After the unprecedented challenges of the past two (2) years, approximately 9 out of 10 employees are looking for new jobs in 2021. And as we approach 2022, over half of employees around the world (54%) say they will quit their jobs if they are not given flexibility after the pandemic about when and how they work.
Given the global “big resignation” trend, Instant Offices is looking at nine (9) key team member loyalty strategies to reduce staff turnover and encourage talent to stay.
1. Let them know why your Business is Great.
If you have talented, hard-working employees, chances are other businesses have noticed them, especially now. Do not forget that you must sell your business to your employees as much as they must sell to you. With company culture, work-life balance, flexible working and wellbeing at work all hitting the spotlight in recent years, now is the time to focus on these areas as key retention strategies and remind your teams why working at your business is worthwhile.
2. Discuss Professional Development Opportunities.
If people feel stagnant and disengaged in an enterprise, they have a better chance of quitting. In fact, 29% of employees across the world said that lack of career advancement opportunities is one of the most important factors forcing them to consider other careers this year.
If you foresee the growth potential of your employees, be sure to provide them with a potential career path during performance reviews. Help them see real rewards in the future, whether it is through career advancement, promotion, salary or premium increases. This applies to juniors, intermediaries and even seniors who may feel that they have achieved their full potential in the company.
3. Provide Flexibility
Nine out of ten employees now want flexibility in their jobs, and this trend will continue to grow. Worldwide, more than half of people (54%) want more control over when they work and 40% want to choose where they work. The consensus is that most employees want to work remotely for 2-3 days a week and have the option to work in an office, coworking space or shared space for the remainder of the week. Given that the workplace has changed irrevocably following the pandemic, it is time to communicate a clear strategy that addresses these needs.
4. Enhance Work-Life Balance.
In spite of teleworking and greater flexibility over the past year, it is more important than ever to improve work-life balance. At present, more employees value work-life balance more than wages and benefits, and will be more likely to choose an employer that offers these services. Companies can offer a better balance by providing flexibility, regularly reviewing workloads, encouraging regular breaks and increasing support for those who need it, including parents, especially as we head back into the office more often.
5. Re-evaluate Compensation
While many things matter more or as much as pay in today’s labour market, pay is always a major contributor to job satisfaction. Do not assume that employees are satisfied with what they receive, especially given that research shows that employees are more comfortable asking for flexibility than a salary increase after the pandemic. Often review your salary structure to make sure you offer market-related wages and competitive benefits.
6. Recognise Accomplishments
Working remotely can make it a little harder to notice the small daily achievements or significant achievements of your team. However, some recognition does a great deal to reduce staff turnover. Whether via daily shoutouts, weekly acknowledgement of outstanding work or company awards and bonuses, when you recognise their efforts, employees are more likely to feel valued and therefore, more committed to your company.
7. Engage the Right people at the Outset.
It is a competitive job market right now, and you may be in a hurry to fill the positions, but there may be more challenges in the future with the rush to recruit. Hiring the right person for the job will reduce your staff turnover and prevent you from taking long-term training. Review your recruitment policy regularly to ensure you are hiring talent who really wants to work in your company and can add real value.
8. Utilize the full Potential of Employees.
People may get depressed on the job if they are not stimulated, challenged and given set of goals.. If you have promising people, make sure you use them to their full potential, or they could find another company that will. Motivated individuals contribute to fields other than their specific role. Discover their potential and try to tap into it.
9. Share Your Vision
People are often more attached to an organization if they know they are making a difference and that the work they do is important. Be sure to share the big picture with your team so everyone can see where their role is, especially as things move so fast.