Although the “Great Resignation” seems to be over, it is still a fact that it’s getting harder and harder for employers to retain talent in a post-pandemic workplace. People are more actively considering changing jobs if they are not satisfied with their current ones. Employees want more out of their work life. And they’re willing to fight for what they want or leave if they don’t get it.
So what more do these unsatisfied employees want? While individual desires vary, they tend right now to fall into a few general themes: greater freedom and flexibility, better compensation, and a bigger say in the workplace. Employers that can meet these demands have an advantage in today’s job market and better retain their employees.
Offer Greater Freedom & Flexibility
Adjust Work Structures
The pandemic has exposed many benefits of flexibility in the workplace. Most employees who have experienced the benefits of working from home want remote work to remain an option, at least part of the time. Some appreciate being able to pick up kids from school, take a midday exercise break, or use the bathroom without anyone tracking how much time they’re spending away from their workstations. Still, others enjoy using their commute time for something personally rewarding or for getting work done. All in all, they like the freedom and flexibility remote work provides. Employers should consider adopting a work structure that better aligns with employees’ needs and preferences to encourage flexibility, such as providing 2 WFH days each week.
Allow More Liberty on Work Schedules
Aside from providing flexibility in the work mode, employers can also offer greater freedom and flexibility by giving more liberty to employees to let them decide their own work schedule or at least receive their schedule in advance, the option to take time off when they need it and without worrying about a smaller paycheck, and ample opportunities to advance their career. Workers who feel constrained or stalled at work are less likely to stick around. And if they do stay, they’re likely to feel frustrated, perhaps even resentful. Neither attitude inclines one to do their best work.
Offer Better Compensation
Better compensation is no doubt one of the best ways to improve employee retention and induce better performance. The desire for higher pay, additional benefits, on-the-job training, and financial relief is by no means new. With the impact of the pandemic, on certain industries, employees now have the leverage to demand better compensation. In response, employers in these industries are advertising signing bonuses, $15 an hour minimum pay, and other attractive forms of compensation.
A Better Cultural Fit
Great pay can’t work its way through everything when it comes to retaining top talent. Employees value company culture more than ever nowadays and are looking for a cultural fit when they evaluate a company and their own roles in it. When employees at Google announced the creation of a minority union early this year, a lot of people were taken by surprise. After all, Google is known for being a great place to work. Some of the union’s goals are what you’d expect - but the union also seeks to influence how the company conducts business - and with whom.
Employees want their work and their workplace to align with their beliefs and values. They’re willing to quit if the culture doesn’t suit them, but the culture isn’t only their employer’s to define. Many of them will leave if they don’t approve of how their employer conducts business. Employers should factor in the cultural fit at the very beginning of their hiring process and keep building a positive and healthy company culture to stay current with what their employees desire.
Employee Retention in the Post-Pandemic Workplace
While these solutions can certainly help improve employee retention and prevent quiet-quitting in the workplace, there’s no reason to stop there.
Employee engagement software can be of great help in monitoring employee engagement while providing all the support to ensure a healthy and positive workplace, so you can further improve employee engagement and retention. Employee benefits software can be of great help in evaluating a company’s benefits packages and improving a company’s ability to retain top talent.
To learn more about how Payday HCM is already helping countless businesses keep employees happy and engaged, contact us today.