We are now working in an ever-changing landscape. Employees are leaving in their droves.
The Great Resignation is well underway with a record number of people leaving their jobs as we come out of the Covid-19 pandemic.
Companies now have to navigate the longer-lasting effect to retain their key employees and top talents.
The issue is that the pandemic has been the tipping point for so many. Years of employee neglect have led to this point.
So what can be done? How can companies respond?
1. Be generous with compensation.
For far too long companies have been paying wages that they can get away with. Not what the key employees deserve. Getting away with underpaying market value will only last long before the employee either receives a better offer or looks elsewhere. Money is one fundamental way of showing appreciation for the work that they put in each day. How much would it cost to replace an employee, including hidden costs?
2. Have transparent communication.
Employees want to know what is going on in the company. They see meetings behind closed doors then bombshells are dropped on them which fundamentally changes their working environment. Often good news and bad are shared last-minute and employees are expected to respond. These again can only last for so long before burnout starts to appear. No visible communication reduces morale and that will lead to employees leaving.
3. Don't give false hopes.
How many times is the line about progression through the company mentioned in job descriptions? Far too many. Offers of promotion or pay increases. Things that are just said without having any weight placed behind them. Let's face facts for the moment. Not everyone within the company can be rewarded with a promotion. The numbers just don't add up. So why tell each new start that the opportunity will be there? I am sure that you can think of some others too.
4. Build strong collaborative teams.
Teams that work and pull together achieve way more and by hitting their collective targets morale is increased. No team should be competing against each other and certainly not within the team. The only target is a team target. Encourage each employee to help others within their team and where teams cross over. A fully support employee is a happier employee.
5. Create your own A+ superstars.
Identifying future star employees is critical along with future business needs. Then invest fully in their development. Train and encourage long before any promotion. There are many tools you can use. Qualifications, training, mentoring and coaching are the major players along with inclusion and giving them a voice. Invite them to meetings to sit, observe and ask questions.
If the current management is lacking in these skills you can look externally.
Every one of us likes to be rewarded for hard work. Money isn't the only factor in play. Conferences, days off, further opportunities and greater inclusion are other factors too.
Let your employees know that their contribution is valued. Their input into the company is valued and you appreciate them for all that they do.
I have worked in many toxic environments and seen the best employees leave creating a large gap. I have left myself because of some of the things I've mentioned above.
Companies can and should be doing better. Who will snap up all of these key players? Your competitors and it will be GAME OVER...