If 2021 was the year of the “great resignation,” then 2022 will be the year of the employee. The pendulum of power shifted when one in four workers quit their job in 2021—a trend many employers would like to end in 2022. As any business knows, employees are the life blood of an organization. They are brand ambassadors to customers, partners, investors and other key stakeholders. However, during our reputational risk assessments with clients, employees typically rank at the top for potential threats to the reputation of a brand if something goes wrong. So, it is important to get employee communication right.
Here are the top 5 tips to battle the “turnover tsunami” and improve employee retention:
Create a Culture of Engagement – According to Gallup’s “U.S. Employee Engagement Holds Steady in First Half of 2021,” only one-third of US employees are engaged, and more than 75% are looking for other employment opportunities. It’s time to up the investment in company culture from training opportunities, rewards/accolades, diversity and inclusion policies, social programs, mentorships and transparent communication with leadership. Employees want to feel like they belong and are a part of something bigger than themselves.
Employee Reviews – Employees want to work for winners, so what others say about you matters. One of the first places talent looks to determine a destination for a career is Glassdoor, because it is based on feedback from other employees. Awards and reviews from other sites can attract talent through brand awareness as well. A “Best Places to Work” or “Best Boss” award can go a long way to recruit the next new hire.
Make Office Tech Work Like Personal Tech – Technology has enabled productivity to remain strong regardless of location. To keep and retain employees, workplace technology should be as easy to use as personal technologies. Overly complex technology makes workers less productive and less engaged. In fact, 48% of people wish their workplace technology performed like their personal technology. In addition to remote and hybrid work, flexible work hours, work-life balance and floating holidays builds esprit de corps.
Foster Workplace Mental Health – Fear, anxiety and stress is common in today’s work environment and addressing the emotional and psychological needs may require an investment in an Employee Assistance Program (EAP) to offer outside counselors and resources. One of the easiest ways to address the stress, burnout and anxiety of employees is creating an empathetic leadership team that is supportive of problems, notices signs of mental health fatigue and quickly addresses and resolves any issues that arise.
Invest in Humans – Throwing money at the employment crisis won’t make it go away but neither does lip service. Business leaders need to open their wallets to address this issue. Competitive compensation, benefits that matter, childcare options contributions, signing bonuses and other amenities may be a needed investment in the business’ future. Now is the time for HR executives to get their seat at the leadership table because of the crucial role they are now playing.
At OWC, we work hard to create a compelling culture that seeks radical candor and transparency, embraces failure, leadership with a servant’s heart and working as one team. Above it all is a commitment to entrepreneurial thinking.
What is your culture, and how are you investing in employees this year?
Best,
Tracy
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Leonardo247’s Daniel Cunningham’s latest article for Forbes
The biggest problem in multifamily real estate is not the pandemic, rent abatement or vacancies — it’s employee turnover, a problem that is being exacerbated by the Great Resignation, according to Leonardo247 CEO Daniel Cunningham. Leonardo247 is a first-of-its-kind remote monitoring technology platform for onsite multifamily operations. Click here to read Cunningham’s full article for Forbes.
