CEO of global recruitment firm Duffy Group Inc. and author: Revolutionizing Recruitment: How Recruitment Research is Reshaping the Industry.
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“I quit.” Right now these two words are sending shock waves through companies in every corner of the United States.
In August, the number of Americans who voluntarily left their jobs reached an all-time high of 4.3 million people, according to data from the U.S. Bureau of Labor Statistics. In the same month, the share of U.S. workers looking for a new job grew to 55%, according to a Bankrate survey. And at last count, there were 10.4 million job openings nationwide. This includes workers in companies of all sizes and in virtually every industry.
As challenging as this dilemma may be, I believe it presents an opportunity. What if employers put more muscle into their employee retention efforts?
After all, part of addressing the effects of the “Great Resignation,” the “Turnover Tsunami” and the “Great Reshuffle” is a thoughtful recruitment plan to help employers find great new talent. The other part is putting programs in place to prevent a rash of job openings from arising in the first place. It sounds easy enough, but anyone on the front lines of managing workers knows that it is anything but that. I am facing the realities of a changing environment in my industry, where there are more job postings for recruiters than engineers, according to insights from LinkedIn.
The good news is that there are some creative ways we can protect our organizations from a potential “Great Resignation” with a well-designed plan for a “Great Retention.”
Reimagine your company’s benefits package.
Taking a close look at your company’s benefits package is a good place to start. When is the last time you analyzed annual salaries relative to the competition? Have you considered a signing bonus or education benefits? What about additional time off and a remote working environment?
While pay usually ranks No. 1 in the minds of existing and prospective employees, today’s workers want more flexibility in doing their jobs, too. Some of our clients are customizing benefits; one organization changed its vacation policy to four weeks from one week to attract candidates for hard-to-fill positions. Other companies are offering an unlimited number of vacation days. Beyond these traditional benefits, consider financial wellness perks like emergency savings accounts or one-on-one financial planning with a financial expert.
If you are a hiring manager, ask your recruiting partner what the competition may be offering and what matters most to candidates.
Conduct 'stay' interviews.
Another idea that is catching on at companies is the “stay” interview. HR thought leader Dr. John Sullivan pioneered the concept 20 years ago, and it has never been more relevant. These structured meetings — which I suggest you schedule quarterly — can open lines of communication between leaders and workers and underscore workers’ value to their organizations.
Small firms and nonprofits may choose to schedule stay interviews for everyone, while larger companies may choose to focus on critical jobs and high-performing individuals. During stay interviews, Sullivan suggests focusing on:
1. Appreciation: Tell employees how they have contributed to the company’s success.
2. Specifics: Highlight particular projects or accomplishments that made a positive difference for their organizations.
3. Clarity: Tell employees that you want them to stay.
4. Sticky Factors: Ask employees why they stay and what they enjoy most about working for the organization.
5. Positivity: Follow up the interview with action steps to reinforce the sticky factors.
Embrace the remote workplace.
When the novel coronavirus began sweeping the nation in 2020, companies had to pivot to an entirely remote workplace. It was a new concept for most, given that until then, just 7% of employees across the nation had a flexible, work-from-home benefit. The pandemic prompted a shift in how and where employees want to work. Today, the remote workplace is the way of the future and one that employers should wholeheartedly embrace.
While having employees in different locations changes the workplace dynamics, it is still possible to build a high-performing culture and reinforce the company’s core values. The key is for everyone from company leaders to line employees to live the values at every touchpoint. If your firm is all about transparency, then illustrate that in meetings and through open conversations with team members. If diversity and inclusion are your company’s north stars, share key workforce statistics, highlight new hires and enlist diverse voices to lead companywide meetings. Finally, be sure to invest in employees’ training and promote teamwork with contests and community service projects.
Make employees feel appreciated.
Time and again candidates tell me that the reason they are considering leaving their jobs is that they don’t feel appreciated. With that in mind, remember that a simple, sincere thank-you for a job well done goes a long way. So does listening, responding and seeking employees’ feedback.
Keeping employees engaged, whether on a specific project or a resource committee, also can reap rewards by underscoring the trust you place in them in moving the company forward. Above all, look for ways to make work fun. Doing so will serve as a reward for your valued staff and remind them why they like working for your company.
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