In only a few short years, the media has covered several “trends” associated with the workplace, including the Great Resignation, silent resignation, and career padding. These “trends” have been there for some time, even if the epidemic accelerated certain changes in the workplace.
Workers have been dissatisfied with their occupations and undervalued for their efforts for a very long time, long before these labels ever existed. Businesses are now discovering that changing is in their best interests since workers are more inclined than ever to speak out and demand change.
What aspects of the workplace are to blame for the high level of employee dissatisfaction? But How to retain an employee in 2023? Here are the options for you.
Why are there so many employees quitting?
It’s no secret that since 2020, the number of people leaving their employment in the US has dramatically increased. The percentage of workers that left their jobs in 2021 and 2022 was the highest it has ever been since the Job Openings and Labour Turnover Survey (JOLTS) was launched in 2000.
According to JOLTS, companies employed a record-breaking 76.4 million people in 2022 while letting go a record-low 16.8 million people. This supports the claim that employers need employees more than employees need their employers.
What factors support employee retention?
The answer to the question “What is employee retention?” makes it easier for you to comprehend the need of blending knowledge of both conventional and developing elements into your comprehension of what drives workers to remain with your organisation.
Understanding the reasons why people are hesitant to quit their existing jobs is crucial for developing a retention plan. As soon as you are aware of the reasons of employee turnover, you can begin making adjustments.
The following are some of the most important factors in employee retention:
In organisations with low turnover rates, it is customary to acknowledge and reward employees for their contributions.
Furthermore, according to studies, implementing a rewards and recognition programme may result in yearly savings of up to $16.1 million for businesses with more than 10,000 employees.
Employee recognition has the potential to save costs, yet it is often underutilised in the workplace.
40% of workers claim that they seldom, if ever, get praise from a manager, supervisor, or leader. Compare this to the 67% of managers and 61% of leaders who say they recognise their staff on a regular basis.
Ability to move and transform
In labour markets across the world, including those in the United States, the demand for more flexible work arrangements is a relatively recent development. Many workers were given the chance to test out working from home or remotely as a consequence of the epidemic, and the vast majority of them eventually determined that they prefered these arrangements.
Modern companies must help their workers achieve a good work-life balance in order to keep brilliant people on staff. The issue is that most firms do not give their top performers extra responsibility. In your effort to keep your most important employees, this will not be of any use. Workers need time away from the job in order to do their best work while they are on the clock.