Your employees are happy, right? They’re never going to leave you … right?
They’re not looking for another Newtown Square job … uh … right?
You know what the answers are: Maybe, wrong, and I sure hope not.
Sooner or later, the advantage will swing back to you, the boss who does the hiring. But until then, the world’s changed and keeping people on the job takes, well, work.
What do your employees want in a new job, anyway? And what are some employee retention strategies that will actually work right now? These are questions many Newtown Square bosses like you are asking these days…
And also, another thing:
Let’s try to grab a time to talk about your business before year-end, just to ensure that we are capturing every available tax-savings strategy for you.
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Employee Retention Strategies for Proactive Newtown Square Bosses
“By working faithfully eight hours a day, you may eventually get to be boss and work twelve hours a day.” – Robert Frost
The economy is still sputtering, scads of people are unemployed — yet Newtown Square bosses like you are crying for workers (that’s maybe the biggest reason you don’t want your folks leaving right now, even if there are one or two of them you’d love to say good-bye to …).
What’s going on here?
What’s going on is that one out of every four people quit their job this year. And they didn’t do it because they’re such big fans of credit card debt and starvation.
That number is also up from previous years – even the last few years when people first began quitting in droves. They’re calling this “the Great Resignation.” Clever name, huh?
Except that if you’re trying to replace an employee right now, then maybe you’ve found there’s nothing “great” about it. Things are only getting harder for small businesses that need to hire workers.
But hey, bad news rarely travels alone – and the Great Resignation is no exception. Almost two out of every three workers are actively looking for a new job.
Look at three of your employees (stare discreetly). Two of them might well be sending out resumes. Anybody grumbling more than usual? Out a lot? Not seeming to give a hoot? You might have employees looking for greener pastures.
What you can do: Some employee retention strategies that actually work
Speaking of “greener,” you can certainly try paying your people more. That still floats the boat for a lot of employees. But you have to realize that others may be just plain looking for something else.
Outta here: Flexible hours and being able to work from home are two huge reasons people are bailing. A recent survey found that more than half of workers in all professions want a job that lets them work from home. A few companies (maybe your competitors) let them have that.
Food for thought?
If you’re coming off a period of employees working from home, look back at that. What went well? Would it kill you to keep doing things that way? Sorry, but you have to think on your feet to run a small business these days – don’t just do things because that’s the way they’ve always been done…
Who’s quitting? Reports say that women and workers who have about 10 years with a company are most likely to walk right now: re-thinking careers, looking to spend more time with family and friends.
Others are waiting to see which way our health crisis goes, and others are just plain burned out.
Your folks aren’t looking to jump ship just because they want a change of scenery. Heading off this problem is going to take more than your checkbook. Find out what they want and see if you can keep them by planning ahead.
Ask ’em: Is there anything you can do to make an employee’s life a little easier right now? There’s no guarantee that they’ll answer with 100% honesty (and no, you don’t have to volunteer to clean their house…), but if you show an interest, they might just come back with a workplace tweak that the two of you agree on.
What they do best: A lot of employees say they’re quitting to pursue their passions – or at least something closer to what they really want to do.
What do you really know about your workers, what they like to do, and what they’d be great at? Find out – maybe there’s room for that skill in your business. Hit them with a little more authority or responsibility to go with that extra pay. You’d be surprised how many people want that combination, not just the raise.
See if you can train them, too. That never hurts.
Spread the word: If you have to hire, don’t look to want ads to save you. Networking might also come up drier than usual, since everybody’s looking for workers.
Go with referrals – in fact, if your current workers are happy to refer you, they might not be as close to leaving as you think…
Expect any new hires that you do find to be hard negotiators. Nobody wants to do all the wooing, but new hires hold a lot of the cards right now.
You and your business can get through this. Let us know how we can help.
To a happier, healthier company …
Stephen J. Venuti, CPA, MST, LLC