CONFESSIONS OF A BENEFITS BROKER IV
Earlier this year, Associate Professor Anthony Klotz of Texas A&M University predicted a ‘Great Resignation’ would be the next challenge for American businesses.
Meyer Feldberg, Associate Professor of Business at Columbia Business School, told MarketWatch: “We have reached a pivotal moment for employers to stick with the status quo and risk losing 30% of their workers or to reinvent how they do work.”
It gets better, sorry not… Boomers are retiring in record numbers
Approximately six million more Boomers retired from the workforce between October of 2020 through March of 2021; obviously Covid has accelerated the pace of this trend.
Employers with senior, experienced team members need to start strategizing how to fill the skills gap they will encounter; sooner or later the 75 million Boomers of today will exit from the labor pool.
And… the Goliath is coming for your team!
Employers are now competing with companies all over the country and hanging onto talent has been harder than ever. Employers from Seattle, New York, and Silicon Valley, to some extent, accepted that workers will always be remote and are now recruiting from small-town America.
The game has turned into a Pac-Man scenario: San Francisco is poaching from Salt Lake; Salt Lake is now poaching from Little Rock, and Little Rock is poaching from Smaller Rock.. (ok. that’s not a real town, but you get the point)
The Big Girls and Boys; i.e. Apple Inc., AAPL, Google, Facebook, and Amazon.com Inc. are not spared. They are facing ‘bleed by a thousand resignations’ as workers migrate to smaller companies and startups that have received a wave of cash during the pandemic.
Investors poured $156.2 billion into domestic startups in 2020. That’s $428 million for each day of the year.
Eight steps to implement today to mitigate the brain drain!
1. Identify top performers you don’t want to lose. Encourage regular “stay-interviews” between managers and employees to ensure workers are satisfied. Keeping an employee who has started looking for a job and already made the decision to leave can be quite challenging.
2. Establish strong onboarding, mentoring and advancement opportunities. Connecting with new hires as quickly as possible is an important piece of the puzzle to establish strong ties to the organization. Meet them in person (if possible) and help them make connections quickly.
3. Offer more flexible work arrangements. A census survey from late March found that six million people didn’t seek work because of childcare issues; therefore, focus on those with young children at home or who have aging parents that need care.
4. Communicate frequently. The best way to reduce turnover is to understand why employees stay and why they leave.
5. Stay competitive. How do wages, hours, and benefits compare to other nearby businesses? Keep an eye on job postings to make sure you are not being bested.
6. Boost morale. A great idea is to create paid/mandatory wellness time – an afternoon or a day off with pay at least once a month. If your remote team spends all their time online, make Fridays a meeting free day. Look for ways to provide rewards, small and large, to say thank you for being part of the team.
7. Benchmark your benefits: Become a company known for its benefits! Consider enhancements and competitive employee compensation programs. These can improve employee morale and make attracting top talent effortless. Traditional benefit packages will no longer cut it. In fact, 98% of business leaders surveyed by Harvard Business Review plan to offer or expand at least one employee benefit such as childcare, flexible work arrangements or improved mental health support.
8. Be proactive: Conduct anonymous employee surveys, focus on employee engagement and building a unique corporate culture. Ask if employees are feeling overwhelmed and how they are gauging their willingness to return to the office. There are numerous apps that can help you accomplish this, including employee feedback platforms such as Lattice, Glint and Qualtrics. Also, Culture Amp encompasses analytics for managers, like turnover prediction and team goal tracking. (EQ does not receive any type of remuneration from any of these companies).
Company Name: ExpertQuote
Contact Person: Lauri Comoli
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City: San Jose
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Country: United States