Retaliation by workers could become a new issue
The Great Resignation, a decision by millions of workers to leave their jobs during the Pandemic has shown signs of decreasing, but that is not a green light for companies to take their staff for granted, Anthony Klotz says.
Employee Retention
Anthony Klotz, the associate professor at University College London School of Management who coined the term “Great Resignation,” has spoken with The Wall Street journal, saying the Great Resignation is done in many ways,” and that the number and rate of resignations are back to what you would expect had the pandemic not occurred.
He said “my caution would be, yes, maybe those (remaining) employees won’t leave, but they can create other problems for you, if they feel like you’re taking advantage of this market to roll back the things that make their life better.”
He suggests retaliation by workers could become a new issue for corporate leadership. Workers who believe they have been wronged could turn to bad behaviour including slacking off and stealing.
He also argued that working from home and good compliance aren’t necessarily at odds. For most businesses, trusting employees can pay more dividends than monitoring them.
“We’re in this unique moment in time where a lot of companies and workers see this as an opportunity to reinvent work and redesign work to make it better. The progressive organisations that I’m talking to are saying we need to talk to employees and bend where we can in order to retain and engage them.
When you have your boss coming to you and saying, “What can we do…I don’t know if there’s anything we can do, but let’s talk about it,” that is a very strong signal to the worker that I care. That’s part of the investment I’m talking about”.
Effective Employee Retention Strategies
Select the right talent
Set up your hiring processes to lure the top performers. Show them the benefits of working in your company throughout the hiring process.
Advance your onboarding
Have a reliable onboarding program that allows new employees to feel welcomed, ensuring that new staff are not overburdened with work.
Mentorship
Pairing a new employee with a mentor is a great component to add to your extended onboarding process, especially in a remote work environment. Mentors can welcome newcomers into the company, offer guidance and be a sounding board.
Get recognition and rewards right
Employees who feel appreciated will work harder and stay with the company longer.
Build a culture employees want to be part of
Company culture is an integral part of business. It affects nearly every aspect of a company. From recruiting top talent to improving employee satisfaction, it’s the backbone of a happy workforce.
Provide avenues for professional development
Educate your employees by setting up clear career paths by providing continued education and programs.If you want people to stay at your company, help them to visualise what the future will look like, and show them that an attractive career path is open to them. If you commit to them, they’re more likely to want to commit to you.
Prioritise diversity and inclusion
Diversity and inclusivity in the workplace should be a priority for every company. Building teams from varying backgrounds not only improves the employee experience, but it also enhances productivity and the decision-making process.
Listen regular
Listening regularly has a huge impact on engagement and therefore retention. listening in the workplace leads to positive outcomes for everyone involved: the listeners, the speakers and the organisation.
Support wellbeing
Burnout and stress are among the top reasons why employees say they will look for a new job. Organisations can help prevent employee burnout, and reduce employee turnover, by establishing policies that foster work-life balance, prioritise well-being.
Round up
Creating a successful employee retention approach takes significant effort, executive oversight and targeted investment. Organisations that fail to focus on employee retention can suffer significant costs related to finding, recruiting and training replacements, as well as reduced productivity, lost knowledge and lower morale.
If you would like to talk more about this subject and hear how Tick HR Solutions could be of help to your business, please get in touch today.
