Every year as the weather begins to turn colder, employers see annual trends. Specifically, October is a time of high turnover, and this year they are higher than ever before. This leads to companies struggling to find replacement team members before the end of the year. So how can an organization improve their retention to avoid high turnover this month or find top talent when necessary?
Before the cold and the panic sets in, here are some things you can do starting today.
Create Better Workforce Engagement
According to a Gallup poll reported by Forbes, teams who are engaged on the job are 21% more profitable. But that’s not the only startling statistic. 89% of human resources leaders indicate that ongoing feedback is essential for increased productivity. 96% of employees indicated that empathy was key to retention.
These statistics all point to creating better workforce engagement. Showing appreciation to employees, creating a culture of gratitude, and providing growth opportunities all reduce turnover.
Design Competitive Benefits Packages
Employee benefits have never been more critical than they are today. Ongoing conversations about affordable healthcare and a focus on health and safety in the workplace have impacted organizations looking for top talent. Throughout 2020 and 2021, paid time off and sick leave benefits have been at the top of the conversation.
But even before the COVID-19 crisis, benefits were critical for finding and retaining top talent. SHRM reported that 96% of employees surveyed said that benefits were essential for job satisfaction. Benefits today can encompass more than just healthcare. Employees want career coaching, a good work/life balance, autonomy, and remote work arrangements.
Develop and Upskill Your Workforce
Since career growth comes up multiple times in the discussion around retention, upskilling has become essential. Hiring entry-level employees is much less expensive than finding experienced individuals. And when you promote someone from within, they already know your company culture.
LinkedIn shared its annual report on corporate learning and development, which showed that upskilling was a top priority for 59% of the participating companies. Organizations can keep up with new technological demands simply by providing proper training and tools to their current workforce.
Recognize and Work with Employees to Avoid Holiday Burnout
The winter holidays provide an added barrier to productivity and employee retention. Unlike other seasons, many people are faced with burnout due to a variety of factors this time of year. Seasonal Affective Disorder can influence the well-being of your staff as the weather gets colder and the day shorter. And entering the second winter of a global pandemic isn’t helping employees feel more hopeful.
By recognizing that holiday burnout is real and providing wellness initiatives focusing on mental health, you can improve employee engagement through the end of the year.
Utilize Talent Intelligence Technology to Navigate the Great Resignation
One of the most significant factors that affect retention is hiring. You can avoid frequent turnover by hiring the best talent from the start. One in every four employees leaves a new job in the first 90 days, often citing a lack of support or training. Companies that focus on a better hiring and onboarding experience see lower attrition.
Utilizing talent intelligence to help transform your business by taking the guesswork out of hiring top candidates is a great place to start. And workforce intelligence can give you the heads up when someone is considering looking at new opportunities. You then have the advantage of knowing when to offer upskilling or promotions.
Improve Your Employee Retention Strategy with Censia
Reducing turnover requires attention to detail, beginning with your hiring process and continuing into your benefits and development platforms. You can learn more about utilizing talent intelligence by working with Censia.