Since the beginning of 2020, more than 40 million Americans have left their jobs in search of greener pastures. As the “Big Quit” continues, employers are increasingly looking for techniques to attract and — retain their employees. Consider these statistics:

• 56% of employees worked remotely during the Covid 19 outbreak
• 45% of employers are losing talent to higher-paying jobs with flexible work arrangements
• Almost half of all Gen-Z and millennial workers would accept less compensation for full time remote work arrangements
• 30% of millennial workers (the largest segment in the U.S.) are actively looking for new job opportunities

If you’re a business owner facing a dwindling workforce, we’ll outline the top techniques on how to create a productive work environment with satisfied employees, and other ideas for turning your employee exodus into the “Great Retention.”

In This Article:

• 1. Offer Competitive Employee Compensation
• 2. Offer a Work-Life Balance
• 3. Provide Employee Orientation and Onboarding
• 4. Promote Mentorship Programs
• 5. Offer Perks and Benefits
• 6. Provide Fitness and Wellness Offerings
• 7. Develop Good Communication Channels
• 8. Promote Professional Development
• 9. Implement Effective Change Management
• 10. Give Encouragement and Offer Acknowledgement

1. Offer Competitive Employee Compensation

In today’s economy, your employee compensation packages need to be competitive. If you’re missing out on terrific candidates, but you can’t afford to increase pay, consider adding in some benefits like better health care or retirement matching plans, additional paid vacation days, or performance bonuses.

All these can make your company look favorable both to new employees and to the ones you already have. Here’s a Salary Guide to judge whether your wages are competitive enough.

2. Offer a Work-Life Balance

If the Great Resignation proved anything, it was that employees are increasingly demanding a balance between work and their personal life. If you’re still expecting employees to be available around the clock and on weekends, you’ll find yourself in a continual search for new talent.

People have lives outside of work. The occasional late night or weekend might be necessary but consider extra time off as compensation. Retain your employees by encouraging them to set time boundaries, unplug from work, and take their vacation time regularly.

3. Provide Thorough Employee Orientation and Onboarding

Give your employees the tools they need to succeed — from the start. Every business should create an onboarding process that introduces new employees to your workplace, its culture, the various roles and responsibilities within the organization, along with opportunities to build relationships with coworkers in their new positions.

Here’s how to welcome new employees — and make them feel like valued members of the organization from the beginning:

• Ensure your new employee’s workspace is ready on day one. Order desks, chairs, and hardware, e.g., laptop, phone, or other equipment and ensure it’s in place when the new hire arrives.
• Outline procedures for accessing the company’s email, intranet, or other business portals.
• Schedule an appointment with the employee’s team leaders and Human Resources to review the company handbook or procedures, employee benefits, organization charts, the business’s values, its culture and mission statement, and an overview of your products and services.
• Establish clear roles and responsibilities and encourage a supportive environment.
• Train your new employees in the company-specific tools, processes, and technology necessary to perform their job.

4. Promote Mentorship Programs

Pairing a new employee with a mentor is a terrific way to extend the onboarding process and provide another layer of support for new employees. Employee retention rates increased by 69% percent for the mentors, and 72% for mentees according to a Vestrics study spanning 2013 - 2018.

New team members learn the ropes from a seasoned employee who can share their insights and time-saving tips on how to perform the job well. Consider extending these mentorship opportunities to existing employees as well.

5. Offer Perks and Benefits

Given many businesses have shifted to a hybrid of remote and onsite, offering flexible work arrangements will make your business stand out to potential employees — and allow companies to cast a wider net for talent.

Here are several different ways you can offer work benefits and perks for potential new hires:

• Provide paid parental leave
• Offer flexible or hybrid worksite options, e.g., remote and/or onsite arrangements, as well as flexible work schedules, e.g., not a rigid 9-5 day
• Provide nutritious onsite meals or snacks
• Offer employee discounts for company goods or services
• Offer paid time off (PTO) for volunteering and other civic-minded activities

6. Provide Fitness and Wellness Offerings

48% of employees feel pressured to be "online" at all times since remote work has increasingly become the norm. Keeping your employees physically, mentally — and financially healthy — is just good business.

Offer, or continue your pandemic-related benefits to help your employees feel prioritized and supported. Consider offering:

• Meditation and yoga classes
• Gym memberships
• Stress management programs
• Finance and investing seminars
• Pay for monthly public transportation passes

7. Develop Good Communication Channels

Now that the water cooler is virtual, the importance of clear communication among distributed teams is paramount. Create direct lines of communication for your teams, for meetings, and for reporting. The key people in your organization should be able to contact you with their concerns, ideas, or questions.

Moreover, model good time management for your employees and be proactive in your communication and outreach. Touch base with your team leads regularly to get a sense of their workload or to address any issues or concerns promptly. The more communication, the better.

8. Promote Professional Development

Employees are looking for ways to improve their performance, learn new skills, and add value in their positions and career paths. Encourage them by providing opportunities to pursue training and development programs or higher education in their field.

As technology advances, it’s mission-critical to ensure your employees can perform their duties in a rapidly evolving environment. "Upskilling" an employee increases their competencies — and value within the organization. Here’s a few ways to promote professional development:

• Provide paid time off to participate in professional development programs, career training, or industry conferences
• Pay for your employees to attend trainings, conferences, or seminars
• Offer succession planning courses for leadership development from within
• Provide bonuses or incentives for earned degrees or certificates

9. Implement Effective Change Management

Since the pandemic began, the business world has been in flux. When big changes happen in yours, be ready with clearly defined communication protocols for change management actions to keep your employees informed and involved.

Keeping communication channels open will go a long way in assuaging anxieties and managing the rumor mill. Best practices involve individual or team announcements via video conference or group meeting — not an “all hands email.” Be sure to allow enough time for questions and answers.

10. Give Encouragement and Acknowledgement

One last tip for retaining your employees — shine a spotlight on achievers and their achievements. Be sure to elevate the people who exceed your expectations, provide outstanding customer service, hit their deadlines, or launch a new product seamlessly.

Celebrate employee work anniversaries, birthdays, or significant milestones. Even if the party is virtual, it can still be a meaningful and memorable moment for everyone. Everyone appreciates being recognized for a job well done.

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