2021 Was a Record Year for People Quitting Their Jobs
With over four million people leaving their jobs in just one month in 2021, how do you not only retain top talent during this time of resignation but also keep people enthused and energized? This week, Hallie and I talk about the top five steps that you can take as a manager or leader to first understand why most people are leaving, how you can provide resources to help them stay, and how to create a win/win for both you and them. We discuss what a “stay interview” is and how to use them to understand if both you and your team are on track, along with being a tool to prevent and mitigate burnout.
Since 87% of millennials rated professional career growth and development opportunities as a top factor when job hunting, it’s more crucial than ever to know what opportunities you have to offer, and what makes your organization stand out.
More Ways to Retain Your Talent in the Years to Come
From company culture to communication, there is a lot you can do to make sure you have the right people on your team, and that you are making the best possible leadership decisions to keep your key players happy. Check out these other resources to start learning how to shift your strategy when it comes to retaining talent:
- Three Ways to Retain Employees During The Great Resignation
- Find Talent Fast With These Screening Interview Questions
- How to Attract Talented People to Your Business
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Timestamps for our retaining talent episode:
[5:03] It costs more to acquire talent right now, which means your existing talent may appear to be underpaid. How do we navigate this when millions of people are leaving their jobs, many because they realized they could be getting paid more somewhere else?
[6:18] There will always be some attrition within an organization. Losing people for their next opportunity is just part of the cycle, and as a leader, when you learn to go with the flow and know this will happen, you can learn to have it work for you.
[6:18] We discuss a “stay interview” and why leaders may want to have one with their staff every couple of months. This way, both parties can talk about their expectations and make sure they are staying in a lane that helps the employee feel like they are aligned and on track with their own personal and professional goals.
[14:02] What are the things you can do to create an engaged and enthused company? First, treat your employees as humans. Safe work environments in every way are of the utmost importance.
[14:30] 1. One of the biggest things about creating a better workplace is that people want to know their work is meaningful. Meaningful doesn’t necessarily have to mean that you are saving the world; it can sometimes be that what you do actually matters to your boss or team members.
[17:00] You aren’t required to have all the answers for your staff, but providing experts and the appropriate resources can be a great way to provide support. Creating a great workplace is actually making sure you have good leaders and that they get continuous training on how to continue to be great leaders.
[18:36] 2. How do we address burnout, or what some people call the “erosion of the soul”? The more you can encourage rest and time off in a way that matters to them, the less people will feel burnt out.
[23:30] 3. Change how you define and measure work. Focus on outcome instead of hours, and when you give flexibility and treat people as adults, they will most often step up and produce the outcomes.
[26:19] People are trying to reclaim some of their personal life and create action and boundaries, rather than just letting it spill over into every aspect of their life.
[27:00] 4. Reward and recognize talent. This is the time to have stay interviews and find out what is actually important to your talent. What matters to them? Is it more time off? More career development? Fewer vacations and more pay and opportunities?
[28:29] 5. Focus on your talent team. That can mean both your hiring and recruiting team and also your career development and leadership team. Invest in your current talent, and look for external talent to bring onto a team.
[31:25] Companies do not run without people, and it’s important to make an investment in your talent and then manage that investment.
