We’ve all heard about “The Great Resignation,” “Quiet-Quitting,” and “Act Your Wage.” Here’s the truth of it. There is dramatic turnover in the United States. Employees simply aren’t staying on at their companies. Why? Are they just quitting because they don’t like to work? Not the case. There is more to retaining employees than simply employing them.
For over 40 years, we’ve been connecting local businesses with amazing candidates, and we’ve watched expectations on both sides of the interview table evolve. If your organization is having trouble retaining employees, you might look around at other companies and wonder: Why are they so good at it?
There’s no secret formula to success here. It helps, however, to know what retention strategies are working for businesses across the region. And we’ve identified five methods we feel are essential.
No. 1 – Offer Competitive Wages
Offering the right pay has to be a priority. Do your research and see what your direct competition is offering in terms of base salaries and increased wages. Then offer the top tier, as much as possible, because at the end of the day, higher wages actually save you money.
The more employees you can keep around by creating energizing base salaries and raises, the less money you are going to have to spend attracting new people. While Masiello is in the business of connecting employers with employees, we want to see both find happy and productive partnerships in the long run. Offering great salaries is one of the best ways to ensure employees feel properly valued and stick around.
No. 2 – Be Flexible
At no time in history has it been more crucial for companies to be flexible than it is now. Thanks to the COVID-19 pandemic, companies have seen that employees value the ability to work from home and thrive on flexible scheduling.
We know many jobs absolutely must be done on-site, such as manufacturing and industrial roles. And those hands-on jobs are the right fit for a wide range of employees. But for some desk-oriented jobs, such as admin or accounting positions, hybrid schedules are an excellent option when it comes to attracting and retaining employees.
Ironically, it’s been noted that increased flexibility and reduced work hours actually increase an employee’s productivity. It’s easy to see why. When the employer is more flexible, the employee doesn’t feel like their job is on the line every time some life matter outside of work crops up.
They feel valued as individuals because the company provides flexibility around their lives both in and outside of the workplace. And it shows that you, as the employer, care. That leads to another big element that keeps employees invested long-term.