Replacing employees costs valuable time and money, not to mention the disruption it can cause to business operations, productivity, and staff morale, when key members of your team decide to quit. With this in mind, stopping employees from quitting – especially core talent – should be a top priority.<\/p>\n
Since the beginning of the pandemic, we\u2019ve seen a seismic shift in the way many people are working – and the priorities of those workers. So much so that a record number of employees across the world are quitting their jobs. This is a continuing trend that has been coined ‘The Great Resignation’.<\/p>\n
If you\u2019re a business owner or business leader, it is now more important than ever to put effective employee retention strategies in place. To stop employees from quitting, you need to give them good reasons to stay.<\/p>\n
So, let\u2019s first take a look at why<\/em> employees are quitting, then we\u2019ll explore some of the best ways to keep staff happy and committed to your business.<\/p>\n The \u2018Great Resignation\u2019 in 2021 saw workers choosing to leave their jobs at a historic rate. In 2022, this labour market revolution shows no signs of slowing down.<\/p>\n Over the past couple of years, people have reflected on what is most important to them – and working from home (without that long, stressful commute to deal with) has given rise to many workers prioritising their work-life balance.<\/p>\n A recent survey<\/u><\/a> by accountancy firm PwC reveals that almost 18% of workers in the UK are extremely likely to look for a new job in the next 12 months.<\/p>\n A further 32% of those surveyed stated that they are slightly likely to quit in the next 12 months, with an additional 16% planning to leave the workforce entirely, either on a temporary or permanent basis.<\/p>\n The global study of 52,195 workers, including more than 2,000 UK respondents, also revealed the following key findings:<\/p>\n So, what does this mean for your business? Looking at these findings, almost half of your workforce may be considering leaving. Therefore, to stop your best employees quitting, you need to ensure that you\u2019re giving them good reasons to stay.<\/p>\n To keep staff happy, productive, and committed to your business, here are 5 effective employee retention strategies you may wish to consider.<\/p>\n Showing respect to employees is key to establishing a positive work culture. It seems almost too obvious to mention, but a great number of workplaces fail in this respect.<\/p>\n According to a recent Pew Research Center survey<\/u><\/a>, 57% of participants stated that feeling disrespected at work was one of their main reasons for quitting their jobs in 2021.<\/p>\n This should never be the case. It\u2019s one of the easiest and most effective adjustments you can make in business – and it\u2019s completely free to implement at its most basic level.<\/p>\n Feeling respected and valued at work provides a sense of satisfaction and accomplishment, which fosters loyalty, increases engagement, and motivates employees to work at their very best. It\u2019s a win-win situation.<\/p>\n Aside from being genuine, respectful, and compassionate in the way you communicate with employees, it\u2019s important to acknowledge their achievements, big and small – whether they go above and beyond or simply do their job well on a consistent basis.<\/p>\n Other low-cost strategies include recognising professional and personal milestones, celebrating birthdays, buying gifts for your team, organising staff outings and events, and offering flexible working arrangements.<\/p>\n There\u2019s only so much that people are prepared to tolerate, so treat others the way you would like to be treated – it\u2019s that simple but all too easy to forget when the stresses of running a business take over.<\/p>\n Whilst money is not the only way to motivate and stop employees quitting, competitive pay remains an important factor for many workers, as evidenced by recent research findings outlined earlier in this post.<\/p>\n Regardless of industry, low or inadequate wages often result in low productivity and high turnover. As the old adage goes – you get what you pay for.<\/p>\n It may seem counterintuitive to your bottom line to pay higher and above average salaries – especially for low-skilled work – but the cost of recruiting and training new staff far exceeds the amount of money you\u2019d save by paying lower salaries.<\/p>\n Moreover, poorly paid employees, especially those on minimum wage, will struggle to make ends meet – even more so now, given the current cost of living crisis<\/u><\/a> we\u2019re facing.<\/p>\n This can have a negative impact on general health and wellbeing, including poor nutrition, increased stress levels, and lower levels of concentration – all of which affect productivity in the workplace.<\/p>\n An employee should be viewed as an asset, rather than an expense. Healthy, happy employees are more effective, so investing in higher wages – and equal pay for equal work<\/u><\/a> – is better for their wellbeing and, consequently, the success of your business.<\/p>\n It can be tempting to keep the best employees in the same role with the same responsibilities. Why fix something that isn\u2019t broken? However, failing to provide opportunities to grow<\/a> can lead to boredom, complacency, and job dissatisfaction.<\/p>\n Even if they don\u2019t quit, they\u2019re likely to mentally check out. In either case, your business will eventually suffer as a consequence.<\/p>\n If an employee asks for more responsibilities or a chance to explore other roles within the business, it’s important to consider these requests for growth and development. If they don\u2019t have the necessary skills or knowledge, perhaps you could provide skills development or continuing education opportunities to get them there.<\/p>\n Be mindful that not everyone has the confidence to broach this type of subject with their superiors, so arranging periodic one-to-ones is crucial. These meetings will help you to determine how happy your employees are in their current roles and within the company in general.<\/p>\n Discuss their long-term goals and what you can do to make them feel more valued and motivated at work – there\u2019s always room for improvement.<\/p>\n Workers need to feel valued, and that better performance leads to some kind of recognition and reward – other than the standard pay cheque they get for just doing the job. Profit-sharing is a great way to do this.<\/p>\n Profit-sharing options enable employees to share in the success of the business. Be that in the form of an employee share scheme<\/a>, bonuses, or some other type of financial reward, aligning employees\u2019 interests with company profits serves as an incentive to work harder and stay loyal to the business as it grows.<\/p>\n It can help to boost morale, encourage healthy competition amongst staff, and give employees a sense of ownership. In turn, this can lead to increased productivity, lower turnover, and higher profits for your business.<\/p>\n Even before the pandemic, flexible working practices<\/a> were increasingly in demand by employees. However, many employers were hesitant to offer such a benefit – especially remote working – believing that their businesses would suffer as a result.<\/p>\n Following many months of imposed working from home, companies have been able to see the benefits first-hand and are now more inclined to allow employees to continue remote working, either full-time or on a hybrid basis.<\/p>\n According to the CIPD\u2019s annual Health and wellbeing at work survey<\/a>, flexible working is shown to reduce employee absence rates, enable workers to better manage disabilities and chronic health conditions, and improve their stress levels and mental health.<\/p>\nThe Great Resignation – why are so many employees quitting?<\/h3>\n
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5 ways to stop employees from quitting your business<\/h3>\n
1. Show respect and appreciation<\/h4>\n
2. Pay competitive wages<\/h4>\n
3. Provide opportunities to grow<\/h4>\n
4. Introduce profit-sharing options<\/h4>\n
5. Offer flexible working<\/h4>\n