A year after the pandemic caused widespread job losses, the labour market tightened, with quit rates reaching a 20-year high. According to a recent survey, workers cite low pay, lack of opportunity for advancement, and feeling disrespected at work as their top reasons for leaving a job.
Around 63 per cent of workers who resigned cited low pay as their main reason. Similarly, 63 per cent cited the lack of advancement opportunities as the reason for quitting. On the other hand, around 57 per cent quit after being disrespected at work.
But the great resignation is not yet finished, as one out of five workers are planning to quit their jobs by 2022. The reason? They want more money.
So, how can businesses keep their employees from quitting? Here are some tips:
Pay employees a fair wage.
Paying a fair wage is one of the most important ways businesses can keep employees from quitting. When employees feel they are not being fairly compensated, they are more likely to look for work elsewhere.
Paying a fair wage is not only good for employee retention, but it is also good for business. A National Bureau of Economic Research study found that businesses that pay their employees a fair wage have lower turnover rates and are more productive. The study showed that 75 per cent of minimum wage employees stayed with their employer after receiving a wage increase within the past year.
Offer opportunities for advancement.
Another way businesses can keep their employees from quitting is by offering opportunities for advancement. Employees who feel stuck in their jobs are more likely to look for work elsewhere.
By offering opportunities for advancement, businesses can show their employees that they are invested in their development and growth. This can help to increase employee retention and engagement.
When it comes to employment opportunities, businesses have many options. Some common opportunities include:
- Promoting employees to higher-level positions.
- Offering training and development programs.
- Encouraging employees to take on new challenges.
- Allowing employees to work from home.
Promoting employees to higher-level positions is a great way to show that you are invested in their development and growth. This can help to increase employee retention and engagement. Training and development programs are another great way to help employees further their careers.
By offering these opportunities, businesses can show their employees they are valued and appreciated.
Allowing employees to work from home can also help to increase employee retention. This is because working from home can offer employees a greater sense of work-life balance.
Show employees that you appreciate their work.
When it comes to employee retention, showing employees that you appreciate their work is one of the most important things you can do. Employees who feel appreciated are more likely to stay with their employer.
There are many ways to show employees that you appreciate their work. Some common ways include:
- Thanking employees for their contributions.
- Giving employees positive feedback.
- Recognizing employees for their achievements.
- Providing employees with opportunities to grow and develop.
You can also offer incentives to employees who stay longer with the business. You can let them have for example an authentic reef fishing experience offered by a reliable fishing company or some other experience day to show your appreciation.
Creating a positive and respectful work environment.
A positive and respectful work environment is essential for keeping employees from quitting. Employees who feel disrespected or mistreated at work are more likely to look for work elsewhere.
Here are some ways to create a positive and respectful work environment:
- Treating employees fairly.
- Respecting employees’ time.
- Encouraging open communication.
- Providing employees with the resources they need to do their jobs.
Invest in your employees.
Businesses should invest in their employees if they want to increase employee retention. Some ways to invest in your employees include providing health insurance, offering wellness programs, and investing in employee development. By investing in your employees, you are showing them that you are invested in their future.
Following these tips allow businesses to increase employee retention and engagement. These are just a few things businesses can do to keep their employees from quitting. Employee retention is important for businesses of all sizes. So, if you want to keep your employees, ensure you are doing everything you can to invest in them and show them that you appreciate their work.