Are you struggling with employee turnover? Is your average tenure lower than your competitors? According to the Bureau of Labor Statistics, 4.2 million people across the world quit their jobs in June of 2022. There are a multitude of reasons for this — but if your company has seen a recent uptick in resignations, then it may be time to implement some changes.
Below are our top tips for reducing employee turnover in this ever-changing economic climate:
Take the time to train and mentor your employees
Investing time and resources into your employees, through various training and mentoring programs, demonstrates that you care about their professional development and that their work is valuable to the company. This results in lower stress levels on the job and a higher sense of pride amongst employees. According to Unboxed Training & Technology, these programs also lead to a greater outcome of employee success and increased productivity within your team.
Shout out employee success
Employees want to feel recognized and appreciated, not just another name or number in the organization. Quantum Workplace found that 53% of employees want more recognition from their managers in the workplace.
Here at Creative Financial Staffing (CFS), we continuously encourage employee and team shout-outs; we highlight positive feedback through internal communications, social media postings, national calls, and more. By showing employees that you care and are truly invested in their success, you create an environment where people feel appreciated and excited to come to work every day. This leads to stronger relationships, a better work environment, and longer tenure at a company.
Offer a true work-life balance
The demands of the workforce have changed dramatically since the pandemic, many people are leaving their current employers if they are not willing to budge on flexible work schedules. According to Forbes, a work-life balance is essential to reducing stress and preventing burnout in the workplace. Forbes also notes, that while maximizing employee productivity will always remain a constant goal, ensuring employees have the time they desire away from the office and enjoy their time spent in the office is the best way to retain talented employees.
To initiate a hybrid/remote work policy at your company, the CFS leadership team has some best practices.
According to Forbes, 57% of Americans say that their pay raises aren’t keeping up with inflation. It is also stated that only 56% of Americans who work full time received a pay increase in the past year. With gas prices and living costs steadily on the rise, it is imperative to adjust salaries to match the current economic conditions.
Prioritize mental health
Everyone struggles, especially when it comes to brain fog and mental exhaustion in the workplace. The CDC states that, “depression interferes with a person’s ability to complete physical job tasks about 20% of the time and reduces cognitive performance about 35% of the time.”
SHRM states, “Research consistently shows the health benefits of taking vacation time, like improved productivity, less stress, and better mental health.” Making mental health a priority in the workplace can look something like providing more PTO days for your employees or even carving out specific PTO days for mental health. After the pandemic, Creative Financial Staffing (CFS) gave all employees one additional week of PTO – our staff has taken the time to travel more, unplug, and truly focus on their mental health.
By implementing these small changes to your business, you will see a dramatic difference in employee satisfaction and in turn, an increase in employee retention. For more tips & tricks or to discuss the current hiring market, contact a CFS consultant today.