3 Tips for Retaining Employees During the Great Resignation

If you are a business owner or among a company’s leadership, chances are that you have heard of the “great resignation”. The Covid-19 pandemic caused many professionals to rethink their priorities and consider a change of scenery in terms of employment. 

This, coupled with other factors such as poor employee relations and high job vacancies, has made it difficult for employers to fill vacancies as well as retain competent and talented employees. Luckily, with the help of business consulting firms and an emphasis on employee experience and wellbeing, there is still hope for employers seeking to retain their top talent and the benefits that come with it.

 

Why You Should Consider Retaining Employees

 

Save on Employee Costs

Employee turnover is an expensive affair since additional costs come with acquiring new employees. Some of these costs include recruiting, hiring, onboarding and training. 

 

Save Time

Hiring a new employee takes time that could have otherwise been spent elsewhere. Moreover, the new employee takes hours of training before they get up to speed and are able to produce at the same level as your current employees.

 

Increase Productivity

Top talent is usually tough to acquire and, more so, difficult to replace. This can lead to diminished productivity and eventually affects the company’s bottom line.

 

3 Tips for Retaining Employees During the Great Resignation

Offering Flexibility and Supporting Work-life Balance

The pandemic brought significant disruption to the workplace and forced companies to allow their employees to work from home. Many employers realized that this did not necessarily dampen their workers’ productivity as they had initially anticipated but, in some instances, improved it. This is because employees are able to work while performing their family responsibilities, thereby promoting a work-life balance. 

Many companies are now adopting remote work as they find it not only improves the employee experience but can also aid in cutting utility expenses and office space costs. In situations where employees cannot work entirely remotely, hybrid working options or a compressed work week are great alternatives.

 

Communication and Work Culture

Providing a positive and strong work culture is critical to staff retention. An environment where employees feel confident, comfortable, and have a sense of purpose boosts their morale and productivity. This can be achieved by fostering a positive personal and professional relationship with your team through open communication. 

A great place to start is by actively listening to employees and taking an interest in their opinions. Not only will you demonstrate that you value their input, but you will also gain great insight into places to improve. After that, you can choose to implement their suggestions to suit their needs.

 

Reward Loyalty and Hard Work

With the high competition for talented professionals, employers need to appreciate their employees’ value now more than ever. It is often advantageous to offer lucrative work benefits and reward schemes such as gym memberships, paid health insurance, and bonuses to your employees. 

Paying employees enough and providing learning and career progression opportunities are significant motivational factors and ways to show gratitude to loyal employees. The temptation to pursue better and higher paying jobs can be countered with such offers of  flexibility, work life balance, and opportunity.

 

Get Help from Experienced Advisors at Taurus CPAs Solutions

At Taurus CPAs Solutions, we are committed to integrity, quality, and reliability. With specialty services such as peer reviews and employee benefit plan audits, you can boost your employee experience and increase your staff retention. Get in touch with our team of experts on our website or call us at 410-465-4600.