Retain top talent with flexible work options
As the U.S. heads into what’s being called the “Great Resignation,” many businesses are understandably concerned about employee retention.
A study conducted in late 2020 by the American Staffing Association of 700 adults in the labor force found that 80 percent expect to seek new jobs in 2021. According to the U.S. Labor Department, a record 4 million people quit their jobs in April 2021 alone.
Some turnover is natural, but today’s figures are setting records for a variety of reasons. According to research commissioned by the Achievers Workforce Institute, the top two reasons people have left their jobs are for better compensation and benefits and a better work/life balance.
Other reasons for employee turnover include the desire for a safer workplace free of COVID-19 concerns and a desire for work that’s a better fit for their interests and lifestyle. Still others are burned out by pandemic-related stress and the need to care for children when many daycare centers have closed, remote learning is sometimes or always required, and the children are yet to be vaccinated.
How to retain top talent
The first step to addressing these challenges and retaining your top talent is to recognize and embrace the new normal. To keep your best employees, it may not be sufficient to follow the same practices you had in 2019. Instead, it’s time to get creative.
One way to address several common reasons for the Great Resignation is to offer more options for remote and hybrid work environments. It’s financially attractive for employees to work from home at least some of the time because they can keep the same pay and benefits while reducing the expense of commuting.
In many cases, remote employees can also enjoy a better work/life balance, with less time spent commuting, more flexible work hours, and reduced concerns about COVID-19.
To be sure, remote work and flexible workdays and hours aren’t possible in all industries, but they’re an attractive option for many. It’s one way to stand out from the competition and not only retain top employees but also attract new employees who appreciate the added flexibility and autonomy.
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Insero & Co. provides affordable direct-hire solutions to companies of all sizes, as well as outsourcing and co-sourcing solutions on a temporary or long-term basis. Whatever type of recruiting, hiring, or other assistance you’re looking for, we’re here to help.