Why Employee Retention Should Be a Top Priority

Since June 2021, there have been over 4 million employees leaving their jobs every month - the highest separation rate in U.S. history.

No matter where you turn, you'll likely see "now hiring" signs in windows with several employers touting sign-on bonuses that are difficult to ignore.

But is this the best approach?

According to the Work Institute's 2022 Retention Report, the top reasons that employees left their jobs in 2021 were due to frustrations with their career and their job -- meaning they were dissatisfied with opportunities for career growth, promotion, or security, and the job itself was stressful, or the training was subpar.

This may sound surprising, but good for them! I'm honestly glad to see employees taking action and standing up for what they value most. I believe that every employee deserves to work in an organization where they are valued, recognized for their contributions, and appreciated. Anything less is unacceptable, especially now.

While this mass exodus of employees leaving businesses around the nation is difficult to manage and painful, I believe it is a blessing in disguise. Think of it like any pain in your body. It's a nuisance to experience, but it can sometimes be a warning sign of what's to come if you don't do something differently. This challenge facing employers across the nation is no different.

So what should employers do?

HR professionals and business leaders with their finger on the pulse of what's happening in the labor market are now intentionally reviewing their internal processes around career development and employee growth, and equipping their employees to contribute in a meaningful way. As more and more employers do the work to make their organizations one that thoughtfully prioritizes their employees, employers who don't will be left behind in the worst way.

Within your organization, now is the time to get crystal clear on not only why your employees have left over the last few years but why they have stayed as well. Build processes to collect data from your employees in a measured way, but be sure to use the data collected, or you'll lose the trust of the employees, and the integrity of the effort will be undermined.

There is more than one way to prepare your organization to be set up for success in the face of these employee retention challenges. There is no one-size-fits-all answer, but a few potential items to audit include:

• the way you recruit, both internally and externally,
• the way you engage your employees throughout their employee lifecycle,
• the way your reward and compensation your employees with pay and benefits,
• and much more.
  

The fact that you're here reading this shows that you understand the importance of prioritizing your employee experience in a way beyond the way it's always been done.

If you're interested in working with me one-on-one to come up with a plan to fit your organization's needs, schedule some time with me today.