Where are the workers? If you have been seeing “now hiring” signs up all over the place, your coworker(s) or employee(s) recently quit, and your favorite restaurants have been closed at odd hours, you are not alone. This week, Hallie and I first discuss why millions of people have left their jobs in almost every industry over the past 18 months in what has been dubbed “The Great Resignation.” We go over the ebb and flow of demand for jobs and what the market may look like as it corrects itself. Then, we talk about seven signs an employee is about to quit as outlined in this article from Entrepreneur, and three ways you can be proactive and retain your team. We also talk about when to let a team member go, getting clear on your culture and vision, and developing a compensation plan that is transparent and acts as a win-win for you and your team.
Take a listen and let us know what you think with a comment below! If you like what you hear, make sure to subscribe and share with a friend.
Subscribe to Business Meets Spirituality:
Join Our Free Conscious Coaching Community:
- Facebook Group: Facebook.com/groups/joinbusinessandlifecoaching
Timestamps:
[4:10] There has been a general shift in how people see their life over the last 18 months and having the financial cushion to be able to make those changes. In August, 4.3 million people quit their job. How will this drive inflation when the market course-corrects itself?
[11:06] What does it mean now that Zillow said they will stop buying houses? This brings up the question, where does our economy go from here?
[14:50] The course correction can have us looking at a completely different employer/employee market. If the stock market or housing market corrects itself to where it needs to and allows demand to come up, we will start to see it more balanced out.
[17:55] Seven Signs Your Employee is About to Quit. It is important to know these signs, so you can mitigate the risk of them leaving, and retain them instead.
- When they start having unrealistic requests
- Vagueness about future commitments
- Office Housekeeping
- Closed-door meetings, when they aren’t typical
- Avoiding the boss and emotionally distancing themselves
- A change in habits, getting into the office later, checking their phone more, leaving earlier than usual
- Social media networking activity. Freshening up their LinkedIn profile, headshot, etc.
[19:50] The employer shouldn’t hold all the cards, and neither should the employee. It should be more of an open marketplace.
[28:25] If someone is trying to go and you can’t get them to stay, support them as much as you can. You never know if they may be back, or when your paths will cross in the future. Reflect on if there needs to be a change in culture.
[29:13] How do you retain your people? It comes down to their goals, and it is just the nature of work that people will leave. However, many times it is the culture and leadership that is not something they are excited about or inspired by.
Three Things To Focus on To Retain Your Employees
- Culture and vision. Make sure you are clear on what your culture is, and that you are communicating it.
- Growth. Employees should know how they are going to grow in many ways including financially, academically, and as leaders, along with where the opportunities for growth are.
- Compensation. Be clear on the annual raise process and raises, so employees aren’t always having to ask.
[45:18] Figure out a base number on an annual basis that once you get there, you will share.
