Employee loyalty must be earned, especially when a new report shows that half of employees plan to leave their job this year.

According to Achievers Workforce Institute’s 2021 Employee and Engagement and Retention Report, more than half of employees are planning to look for a different job this year. Achievers believe that the uptick in dissatisfaction is due to several factors; most noteworthy are the uncertainty and fear generated by the COVID-19 pandemic. Employees are using this crisis as an opportunity to reevaluate priorities both on professional and personal levels.

So, here’s what employers can glean from the report’s key findings:

Competitive Compensation and Benefits

Competitive compensation and benefits increase employee loyalty — there’s nothing new here. However, whereas previously, employees were inclined to remain in a job where they felt the compensation and benefits packages were lacking, they’re now feeling emboldened to seek out opportunities elsewhere.

The primary reason employees have jobs is to earn an income to provide for their families, prepare for economic uncertainty, save for retirement, and pay off debt. Even still, salaries, or wages, are more than just numbers––those numbers represent to your employees the value that your company places on their overall performance and their significance within your company’s mission.

Couple a generous salary with a competitive benefits package that provides sufficient paid time off and family-friendly benefits, including medical coverage and childcare, can fuel job satisfaction and performance.

Healthy Work-life Balance

The pandemic has also brought to light other employee concerns, such as mental health. Unbalanced work-life situations can lead to stress, depression, and health issues — all which can lead to more days off from work. Managers are key in cultivating expectations that promote balance and support productivity. When employees feel that they are able to maintain personal commitments and feel equipped with the tools necessary to do their jobs efficiently, finding balance becomes more achievable.

As an employer, you can help your staff achieve a healthy work-life balance by instituting policies and procedures that emphasize paid time off, flexible or remote work schedules, effective intraoffice communication, and clear productivity expectations.

Meaningful Recognition Aids Employee Loyalty

One of the simplest and most cost-effective ways to ensure your employees are staying engaged with your company’s overall vision is to create a culture of recognition in the workplace. When employees feel appreciated and valued, their engagement on the job increases.

While monetary recognition is often considered the golden rule, nonmonetary recognition ranks high in the eyes of many employees. Title promotions (even without a pay raise) or company-wide recognition from management or executives have a lasting impact when it comes to job satisfaction.

Ways to ensure your employees receive recognition is to train management, to develop peer-to-peer encouragement, and to provide quality resources for employees’ professional development.

Highlighting career achievements, increasing employee responsibility, and facilitating more interaction with upper-level management also can increase your staff’s sense of purpose and belonging.

Build Your Team with Retention Strategies That Work

Compensation, work-life balance, and recognition are key factors in drawing talent to your company. Now is a great time to evaluate how your company’s incentives and your company’s culture are impacting morale in order to understand how you can better serve your staff. 

If you’re looking for top talent, learn how ICR Staffing Services can help!

 

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