Recruiting and retaining top talent have been constant challenges for businesses nationwide, but the Great Resignation makes effectively doing so even more crucial.
A recent survey from the Society for Human Resource Management revealed that 40% of U.S. employees are actively searching for a new job, or plan to do so soon. Although the reasons behind this exodus vary, many respondents share a desire for:
- higher compensation
- a greater work-life balance
- better benefits
- career advancement
- a new career
While it’s not realistic to prevent every resignation, winding down this torrent of turnover to a manageable trickle is necessary for long-term success. After all, as the value of top performers increases year after year, so does the cost of losing them.
But with so much at stake, it might seem intimidating to address retention in any meaningful way. That’s because there really is no one way to quell rampant turnover. Instead, it takes a gradual, multifaceted approach across different sectors of your business.
Fortunately, with a strategy informed by your workforce’s needs and supported by the right tools, you have the potential to transform the turnover tsunami into a wave of success employees can ride into the future. Here are three ways how:
Learning
While a recent nationwide study by Deloitte revealed that 90% of workers believe learning must be frequent, the Bureau of Labor Statistics reveals they receive only an average of six to 12 minutes of training per year.
This precedent doesn’t seem hard to exceed, but remember it’s not just about providing more training, but more access to it. A robust, mobile-friendly learning management system that empowers your workforce to access training material anywhere, anytime enables them to develop and upskill at their pace.
Abundant and worthwhile training is a renewable well of engagement, especially when it’s fueled by subjects relevant to your employees. For an even more informed approach, consider using a powerful survey tool to quickly, securely and anonymously gather their feedback about the learning opportunities they want to see.
When employees are engaged by diverse and consistent content, it becomes hard for them to justify seeking greater learning opportunities elsewhere.
Evaluation
As the needs of employees evolve, so does the need for more consistent performance reviews. According to a recent report from XpertHR, 66% of business leaders said they conduct performance reviews annually, 18% conduct them biannually and only 8% do so quarterly.
Giving employees consistent and impactful direction helps drive their sense of purpose within your operations. But just providing more performance reviews may not help if they lack substance. After all, an effective performance review is built on the foundation of every review before it.
Consider adopting a tool that clearly documents performance reviews while providing cumulative insight into upcoming conversations. Doing so helps you reduce the common consequences of lackluster reviews, such as:
- uncertain goals
- hindered growth
- needless data reentry
- redundant or irrelevant guidance
Ultimately, a strong performance review process helps drive engagement and prepare your personnel for the next step in their careers within your organization.
Development
Even the most dedicated employees probably won’t stay if they feel they’re pressing against the ceiling of their potential.
And research from Bain & Company, an international consulting firm, suggests this ceiling doesn’t really exist, given “more than 60% of a company’s future roles can be filled by current employees, assuming adequate programs are in place.”
Providing employees with a clear path for advancement readies your entire organization for the future. And building this path with the help of exceptional position management software allows you to:
- clearly see the composition of your business while building a performance-based culture
- promote employees easily when the need arises
- reduce the chance of human error and HR fatigue as you navigate organizational growth and change
Employees are an investment, but in their eyes, so is your organization. Potential is reciprocal, and when staff members are confident they have opportunities to grow while enhancing operations, it generates the momentum you need to approach the future with confidence.
For a bird’s-eye view of the trends affecting today’s workforce, download our talent management infographic. And explore Paycom’s talent management suite, which houses the tools you need to engage and manage your employees, all within a single software.
DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.