A recent survey found that 68% of technology professionals switch jobs to make more money and that 70% would take the same job with another company for as little as a 15% pay hike.
Companies are in the middle of an employee turnover tsunami spurred by the Covid-19 pandemic. In the US alone, 4 million people quit their jobs in early 2021, creating economic instability across the country. That’s not all; a survey of 31,000 global workers conducted by Microsoft revealed that 41% of people are considering leaving their current company, indicating a possibility that the popular economic trend “Great Resignation’’ is here to continue even in 2022.
So, what is the reason for this increased rate of employee turnover?
Well, there isn’t any one reason behind the Great Resignation. Poor workplace culture, work pressure, low compensation, negative relationships with colleagues, and mismanagement at the administrative level are some of the possible reasons keeping employees unhappy and encouraging them to hop from one employer to another, looking for better employment opportunities.
To combat the high rates of employee resignations at your company, here are the five steps you can take to minimize turnover and prevent your workers from searching for new jobs:
Provide Career Growth Opportunities
According to a recent report, 74% of employees consider lack of professional development as the reason preventing them from reaching their full potential.
Career growth and stability are a priority for any professional. As a leader, you must ensure that your employees are given opportunities to upgrade their skills to climb the corporate ladder. Providing your workers with the chance to learn and grow can translate into promotions and help them get employed in higher positions. This will give a sense of job security and make them feel valued while, on the other hand, helping you retain the top talent.
Invest in Employee Learning & Development
Another reason why employees leave jobs is a lack of learning and development opportunities. As per a recent survey, 45% of the employees surveyed said they are more likely to stay longer at their current job if given learning opportunities to hone their skills. By 2025, more than 50% of global employees will need to upskill or reskill to meet evolving tech job requirements.
Instead of looking for new talent outside your organization, it’s wise to look for talent internally. Training new hires is much more expensive and time-consuming than upskilling existing employees because new hires may take time to acquire new skills and adjust to your workflow and business process. In contrast, your current employees have the potential to develop skills faster as they know in and out of business and require just brushing up of skills to get started.
Reskilling and upskilling internal teams is a popular trend among many Fortune 500 companies as it offers a cost-effective way to address immediate project requirements. If reports are to be believed, 93% of CEOs who invested in this trend agreed to see increased productivity, improved employee retention and acquisition efforts, and success in building a resilient workforce.
Employers who focus on developing employee capabilities and invest in upskilling and reskilling strategies are rewarded with increased retention, higher employee engagement, and improved business performance.
Personalizing upskilling experience for your employees and making it relevant to their job roles can help build company loyalty. Employees start trusting the employer’s intentions when given the opportunity to upskill and grow. They will likely recommend your brand to other candidates, boosting your talent acquisition strategy.
So, start investing in building your team’s capabilities before it’s too late.
Pay Employees What They Deserve
As per the Jobvite Job Seeker Nation Survey, 32% of job seekers leave a company for higher compensation. Compensation is one of the decisive factors for any professional regarding whether they should stay in a company or leave. Today, individuals have many options to explore. They will go to another employer if you do not provide them with the compensation they deserve.
When workers feel underpaid, they leave. So, to retain your company’s top performers, make sure the compensation packages you offer meet employees’ expectations. You must revise your employee pay packages periodically through a structured appraisal process and provide monthly bonuses for their hard work to ensure your workers are not underpaid.
Prioritize Employee Well-being & Health
Wellness programs can help prevent your employees from feeling burned out and perform better for your company. A healthy and happy employee ensures that all the work finishes on time and is motivated to work harder to make an impact.
There are several ways to keep your employees healthy. From offering gym memberships, and yoga classes to letting them leave work early, you can do a lot to encourage the healthy lifestyle of your team. You can work with your workforce to understand their health needs and help schedule personal health initiatives within working hours to reduce office stress.
Rewards and Recognition
Besides higher paychecks, employees look for little appreciation and recognition from their employers. Often, employees switch jobs because their hard work is either ignored or not valued. Therefore, a rewards and recognition system must be in place if you want to retain talent.
Take time from your busy schedule to remind your team of the great job they have done or are doing, say “thank you” for their valuable contribution and appreciate them through incentives and awards from time to time.
Implementing Employee Retention Strategies with CloudThat
Making employee development an integral part of your organizational strategy will benefit your business in many ways. Investing in building employee capabilities through upskilling or reskilling helps build a capable workforce, proven to be more talented, project-ready, productive, and profitable.
At CloudThat, we can help enhance your team’s skills through customized and project-driven corporate upskilling programs to empower them with the knowledge and technical expertise they need to perform their existing job roles as well as be ready to take on future business challenges. Here are some exclusive features of our workplace learning solutions:
- Training for all employees based on the job profile, roles, and expertise level.
- Customized multi-cloud courses aligned to business goals and objectives.
- Weekly need-based sessions for slow learners to keep them involved and motivated.
- Certified and highly experienced cloud experts to provide learning support and guidance.
- Track the learner’s progress through timely performance assessment and reporting
- Exposure to real-world cases, hackathons, and capstone projects for real-life experience.
Want to know how CloudThat can help you build a competent and skilled workforce? Reach us today!