If you run a business, your heart could sink whenever an employee resigns. Looking for someone who would be a largely seamless replacement can be a time-draining ordeal — and, as a LinkedIn article warns, cost one-half to two times an employee’s annual salary.
However, your company’s employee retention figures could currently be threatened by the Great Resignation, which has seen millions of people quit their jobs. This begs the question: what could you do to help prevent your business from needlessly losing workers?
Make remote-work options widely accessible and equitable
You could find a major divide among your workforce on the subject of whether working in a traditional office or instead from home is ultimately the better option.
However, 39% of respondents to one survey claimed that they would consider quitting if their employer was inflexible on the remote-work front. Furthermore, this percentage rises to 49% when only the survey responses of Millennials and Gen Zers are factored in.
Switch to a hybrid workspace
What exactly is a hybrid workspace? In the context of this article at least, the term refers to a workspace that has been designed to facilitate the practice of hybrid working.
In one report highlighted by The People Management, 86% of employees wished to work remotely for a portion of their work time and work in a more traditional workplace for the rest.
You should therefore not only offer the option of hybrid working but also make sure your workplace has been designed with it in mind. Good examples of hybrid workspaces include flexible workplaces in London from BE Offices.
Openly recognize your employees’ contributions
Otherwise, too many of these employees could grow convinced that their work is going unappreciated — and decide to leave the company as a result.
In one poll of 1,500 respondents, 63% of employees whose work was “usually” or “always” recognized said that they were “very unlikely” to seek a new job in the next three to six months. Conversely, the same was true of just 11% of employees who were “rarely” or “never” recognized.
Add more to the employee compensation package you offer
One obvious problem with attempting to keep employees is that, though a salary hike could prove effective, it isn’t something you might necessarily be in a practical position to provide.
For this reason, if competitors of your company seem to have a good track record in poaching members of your team, you could consider introducing more employee benefits — like dental coverage, optical care coverage, and work-anniversary gifts — as an alternative to increasing pay. Incorporating benefits for flexibility to appeal to employees’ individual needs and interests can go a long way.
Build a strong company culture
This company’s culture will be evidenced by your business decisions as well as the interactions between your employees. You want a workplace culture that makes employees feel welcome and supported and reflects the values your business claims to hold.
As indicated in this article published on the Entrepreneur website, businesses that strive to cultivate a positive company culture bring about a 72% lower attrition rate as well as a 29% increase in profit.