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?