The retention reset: How to win back your employees

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We’re all experiencing it. Longer phone hold times with customer service support, less prompt service at restaurants, reduced flight options when booking a trip for Labor Day weekend, and longer wait times in doctors’ offices. Some would consider COVID-19 to be a primary reason that businesses may be struggling. That may have been the case two years ago, but now there is a new obstacle that companies across the U.S. are dealing with. Employee retention rates are at an all-time low, and if things do not change, those rates will continue to decline. It’s easy for business owners to blame COVID-19 for this issue, but the truth is that employee retention is down due to employers. Harvard Business Review states that, while the pandemic may have spurred the mass exit from the workforce, there were several underlying issues that played a role in this exodus.

If companies can own their part in this issue, then not all hope is lost. It’s time to take a fresh look at how your programs, communications, benefits and culture are impacting your ability to retain your team — it’s time for a ‘retention reset’.  We find that many companies are keenly focused on attracting new talent into their organization, but what about the people you already have? Like Zig Ziglar famously says, “everyone is in sales,” businesses must take the same approach with their team. We must always be in the business of winning over our employees.  For this reset to be successful, businesses need to reevaluate. There are five areas that employers need to improve upon to see a rise in their employee retention rates – Compensation, Benefits, Learning & Development, Culture, and Flexibility.