As evidenced by The Great Resignation, more and more employees are questioning and rethinking where and how they work. Could the corporate "9-5" job be a thing of the past?
The Bureau of Labor Statistics reports that some 4.3 million Americans quit their jobs in January 2022 alone. Many of those who quit chose to turn to self-employment. According to a McKinsey study, “31% of employees who left their job in the past six months did so to start a new business."
According to the MBO Partners' State of Independence Report, an increasing majority of independent workers say that independent work is less risky and more secure than traditional employment. These workers are the consultants, freelancers, independent contractors, gig workers, and anyone else who works on their own instead of having traditional full-time jobs.
As a result, companies have to work harder to convince their employees to stay. What initiatives are you putting in place to help your employees realize that the benefits of working for a company outweigh the allure of working independently?
Here are four key retention strategies that you need to employ to retain and engage your current employees:
1. Provide your employees with greater flexibility and control
- Flexible arrival and departure times
- Part or Full time work from home options
- Ability to leave for caregiving
- Opportunity for sabbaticals
2. Encourage professional development
- Provide continuous online training programs coaching solutions
- In-house mentorship
- Form partnerships with other companies and industry leaders
- Organize growth initiatives in and out of the workplace
3. Show and highlight employee appreciation
- Touch base with employees frequently, especially when remote
- Go out of your way to recognize each employee
- Use paid time off as an incentive
- Incorporate more positive feedback in the review process
4. Keep employee wellbeing at the forefront
- Make mindfulness accessible through offering various resources
- Have a fitness perks program
- Listen more and talk less
- Encourage and teach short mindful exercises that can be used as needed
The pandemic has caused a shift in employee expectations and the need of traditional employment. Because of this shift, companies and employers need to adapt and reimagine the corporate work environment. Providing more flexibility, resources and support will help to retain and attract the best and the brightest.
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