The Top 5 Ways Companies Can Retain Top Talent Amid the so-called 'Great Resignation,' Americans have quit their jobs in record numbers. Here's how your business can avoid shedding valuable employees.
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Companies can view the Great Resignation as either a devastating blow or eye-opening opportunity. Those choosing the latter need to assess the internal factors they can control in order to position themselves to retain employees, strengthen existing bonds and attract fresh talent when needed.
Going Public, a new series broadcast by Entrepreneur.com, explores the journey of four companies seeking investment from both traditional VCs and retail investors. Viewers encounter founders contending with complex business issues (and not purely financial ones) alongside the rest of corporate America in the race to attract, retain and satisfy their best workers. How are they doing this? You're going to have to watch the series to find out.
In the meanwhile, read on to ensure that your company does everything it can to retain its valued talent at this critical time.
Yes, it's more than salary
A competitive, living wage is essential to retaining talent, but as the saying goes, money can't buy happiness. If left unchecked, even a well-compensated employee is likely to leave once they find a better opportunity, which likely will include better pay and other intangibles they aren't currently getting.
If money is your company's primary selling point, step back and consider better understanding employee needs. Regular communication, scheduled workplace assessments, anonymous surveys and various regular check-ins can all help. Discover how your team best communicates and implements those measures. From there, keep an open mind to constructive criticism and adjust as needed.
There will be some trials and errors along the way. Stick with the process. It will pay off if you listen to your team.
Live up to your word
Companies too often disregard their mission statements and commitments to employees. Imagine if a company recruited you, promising growth and transparency. What would you think of leadership if they failed to live up to those self-imposed expectations? Or worse, what if they blatantly disregarded their commitments?
If your company offers up lip service and little action, you're priming yourself to lose talent. Ensure that leadership understands, aligns with and executes its mission statement. This approach is nearly universally practiced when concerning customers and clients. Do the same for your workforce.
Show loyalty, don't demand
Once you've implement measures to improve sagging company standards, consider what else entices people not only to come to work, but to be excited about their jobs.
The options are virtually endless. Career-growth opportunities, employee-friendly mental/physical health plans, paid education, performance incentives, unlimited holidays and additional benefits are all possible. Show your team the upsides of working for the company today and in the future. Be invested in them just as much as you want them invested in your company's success.
The banging drum of employees calling for a better work-life balance has never been louder. Employees are no longer asking; they're demanding more flexibility. Companies that don't comply will likely shed talent. Consider developing the infrastructure needed to establish a flexible, team-friendly environment. The tasks may be labor- or cost-intensive, but the effort is worth it when the alternative is a dejected and depleted workforce.
Watch Going Public today to follow the four companies — PROVEN Skincare, TREBEL, Hammitt, and NGT Academy — as they strive to attract and hire the best, then retain them for the long haul. What lessons will they learn?