Employers must now, more than ever, meet employee expectations for supporting their well-being to compete for talent. Finding the perfect formula to safeguard and promote employee well-being has grown considerably more difficult due to the Great Resignation and the pandemic.
Many leaders misjudge how many of their employees are on the verge of quitting. According to Ceridian’s 2022 Pulse of Talent survey of over 6,800 workers worldwide, 61% are a flight risk, with 38% receptive to the right opportunity and 23% actively looking. With findings like these, businesses should concentrate on improving employee retention in 2022 and beyond.
While high salaries may appear to be the silver bullet for retaining top talent, winning over top talent in a competitive market necessitates more than just competitive pay. To reduce turnover and promote employee well-being, businesses must rethink their whole value proposition.
What Can Leaders Do to Increase Employee Retention?
Everyone’s demands and methods for dealing with burnout are different. Here are some actions that leaders may take to increase employee wellness and, as a result, employee retention.
Allow for Mental Health Days
With mental health days, businesses and executive leaders can show their commitment to promoting employee wellness. Employees and the company brand both benefit from a positive corporate culture.
Employees do not necessarily need to call in sick to focus on stress alleviation. Instead, leaders can schedule no-meeting days to give employees a break from in-person meetings and video conferences. For employees on shifts, leaders can think about limiting the number of consecutive shifts a person works to ensure they get enough breaks.
Provide a Wide Range of Benefits
Leaders need to re-evaluate the benefits package. Paid Time Off (PTO) can be a valuable component of the employee value proposition, allowing them to have a better work-life balance. Leaders should consider if the present PTO options meet the needs and desires of their employees.
Aside from PTO, leaders should assess their Employee Assistance Program (EAP) and add one to their benefits package if they don’t already have one. In addition to physical health, including mental health coverage as part of the benefits package can help employees manage stress.
Provide Employees with More Flexibility
The shift to remote work has significantly affected the work-life balance of employees. Organizations can encourage employees to take breaks to unplug and set online hours with a regular sign-off time.
Moreover, a significant portion of the workforce may not have the option to work remotely. Organizations should provide scheduling flexibility to these employees to have a sense of autonomy and control over when they work. Irregular schedules make it challenging to plan commute, childcare, or feel in charge of their work-life balance.
Get to the Bottom of the Issue
What metrics are companies using to assess their people analytics? Before developing a specific retention plan for their talent pool, leaders must become more informed of their flight risks.
Because certain industries have historically had greater rates of employee turnover, it can be difficult to track. Setting turnover and retention goals for the company can help leaders keep track of who’s leaving, where they’re going, and what kind of change they’re looking for.
Employee mental health can have a long-term and significant impact on the company. For employees who are battling quietly, combating burnout will be one of the most effective retention techniques. Winning top talent requires more than just a competitive salary; it also requires a more comprehensive employee experience.