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Try To Build A Super Staff

Invest in what matters: Your employees

Erica LaCentra headshot
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Erica LaCentra
Try To Build A Super Staff

As we start to get more into the swing of things for 2022 and the plans your company had set for the new year are well underway, any corporate goals should either be holding firm or starting to fray. Going into the new year, many companies most likely invested in new technology to help automate manual processes and improve efficiencies. Or maybe they decided to overhaul and develop new workflows that are finally starting to pay dividends. Whatever the case may be, it’s always satisfying to see when the areas your company has invested in start to pay off.

However, it can often be easy to overlook investing in an essential part of your business — your employees — as you focus on achieving your annual goals. While your plan for the upcoming year most likely included hiring projections and timelines to onboard new employees, did you include plans to empower the staff you currently have? If your answer was no, here is why you need to change that immediately and what you can do to protect some of the greatest assets your company currently has.

The Great Resignation

There is a movement going on in the U.S. that is currently being referred to as the “Great Resignation,” where record numbers of employees are voluntarily quitting their jobs. In November 2021 alone, 4.5 million Americans gave their notice and there appears to be no signs of this trend slowing down.

This should be a major cause for concern for businesses because when an employee quits, it puts a significant burden on a business. There are the initial obvious reasons; for instance, other employees will have to take on additional work and responsibilities until a replacement is found, which could cause potential burnout and also increase the likelihood of other employees leaving. But there are also monetary burdens. Typically replacing just one employee can cost between one-half to twice the amount of a worker’s salary. So, for businesses that think they can save money by not increasing salaries here and there and just hire someone new, think again.

While it is inevitable that all businesses will experience turnover over the years, there are certainly things that can be done to reduce the frequency of employees leaving and increase employee satisfaction. So, in a time when it seems to be more important than ever to try to retain your top talent, what are the things that employees really care about that make them want to stay working for a company year after year?

 

Money Isn’t Everything (But It’s A Big Piece Of The Puzzle)

I remember when I was job hunting right out of college that the companies that were attracting top talent were stereotypical “cool Millennial offices.” The type of places where the pay wasn’t great, but they had fun perks like pingpong tables in the break room and beer at their happy hours. Let’s just say, that’s not going to cut it these days.

Paying employees more, especially in the current tight labor market, is going to be a significant factor to keeping your staff. Businesses should be factoring in pay increases and bonuses as part of their overall budget. Also, companies may want to consider looking at the general compensation structures for their employees overall, as well as benefit packages to ensure they are competitive in the current landscape. An employee’s salary alone is only part of the full picture, make sure to look at benefits like paid time off, health insurance, 401k match, quarterly and annual bonuses, etc. If your company can’t provide a large salary upfront there are other ways to potentially satisfy your employee and keep that talent onboard.

Beyond pay and benefits, think about what matters to your employees. The pandemic has put a lot of things into perspective for people. Many employees now value flexibility and the ability to work from home. Also, the pandemic kick-started many folks to reevaluate just what they were doing with their lives. Make sure you are giving your employees the opportunity to grow and advance professionally. The reason so many people leave their current jobs, aside from money, is because they don’t have room for advancement.

Also, simply make sure you are engaging your workforce regularly to improve employee satisfaction. Another reason employees often leave their jobs is due to dissatisfaction with their bosses or with company leadership. Conduct anonymous employee satisfaction surveys to regularly gauge how employees are feeling about the company and what can be improved. Make sure to address the survey results and see what items can be acted on. Acting on suggestions posed by employees, shows that management is invested in their workers and that their opinions matter.

Finally, show gratitude and recognize your employees regularly. As obvious as that seems, so many companies simply don’t. Regular team-building and employee appreciation events can go a long way towards improving employee morale and improving communication and interactions throughout the company.

Set Yourself Up For Success

A company really is nothing without the employees that come to work every day. While it’s impossible to prevent every employee from leaving, there are things you can implement immediately to ensure you avoid high turnover and your own Great Resignation. So, set your company up for success in 2022, and invest in your staff.

Close more loans, be more efficient, stay out of trouble.

Find more at Pro School
This article was originally published in the NMP Magazine February 2022 issue.
Erica LaCentra headshot
Erica LaCentra

Erica LaCentra is director of marketing for RCN Capital.

Published on
Feb 02, 2022
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