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Running your own business comes with many challenges, especially in the current climate. After all, we’re still recovering from the impact of the COVID-19 pandemic and the ways in which this has altered consumer behaviors, spending, and habits. However, the biggest challenge business owners will face in the coming months is not related to customers at all – but rather employees.
This is because the pandemic triggered a movement known as ‘the great resignation’ – which has prompted thousands of workers to quit their jobs and shows no sign of slowing down. In fact, a study found that 41% of people are considering finding a new job before the end of the year. There are various reasons for this sudden spike in resignations, such as:
- The desire to create a better work-life balance.
- Toxic workplace cultures.
- Lack of progression opportunities.
- Feeling undervalued or underpaid.
- Burnout and high-stress levels.
Larger corporations, however, are more equipped to deal with employee turnover. This is because they have a larger workforce to delegate the work to. Smaller businesses with comparatively smaller workforces do not have the same luxury. This could lead to a drop in productivity and efficiency, disappointing customers, and putting your business at risk.
As a result, it’s important that you put plans in place to protect your business from the great resignation. Here are some top tips to get started.
Invest in the right software.
Investing in software and tech may not immediately seem like a way to keep your employees around, but you’d be surprised about how effective having access to the right tools is when it comes to workplace retention. This is because software, such as employee management software, can make their daily lives much easier, reducing the amount of time they spend on tiresome administrative tasks, such as scheduling. As a result, they can dedicate their energy to the more ‘fun’ aspects of their role. This will increase workplace satisfaction rates, reducing the chances of them seeking employment elsewhere.
Curate an employee wellness program.
Another way in which you can help improve your employee retention rates is by ensuring that you make work a healthy part of their life, not an additional stressor. While it is not realistic to expect your employees to be happy 24/7 – there are steps you can take to reduce their stress levels. For example, you could curate an employee wellness program that provides them with access to the tools they need to care for their physical and mental health. Your wellness program could include:
- Healthcare support and guidance.
- Access to therapy services (online and in-person).
- Gym or exercise class subscriptions/discounts.
Banish toxicity within the workplace.
Your work environment will also contribute significantly to your retention rates. The current workforce are less entranced by grind and hustle culture, and high competition rates, due to the fact that supportive, collaborative work environments are simply much better places to spend time in. As a result, you need to work on creating the kind of workspace where employees are happy! This means removing toxicity, such as competition. Encourage employees to work together as opposed to against each other – remember, at the end of the day, they’re working for the same team.
Embrace remote working.
Many businesses encouraged their employees to work from home during the pandemic – but it’s important that you view this as more than a temporary measure. After all, remote working (or a hybrid model) brings around many benefits. It makes your business more accessible for individuals with high-talent levels but health struggles that may limit their abilities to work in a traditional office environment. This means you can widen your talent pool. It also helps your employees curate a better work-life balance, as they’re no longer wasting valuable time commuting. A recent study found that 61% of workers are currently WFH out of preference, not necessity. As a result, embracing remote working moving forward is a great way to keep your employees happy.
Ask your employees for feedback.
While you may be a great team leader, you’re not a mindreader. This means that it’s impossible to know how your employees are feeling at work without asking them directly. This means that you should ask for feedback on a regular basis so that you’re able to introduce impactful changes to the workplace. However, it’s also important to note that some staff may be reluctant to complain directly to their boss for fear of repercussions. You can navigate this by allowing them to submit feedback anonymously.
Hi! Great article! I’m sure that no matter what anyone says, but almost all people’s main motivation to work is to make money and the more they are satisfied with this parameter, the longer they won’t even think about changing jobs. This is especially true for positions that don’t pay the most, where every thousand dollars counts. For people with an income, where a change of a few percent will not particularly affect the standard of living become more important other working conditions, such as the team and other aspects.