in February, 2022. That’s not including layoffs, firings, and temporary jobs.
One reason for these massive shifts is that remote work arrangements allowed employees to choose from a wider range of employers than ever before, not being limited by geographical area.
As businesses are getting back up to speed post-pandemic, in-person worker shortages have been a limiting factor, and competition is high for qualified applicants.
The good news is that many reasons behind employee departures are factors within your control as a manager or business owner.
How can you attract and retain the best employees?
Take this as an opportunity to put staff retention at the top of your priority list before it’s too late. Here are five focus areas that can help you be the employer everyone wants to work for:
1. Engage with your employees for feedback.
First, identify and address any existing issues within your team. Introduce opportunities for your team to share feedback that is valuable to them and the company. Encourage them to raise their concerns and give recommendations.
As an employer, you are in a position to highlight these suggestions and tackle these issues quickly and effectively.
The best solutions begin with employee engagement that guides managers in creating action plans. Try having one-on-one meetings to identify professional goals for each employee, and discuss their potential career advancement and key performance indicators.
Help them visualize their future at the company and solve problems together.
2. Provide professional development avenues.
Help your employees keep up with our ever-changing economy by equipping them with skills that can make them even more competent and efficient.
Support your team by promoting continuous learning, training and enrichment opportunities.
Try hosting knowledge sharing sessions internally within your team, where employees teach new skills to one another.
3. Build a good company culture.
Cultivating a solid organizational environment can foster and strengthen the relationship between you and your employees, and between each member of the team.
Live by your company values and put them into practice: Set up team building activities, have open communication, and encourage work-life balance.
This paves the way for better job satisfaction, excellent customer service, and attracting exceptional talent.
4. Prevent burnout by focusing on employee wellness.
Chronic stress and exhaustion can result in burnout, which is when people feel isolated, unmotivated, and have bottled up emotions of negativity. This could be the cause of hard-working employees leaving your organization.
Look for signs of burnout and reach out to anyone in your team who might be struggling. Encourage employees to take breaks and pursue their hobbies. Encourage or provide wellness activities such as walks or workouts, nutritional snacks, and informative briefings about health topics.
Keeping your employees mentally, physically and financially well is good for business! Leading employers have been expanding and improving wellness benefits to support the wellbeing of their employees.
5. Offer irresistible benefits & recognition rewards.
There’s no denying that the compensation and benefits a job offers is a major factor in the decision to apply for, stay with, and perform well at it. Make sure your employees are well compensated for their work.
Recognize staff members who put in the hard work and go the extra mile in helping the organization. Bonuses, reward systems, and incentives are great ways to acknowledge and motivate your employees.
Competitive benefits improve job satisfaction, attract top talent when recruiting, and can help reduce employee turnover.
Improve your staff’s benefits package and cover yourself and your team with reliable, affordable health plans.
HealthChoice of Michigan is here to provide Oakland and Wayne county businesses with affordable health coverage. We've been offering top-quality health coverage to our community for 30 years and counting.
To keep your business alive and thriving in 2022 and beyond, it’s time to place employee retention at the top of your priority list.
Let your team feel valued and supported, encourage their professional development and their participation in making improvements, nurture the right company culture, and stay competitive with the latest standards for salary and benefits by giving your employees a reliable health care package.
HealthChoice of Michigan provides comprehensive health, dental, and optical benefits through an extensive network of Metro Detroit's most respected physicians and hospitals.
Visit https://healthchoiceofmichigan.com to learn more and enroll in the plan that's right for your team.