The 'Great Resignation’ trend that swept the world around May 2021 came as a great surprise to organisations. Although many of the workers have since returned to the workforce, employers fear that the ‘mental disconnect’ that arose during the lockdown may continue to manifest in abrupt or en-masse employee exits.
So how can you manage high employee turnover at your company? Here’s a quick guide.
Why Employees Tend to Quit
A high rate of turnover can threaten an organisation and stunt its growth. Some of the common reasons for employee exits include:
- Insufficient compensation or benefits
- Poor work-life balance
- Unsatisfactory health and safety measures
- Absence of growth opportunities
- Lack of upskilling programmes
- Differences with bosses/management
- Lack of flexibility and work-from-home options
Steps to Minimise Employee Turnover
Focus on compensation
Compensation (i.e., salaries and financial perks) plays a critical factor in shaping your employees’ decision to stay or leave. Hence, benchmarking your compensation and benefits packages to the industry standards can help you retain your best employees.
Appreciate and reward good work
Timely appreciation and recognition provide immense satisfaction and motivation to workers. Appreciate your employees for their work, achievements, successful project completion, etc. through cash prizes or coupons, movie tickets, holiday tickets, etc.
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Provide growth opportunities
Having adequate access to individual growth opportunities helps employees feel that the company is invested in their growth. And having access to a favourable growth environment encourages them to stay for a longer term with the organisation.
Hence, make sure you’re supporting your employees through skills training, leadership grooming, and mentoring initiatives. That will likely ensure higher loyalty.
Improve work-life balance
Without proper work-life balance, your employees’ mental and physical health can deteriorate. Consistently working long hours or over weekends, under high pressure, can increase distress and dissatisfaction. Overburdened employees are at greater risk of depression, anxiety, frustration, or sleep issues, and are more likely to resign from their jobs.
Focus on providing a work environment that promotes balance and moderation. Leaders must reinforce the importance of such behaviours and stop encouraging overwork as a lifestyle. Back these up with progressive policies that allow employees to disconnect when needed. Over time, these steps will help your employees feel more engaged and productive.
Offer flexible work options
A survey showed that nearly 40% of workers would prefer quitting if employers made them return to the office full-time. After the pandemic, a large number of workers started to look for flexible and remote work options, especially millennials (aged 18–34).
Flexible work options, especially the option to work from home, helps people maintain better work-life balance. Remote working also allows employees to be more productive and find creative ways to get work done. Hence, consider switching to more flexible work models and consult your people on what kind of flexibility they value most.
Emphasise employee well-being
Providing handsome compensation alone does not guarantee loyalty. Employers should also facilitate employees' physical, mental and emotional health.
A good first step is to survey your employees’satisfaction levels on different work aspects like compensation, growth opportunities, work-life balance, bullying at work, etc. These surveys can help you understand your people’s experiences, expectations, grievances, etc.
You can also provide wellness-related benefits and facilities such as extended employee health insurance; gym access; recreation centres or green spaces within office premises; access to psychosocial counselling; enhanced parenthood leave, creche facilities, etc.
Conduct feedback and exit interviews
A departing employee can give you many accurate insights into your company’s culture. (S)he can provide more transparent and open feedback regarding your policies or pay-scales, structural or procedural obstacles to work, and other things. Gathering this feedback will help you identify and plug the gaps in order to retain employees better.
No company can stop employees from resigning. However, the above tips can help you stem attrition at your firm by providing greater empathy and support to your people.