The Great Resignation started in April when a record-high 3.8 million workers quit their jobs in a single month, many of whom went off to look for higher pay, better conditions and a healthier work-life balance.
Replacing employees is an expensive exercise. The stats range between 50% – 80% of an employees salary, which does not take into account the IP that walks out the door with the employee.
With this in mind today we are looking at seven reasons why employees stay.
- Paid well: Employers and employees rarely see eye-2-eye regarding renumeration package. Though the gap between what is and what they’d like it to be is probably not that great. Ask your employee to name their “paid well rate.” Then break it down to an hourly rate. E.g. an extra $10k p.a. equates to just over $5 p.h. Then ask the employee to demonstrate how this increase can be justified, without it affecting the bottom line.
- Appreciated: Employee appreciation is directly tied with job satisfaction, workplace happiness, and employee morale. When you show your employees that you care, it can also boost motivation, increase engagement, foster loyalty, and increase productivity.
- Listened to: When employees are convinced that their suggestions play an integral role in decision making, they then become willing to communicate ideas, concerns and opinions.
- Promoted: Promoting employees for their excellence in performance is important to value their efforts and keep their morale up.
- Involved in decisions: When you create an opportunity for colleagues to share ideas, learn from each other and work toward a common goal you increase collaboration and job satisfaction.
- Mentored: Mentors provide a system of continuous development, encouragement and direction that exponentially enhance the outlook, perspective and skills for mentees.
- Challenged: A challenged employee is an engaged employee. Challenging your employees keeps their roles interesting and dynamic. Reducing the chance of them stagnating in the workplace. When you want your employees to be self-motivating, offer them more responsibility with meaningful work.
What of these seven steps will you introduce to engage and motivate your employees?
Stay tuned for my next daily post that will assist you to create your team-dynamic workplace. One where your people, purpose and profits are thriving. Or if you’d prefer to reap the rewards from introducing these strategies sooner, connect with me through my email or message me.
View all ‘Creating a Team Dynamic Workplace’ series posts, featured on my profile.
#relationships #people #purpose #profits #accountability #engaged #motivated