The Great Resignation: How to Retain Your Best Employees
It’s no secret that employees are resigning in droves. In fact, a recent study by Mental Health America found that nearly 70% of workers are actively seeking new jobs. It’s not just low-level employees who are quitting – even high-level executives are jumping ship. PWC also talked to executives, 88% of whom told them in their Pulse Survey that they are seeing higher turnover than normal in their businesses.
So, what’s behind this mass exodus? There are a number of factors, but one of the biggest is simply employees dissatisfied with their current job. Employees are tired of being undervalued, overworked, and unappreciated. They’re looking for something better.
Why is Retaining Employees Important?
Employee retention is important for businesses for a number of reasons.
Firstly, it costs money to hire new employees. According to Glassdoor, it costs an average of $4,000 and takes 24 days to find and onboard a new employee.
Secondly, retaining employees means that your business will have a core group of experienced and knowledgeable staff who are familiar with your company culture and values. This can lead to increased efficiency and productivity within the workplace.
Finally, retaining employees also helps to build up a positive reputation for your business. Happy employees are more likely to recommend your company to others, which can help attract new talent and customers.
How to Retain Good Employees
The trick is not only retention but retention of your good, efficient workers who offer value to your company and help you to succeed. In order to do this, you are going to need some creative ways to retain employees.
To help you retain good employees, here are some tips to consider:
- Invest in their professional development. One of the best ways to keep your employees engaged is by helping them grow their skills and advance in their careers.
- Give them opportunities for growth and advancement. Employees who feel like they’re stuck in dead-end jobs are much more likely to become disengaged and unhappy at work.
- Invest in their financial success and well-being. By helping your employees to succeed financially outside of work, you help alleviate stress and allow them to stay more focused on the job.
Why Should You Help Your Employees with their Finances?
Money can be a major source of stress for many people. And when employees are stressed out about their finances, it can have a serious impact on their work performance.
A recent study by the American Psychological Association found that financial stress is one of the most significant sources of workplace stress and that it can lead to a number of negative consequences, including:
- Lower productivity
- More absenteeism
- Increased job dissatisfaction
- Higher levels of turnover
Fortunately, there are things employers can do to help their employees reduce financial stress and improve their overall well-being. This includes helping them through financial wellness programs like 101 Financial.
101 Financial is a financial education program designed to help your employees learn how to:
- Reduce student, credit card, and mortgage debt
- Reduce the number of credit cards carried
- Develop a financial wellness roadmap
Employee retention is one of the most important aspects of running a successful business. Not only does it ensure that your best employees are staying with your company, but it also helps to create a positive work environment and culture.
There are many ways to improve employee retention, but one of the most important is to offer financial wellness plans and to help them develop security outside of work.
Find out how 101 Financial’s Workplace Wellness program can help your employees become more financially stable so you can retain your best employees and focus on running a successful enterprise.