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4 Tips for employee retention and avoiding turnover in 2021

 

 

By now we know workplaces are facing the threat of a “turnover tsunami” in 2021 – studies show half of workers in the U.S. and Canada plan to look for a new job in the wake of the coronavirus pandemic. 

 

To prevent a wave of resignations, employers can take proactive steps to retain their workers and build a stronger foundation following COVID-19.   

 

Here are 4 tips to avoid employee turnover in 2021

 

  • Retain employees with a strong and supportive company culture

Workers at successful companies tend to share the same beliefs and values that dictate how the organization operates and responds to challenges. That idea of a common mindset is referred to as a company’s culture. After more than a year of remote work and industry upheavals due to the pandemic, workplace culture may understandably be feeling a little fragmented. 

It could be time to reaffirm or reimagine your company culture in 2021. 

Begin by asking yourself what makes your company tick. What excites you about the company and what you do? Do your employees share in that excitement?   What do you value in a successful employee? Who are the leaders in the organization and what responsibilities do they have? Does your company emphasize speed, attention to detail, outstanding customer service, team work or a healthy mix of all four goals? Instilling a clear and supportive company culture will bring workers closer together and grow confidence within the organization.    

 

  • Take time for meaningful employee recognition 

Part of building a strong company culture is rewarding the people who take action to uphold it through employee recognition, but a recent workforce study found that 74% of employees wish they were recognized more at work.   

First, understand how employees want to be recognized.  

Some people appreciate public shoutouts for their contributions to a project, others expect to receive bonuses for their outstanding work, and still others want to know their voices are heard within the organization.

Conducting regular retention surveys can give leaders a good idea of what will keep their employees satisfied. 

 

  • Keep workers engaged through community involvement

Employees who feel connected to the community they live and work in are more likely to stick around. Good companies help their people come together and make a significant impact on their communities. 

Look for opportunities that get your team out into the community in positive ways. Organize company outings to attend events, volunteer as a group for a local charity, or sponsor a local group or cause.      

 

  • Retain employees by aligning company goals with important social issues 

Amid the pandemic, important societal events unfolded around the world that caused many people to reconsider their values and beliefs. 

Employees want to know the work they do is meaningful – not only for their companies but also for society. In fact, employees who believe they do meaningful work are more likely to stay with their companies longer and 76% of Americans would rather work for a just company, even if it meant being paid less.   

Taking a stand on social issues could also make it easier to attract younger talent in the future.

Gen Z, the generation that is currently entering the workforce, has much higher expectations for corporate social responsibility than previous age groups. The majority of Gen Z Americans believe companies should help people, donate to good causes, and support important social justice issues, according to a 2017 survey

  

Sources:

 

https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/turnover-tsunami-expected-once-pandemic-ends.aspx 

https://sparkbay.com/en/culture-blog/employee-retention-stategies-2

https://www.inc.com/marcel-schwantes/report-employees-plan-leave-jobs-leadership-strategies.html 

https://get.betterup.co/rs/600-WTC-654/images/betterup-meaning-purpose-at-work.pdf 

https://www.prnewswire.com/news-releases/gen-z-sees-social-media-activity-as-more-effective-than-community-involvement-according-to-new-research-by-cone-communications-300518245.html 

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