In the current job market, companies are experiencing a hiring crunch like never before. And with the impact of the Great Resignation, organizations are looking inward to see how to retain their top talent to maintain growth and productivity.
In March, we asked our readers what their companies are doing to help close the revolving door of turnover. The results may surprise you.
With 30%, The top answer to the monthly poll was “pay increases,” followed by “remote work options,” with 16%. With 12% of the votes, readers said they were offering “flexible scheduling,” while 9% of respondents said they are offering “additional time off.”
The rest of the results are as follows:
- Relaxed dress codes (8%)
- Mental/emotional wellness benefits (7%)
- Reduced wellness benefits (4%)
Another 14% of respondents chose the “other” option. Here are a few of their responses:
- “Monthly retention bonuses.”
- “For our Manufacturing operations, quarterly cash bonus if they don’t miss any scheduled work time.”
- “Years of service decreased to earn increased vacation time, i.e. was 2 weeks upon hire, is now 3 weeks.”
- “Sign-on bonus, attendance bonus, relaxed attendance policy.”
- “Increase 401(k) match”
Regardless of what your company is doing to overcome turnover and retention challenges during the Great Resignation and current talent shortage, one thing is certain: companies must focus on what workers want to feel like their loyalty is acknowledged. From remote work to pay raises, the most effective plans to retain top talent are focused around what employees want to receive, not necessarily what employers want to give.
Check out these Refresh Leadership articles to learn some important information on retention and loyalty programs.
- Retention and Engagement in the Modern Workplace: 4 Flexible Work Arrangements to Consider
- The Empathetic Leader: The Lasting Effects of Empathy on Culture and Retention
- Embracing Recognition and Thankfulness in the Workplace
- Employee Retention: Reining in the Job-Hopper
What are you doing to retain your top performers? How have you overcome turnover during this job-seekers’ market? Let us know in the comments section below!
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