The employee retention problem
In this era of the “Great resignation,” it’s challenging to make your employees stay. This is unfortunate because it’s people who drive our company forward. And employee turnover can be costly and time-consuming for any business. Ideally, business owners should generously invest their resources with their team.
Because of the existing problems inside and outside the company, workers are consistently transitioning to other jobs and careers. According to the U.S. Bureau of Labor Statistics, 4.2 million employees left their job in June 2022. Meanwhile, in the healthcare and social assistance industry, the number of workers who quit amounted to 561 in the same time frame.
What could be the reason why you can’t make your employees stay?
While there can be many reasons, some common patterns emerge. One of the most frequent reasons cited is a lack of career development opportunities. Employees want to feel like they are progressing in their careers and advancing toward their goals. If they don’t see a clear path for growth within your company, they will begin to look elsewhere.
Another common reason for leaving is a poor fit with the company culture. Employees want to work where they feel valued and respected and share the same values as the company. If they don’t feel like they fit in, or if the company culture is toxic, they will start to look for a new job.
Further, employees may leave if they feel you don’t pay them fairly. Suppose they believe they are being underpaid compared to other employees or industry standards. In that case, they will start to look for a new job where they can be better compensated.
Finally, they quit because of poor work-life balance. This results in burnout and poor physical and mental health. While it’s impossible to prevent all employee turnover, understanding these common reasons employees leave can help you retain your best talent.
Here’s how you can make your employees stay
1. Show them the why’s of their work.
Employees who feel that their work has purpose and meaning are more likely to be engaged and committed to their jobs. Additionally, they are less likely to feel burnt out or stressed, often leading to quitting. Furthermore, they are more likely to feel like they are a valuable part of the company, which can increase job satisfaction. By ensuring that your employees feel a sense of purpose in their work, you can go a long way toward making your employees stay.
2. Invest in your employees’ “climb”.
By offering opportunities for professional development, you can show your employees that you are invested in their long-term success. Consequently, this is another effort to make your employees stay. This can help to build loyalty and commitment, and it can also result in increased job satisfaction. You can facilitate their mentorship program or connect them with other officers in the company who can mentor them. Establishing them to take further studies would be a plus too.
Furthermore, when employees feel like they are growing and developing within their roles, they are less likely to leave for greener pastures—as such, investing in employee growth and development is essential to prevent high turnover rates.
3. Recognize them with incentives and bonuses.
Celebrating your team’s achievement can help to make your employees stay, as they will feel appreciated and valued. There are various types of rewards that you can give, such as financial bonuses, paid time off, or even simple things like a thank-you note. The key is to tailor the reward to the individual, as this will show that you are taking the time to notice their hard work. In addition, it is crucial to be consistent with your incentives so that your employees know that their efforts are always appreciated.
4. Collaborate future plans with employees.
As a business owner, one of your main goals is likely to keep your employees happy and prevent them from quitting. One way to do this is to involve them in the planning process for the company’s future. This will give them a sense of ownership and investment in the business and make them feel like their opinions are valued. As you develop plans for the future, solicit input from your employees and listen to their ideas. Furthermore, by involving employees in the planning process, you will be able to get feedback and ideas from them that you may not have thought of yourself.
Ultimately, collaborative planning is a win-win for both employers and employees and can help to prevent employees from quitting.
5. Lead as an example.
As the saying goes, “actions speak louder than words.” It’s frustrating to follow a leader who does the opposite of what he’s saying.
If you want to make your employees stay, lead by example. Show them that you are committed to the company and that you believe in its mission. Let them see that you are willing to invest your time and energy in making the company successful. Help them to understand that their job is essential to you and that you value their contributions.
When your employees see you are dedicated to the company, they will likely stay with it for the long haul. So, lead by example if you want to keep your employees from quitting. Show them the commitment you want from them.
6. Give and receive feedback.
Being a good leader involves more than just delegating tasks and issuing orders. It also means being able to give and receive feedback in a way that helps to improve performance and build morale. Unfortunately, many managers are either too timid or too heavy-handed when it comes to giving feedback. As a result, their employees may become disgruntled and eventually quit. To prevent this from happening, it’s essential to learn how to give and receive feedback effectively.
Feedback allows employees to voice their concerns and suggestions, and it also helps managers identify areas where improvement is needed.
When giving feedback, focus on specific behaviors or actions that you would like to see change. For example, rather than saying “you’re doing a great job,” try “I noticed that you went above and beyond to help a customer today.”
On the receiving end, take the time to listen to what your employees have to say and look for ways to improve. Making feedback a regular part of your workplace culture can help prevent your employees from quitting.
7. Make sure that your team has a work-life balance.
A balanced work-life is essential for all employees in order to prevent them from quitting their job. When an employee finds themselves out of balance, it can lead to several consequences such as mental and physical fatigue, poor work performance, and even job dissatisfaction. As a result, it is vital for managers that their team members have a healthy balance between their work and personal lives.
There are a few ways to create a more balanced work environment, such as offering flexible work hours, promoting work-life integration, and encouraging employees to take breaks during the day. By creating a more balanced workplace, you can help to prevent your employees from quitting.
Here are tips to achieve a work-life balance!
On finding the right people who will stay.
If you want to prevent your employees from quitting, you have to find the right people to hire. Hiring virtual medical assistants and virtual assistants cuts the attrition rate by 50%. According to the study conducted by Professor Nicholas Bloom of Stanford University, remote workers were more satisfied with the work-from-home setup. Since they enjoyed their work more, the number of people who quit the company was cut in half.
To meet the right people for you, talk to our industry experts! They’ll introduce you to CORE VMAs, who will not only stay but are also committed to giving you the best quality of service!
Read more: 5 Business Statistics Why You Need a VA this 2022
