How to Create a Winning Retention Plan
Employers across the country are reporting a tidal wave of workers quitting their jobs, in a phenomenon known as the Great Resignation. According to the U.S. Bureau of Labor Statistics, 4.5 million Americans quit their jobs in November 2021 alone.
Photo by Alexander Suhorucov from Pexels
To make matters worse, many are not returning to the workforce. The Household Pulse Survey, created by the Census Bureau, reported that childcare issues, a desire not to work, and a surge in retirements have all contributed to the labor shortage. The Washington Post found that over 1.5 million more people retired in November 2021 than would be expected in pre-pandemic times.
It is predicted that it may take years for the labor market to recover. In light of this, it is essential for companies to avoid unnecessary turnover. So how can employers retain people in the face of this unprecedented trend of resignations?
It’s not too late to put the brakes on pent-up turnover. Here are some ideas and best practices to help you strengthen your workplace culture and protect your business from the high cost of losing an employee:
Lock in your remote or hybrid work plan. Pulling the remote rug out from employees who have been successfully teleworking for over a year may spark a wave of departures.
Expand your PTO options. Give fatigued workers an opportunity for a real break of more than a week.
Expand childcare tax credits. Employees are getting a pay cut if they now have to pay for childcare. They also may need to find different childcare and sick care.
Communicate, communicate, communicate. Make sure communications are two-way and promote weigh-in, not just buy-in, once decisions are made.
Create a learning and growing culture. Tech skills are key as well as soft skills like listening, coaching, managing time, and collaborating.
Refresh your focus on internal talent mobility. If you had defined career paths for employees in the past, realize now there is increased ability for employees to climb the ladder in a variety of jobs.
Spend some time and money formulating a great retention plan. It costs more to replace an employee than to retain them.