22
Sep
Retaining high quality employees more important than ever
The Great Resignation, also known as the Great Reshuffle or the Great Rethink, led to over 40 million employees in the United States leaving their jobs in 2021 according to the New York Times. Although finding top-notch employees has been proving increasingly difficult, millions of workers have realized that they could find more flexibility, stability, and higher pay in other positions. Because of this, retaining employees has become more important than ever.
What does research tell us about why employees are leaving in the first place?
According to the pew research center:
- 63% cited that their pay was too low
- 63% believed there was no opportunity for advancement
- 57% felt disrespected at work
According to SHRM:
- Only 23% of employees who quit would consider returning to their former job
- In the last 9 months, 27% were swayed by social media and news stories to leave their current jobs
How to prevent this in your company
Although pay and benefits are at the top of the list and are not likely to change, the second best ticket to retaining employees is providing growth and development opportunities for them, and establishing frequent communication with management. One-on-one check-ins, and direct feedback are essential communication tools that managers can utilize to help engage and retain talent.
Not sure how to start? Thompson Consulting Group can provide your organization and management team with the tools and training needed to build loyal employees. Contact us now!
Resources:
- Rouvalis, C. (2022, February 8). Why are so many employees quitting? SHRM. Retrieved September 21, 2022, from https://www.shrm.org/resourcesandtools/hr-topics/employee-relations/pages/hr-moves-with-the-great-reshuffling.aspx
- Parker, K., & Horowitz, J. M. (2022, March 10). Majority of workers who quit a job in 2021 cite low pay, no opportunities for advancement, feeling disrespected. Pew Research Center. Retrieved September 21, 2022, from https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/#:~:text=A%20new%20Pew%20Research%20Center,quit%20their%20jobs%20last%20year. https://www.nytimes.com/2022/05/13/business/great-resignation-jobs.html
By: Thompson Consulting
Thompson Consulting Group is a management consulting company devoted to helping organizations develop leaders, improve morale, and increase efficiency. Our approach is to assess and fully understand our client’s challenges, consult and develop a tailored solution, and provide leadership and management training to implement this solution.