When unemployment is low (as it currently is), the job market tips in the favor of job seekers. This is because, as more of the workforce becomes employed, open positions get harder and harder to fill (since qualified candidates likely have a job elsewhere). That, in turn, means that companies start having to work harder to attract top talent. For job seekers, especially highly qualified ones, this means that companies may offer more attractive compensation and/or benefits in order to entice them to work for that company.
That’s not necessarily bad news, but there’s another aspect of a job seekers’ market that could mean trouble for some employers. When the market favors job seekers, employees are more likely to leave their current positions in search of something better. And with companies doing their best to make competitive offers, it’s more important than ever to take steps to retain your employees.
Here are some changes you can make that will help with your retention.
No one likes a downer, and no one wants to work for a downer. If you find that your company culture is one of criticism and correction more than one of praise and encouragement, it’s time for a shift. This doesn’t mean you shouldn’t correct mistakes (you should), but it does mean that you should make a conscious effort to recognize and point out the positive things your employees are doing.
Encourage Progression Within the Company.
Employees want growth opportunities. They want the chance to prove themselves, take on new challenges, and progress. If your employees feel like their chances of moving up the ranks at your company are slim, they will be more likely to look elsewhere. On the other hand, if they feel like staying with your company will offer them the chance to be promoted, they’ll be less tempted to leave.
Create a Respectful Workplace.
Employees want to work in a place where they feel valued and respected—not only by management, but by their peers. Take stock of the culture of your company. How do the employees interact with each other on a daily basis? Are they inclusive and respectful? Does anything happen that might make an employee uncomfortable or discouraged? Talk to your employees, and/or your HR department, to set some policies in place that ensure your office is a safe, respectful place to work.
When employees feel a sense of ownership for a company, they are more likely to be loyal to that company. Ask for feedback from your employees. Give them the chance to contribute when you’re making decisions that affect them. Ask for their opinion on topics that fall within their realm of expertise. Make sure that this culture of inclusion involves everyone.
Respect Work-Life Balance.
If an employee starts to feel like their job is encroaching on their family life or personal time, it’s safe to say they’ll at least consider switching companies. While it’s important to draw boundaries and set reasonable expectations for your employees, you should build in a little flexibility to allow for some work-life balance. You can also encourage this balance with things like regular working hours and work from home options. Whatever you try, your employees will feel like you respect them not only as an employee, but as a person.
A job seekers’ market can be tough on employers, but by focusing on retention, you can avoid costly turnover. Hang on to your staff by implementing some of these practices and creating a workplace that your people love.
If you are currently in need of a professional staffing company to help you find top IT talent, EDI talent, or HR/Admin positions, EDI Staffing offers permanent and contract staffing services nationwide.
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