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While the pandemic had a significant impact on U.S. turnover rates, keeping employees is becoming more difficult overall these days. In fact, the employee turnover rate has increased by 88% since 2010.
Gone are the days of committing to one company for one's entire career. The new workforce won't hesitate to jump ship if their needs aren't being met: Today, the average worker only stays at their place of employment for roughly 4.1 years.
It's undeniable that workers' values are changing, but many companies aren't keeping up. Today, your organization must prove why it's worth staying at with engaging perks and incentives.
The following are three proven ways to maintain and reinvigorate your workforce:
As an employer, you should know your employees' 3-5 year career goals. Whether these conversations take place in performance reviews or monthly check-ins, it's important to understand what positions they aspire to hold.
Even if their long-term goals are beyond your company, investing in their skillsets will keep them happy, engaged, and motivated in their current role.
Here are some ways leaders can invest in their employees:
Employee rewards don't necessarily have to be monetary, they just have to be meaningful and demonstrate that their hard work is acknowledged. Just make sure you "reward" your employees with more than the bare-minimum: their paycheck.
Whether it's for exceeding a sales goal or celebrating a 10-year work anniversary, celebrate victories that move your company forward. After all, 69% of employees say they would work harder if they felt their efforts were better recognized.
Here are some great ways to incentivize your workforce:
Have you ever given feedback that was immediately dismissed or left unacknowledged? If so, you likely felt a bit detached, hopeless, or demotivated.
It should be no surprise that 74% of employees report they are more effective at their job when they feel heard.
To prevent employee disengagement, create opportunities for your workers to receive and provide feedback and to talk through issues with their leaders. Ultimately, these conversations can lead to improved processes, conflict resolutions, and a more cohesive culture.
Here are some tips for giving and accepting feedback:
Is your HR team ready to tackle employee retention? Take those tedious tasks off their plates with robust HR services from Future Systems. We'll take care of tax forms, benefit enrollment, new hire paperwork, and more so your team can focus on engaging and maintaining your workforce.