How To Increase Employee Retention During A Job Market Crisis

by: Alicia Nigel

The Covid-19 pandemic has not only changed healthcare, but has also impacted the wider labor markets. The Washington Post reports that about 4.3 million Americans left their jobs this past December alone. This is part of a trend that is now being called “The Great Resignation,” with the rate of people resigning from their jobs having reached a 20-year high.

Given these developments, it’s fair to say that the challenge of keeping employees in their jobs has never been harder. This job market crisis won’t end easily or quickly, and it is up to the companies and their leadership to think of ways to inspire loyalty in their employees. In this piece, we’ll discuss a few of the things you can do to encourage employee retention.

Maximize hybrid work models

In our previous blog post on “How Can We Solve the Problems of Hybrid Work Models?”, we wrote about a few concerns with these models, and how we can utilize them more effectively. Generally speaking, the freedom of hybrid work provides autonomy that a lot of employees crave. However, this doesn’t mean that everyone is having an easy time with maximizing this sort of setup.

Maryville University details how human resources is changing with business environments extending beyond their office buildings’ four walls to include satellite offices, anywhere from employees’ homes to different countries. Given these changes, business managers should be able to plan employee benefit programs, act as liaisons, advise on key HR issues, and negotiate labor laws through hybrid work agreements –– though managing all of this is challenging even with a company’s full support.

To retain your employees, you must be able to help them balance their lives and work even in a remote setting. This means setting up clear job descriptions, rules, and policies that can help them see the benefits of having a flexible work model. It should help them keep up with the hybrid work model without imposing upon their regular, personal lives.

Encourage creativity in the workplace

Often, companies work to highlight how they value employee creativity, without actually having policies in place to support the idea. Truly encouraging creativity means incentivizing innovation and development; it requires companies to create opportunities and outlets for creative actions and ideas.

Take Google’s 20% project, for example. This was a concept Google made popular when it went public in 2004. CNBC explains that employees are encouraged through this project to spend 20% of their time working on side projects that could benefit Google.

Implementing something like this in your company empowers your employees to challenge themselves. It keeps them engaged and happy in their roles. Plus, it’s important to keep in mind that employees want to grow in their career paths. Giving them creative freedom will also incentivize them to develop these paths, or at least new skills and accomplishments that can lead to progress. It will prevent them from seeking other jobs, because they’ll see opportunities to grow within your company.

Invest in your employees’ overall experience

Regarding the so-called Great Resignation, University of Houston economics chair Dietrich Vollrath has shared that more people realized during the pandemic that it wasn’t actually damaging to step away from work. Employees chose to stop tolerating company issues, and simply left to pursue other opportunities. This implies that to keep your employees loyal –– knowing that they may not think twice about moving on –– you need to create opportunities for them.

Small things like allowing employees to connect with their colleagues socially can immediately boost morale. It solidifies the relationships within your company, at once creating a sense of community and improving productivity. Similarly, you might also engage your employees in wellbeing activities that can help to stay physically and mentally active.

These changes don’t have to happen overnight. You can even consider asking your employees about how they envision their job conditions moving forward, and provide them with the tools and support they need to turn those visions into reality. Sometimes, employees just need to be respected, appreciated, and supported in order to feel happy and content with their jobs.

 

Article written for the exclusive use of eca-partners.com by Alicia Nigel

Published On: May 2nd, 2022|Categories: Executive Search|

Share This Post

Recent Posts

Categories

Get in touch to discuss your talent needs.

GET STARTED