VP Strategy & Innovation at Yaymaker, overseeing corporate virtual, hybrid & in-person corporate team building events & DEI speakers.
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Voluntary U.S. employee turnover in 2022 is expected to reach over 37 million people. This is a 20% increase from pre-pandemic levels. The “Great Resignation” (also called the “Great Reshuffle”) is troubling and challenging for most companies. In the last year, nearly half of employees (44%) have searched for new jobs, and 40% have experienced burnout during the pandemic.
If businesses believe their most important assets are their employees, supporting employees’ mental health and well-being is critical. It’s also helpful to review current policies and implement new communications and procedures that will make a difference.
Here are five tips businesses can apply to their employee retention strategy.
1. Implement consistent check-ins.
Most employees need human connection and want to know their leaders care about their well-being. A Harvard Business Review article stated that 40% of global employees say no one checks that they’re OK. It sounds small, but it’s extremely encouraging to employees and goes a long way in improving company culture.
2. Be proactive and offer flexible schedules.
According to a recent survey from FlexJobs, 41% of employees who quit did so because they didn’t have a flexible schedule. Offering flexibility helps you retain employees and increases motivation, productivity and retention, as it gives employees a better work-life balance. Plus, it means your team can work when they’re most productive. Of course, some roles and businesses require structured hours. For example, customer service reps should work during normal business hours, but many roles aren’t so restrictive.
3. Overcommunicate.
Communication is more important than ever these days. With more remote employees feeling isolated, additional communication is critical to help employees feel valued, connected and better about themselves. Yet, 42% of employees shared they were uncomfortable talking about mental health with their manager.
It is important for employees to clearly understand the mission, goals and values of the company and how each employee is contributing to those. Leaders should also encourage open door policies and safe spaces so employees can feel more comfortable discussing their mental health.
4. Recognize achievements, milestones and special occasions.
A 2021 survey from Great Place to Work found that employee recognition was most important to 37% of employees and would encourage them to produce better work more often. In addition to recognizing employees who go above and beyond, companies should also acknowledge birthdays, anniversaries, births, etc. Personal recognition helps employees feel more valued, motivated and productive. To be successful, make sure recognition is specific, timely and aligned with company values.
5. Invest in mental health training and resources.
In addition to helping individuals, investing in your employees’ mental health makes good business sense. According to Made of Millions Foundation, employers that invest in workplace mental health stand to gain a 3x to 5x return on their investment and are are more likely to retain their workers.
Companies can improve mental health by encouraging work-life balance and having a more open dialogue. They can also offer additional services like meditation classes and guest mental health speakers.
Improved mental health can increase productivity, innovation, customer service and interactions with co-workers and clients. Prioritizing employee motivation and workplace wellness programs is more critical than ever. These simple solutions can significantly improve your employees’ overall experience.
Conclusion
In summary, if you want to reduce employee turnover and increase employee satisfaction, make a concerted effort to constantly improve. Prioritize check-ins, offer flexible schedules when feasible, improve ongoing communication, bolster recognition and invest in ongoing mental health education. Invest in your employees’ overall well-being, and your entire organization will be stronger for it.
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