In the wake of “The Great Resignation,” we as business leaders have a new opportunity in front of us – “The Great Retention!” Talented professionals are seeking new opportunities, and companies must be proactive in addressing retention issues to transform this challenge into an opportunity for growth. As the workforce landscape evolves, identifying and understanding retention issues, differentiating good vs. bad resignations, and implementing effective strategies are vital steps for business owners to foster a culture of employee loyalty and transform the “Great Resignation” into the “Great Retention.”
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Identifying Retention Issues within an Organization:
The first step in addressing retention challenges is acknowledgement, we must be aware that this is a test we all face. Over the past year, I have had my own struggles with retention and the first place that I must look is within. Am I the problem? What is my role in this employee leaving? While I will never say that I am perfect – far from it – I do learn from each of these instances and make improvements and changes to become a better leader because of it. Annually we engage with our HR provider, XeniumHR, to administer a survey to all employees called “What People Want From Work.” It asks all employees just that – what do you want? What factors matter to you to help retain you? As leaders, it is easy to fall into the trap of thinking we know what our employees want but without asking, do we really know?
Differentiating Good vs. Bad Resignations:
Not all resignations are equal. It is essential to differentiate between employees leaving for positive reasons, such as career advancement or personal growth, and those departing due to negative factors like poor management or low job performance. We ask all departing employees to participate in exit interviews so we can gain insights into the reasons behind an employee’s decision to leave. Once we understand why an employee left, we can strategize on how to fix those issues.
This is not to say that all turnover is on us as employers. The nature of being in business is that we have goals, expectations, and customer needs to meet. Not all employees are going to align with the company, the role, or you as a leader – and that’s okay.
Three Strategies to Improve Retention Rates:
Invest in Employee Development: Provide opportunities for skill enhancement and career growth. Offer training programs, mentorship initiatives, and continuous learning opportunities. When employees feel that their development is a priority, they are more likely to stay committed to the organization.
Look at Your Hiring Process: Are you hiring the right people and are they on the correct seat on the bus? This is one of the most proactive ways to get ahead of turnover, ensuring that you have hired people that have the skills and experience to do the job, while also being the right culture fit.
Create Personal Connections with Employees: All employees are people with lives outside of work. Creating a personal connection with them to understand who they are outside of the 9-5 will create a tighter bond and more loyalty as they will understand that you see them for the people they are.
Author:Blake E. Quinlan is owner of Express Employment Professionals.
