Employee Resignation and Retention

By Marshall Krupp, Certified EOS Implementer

In collaboration with Ashley Berecz, Client Relations Manager

March 17th, 2020 was the day the world shut down to COVID. There was even a trend going around on Social Media asking others what they were doing “the day the world stopped running.” We are almost close to the two year mark and COVID is still here but many are moving forward, businesses are still running with many thriving and growing at rates that they are unable to keep up with; however, a side effect of the pandemic that many did not see coming is the rates at which employees have been handing in their resignations and leaving their companies for another.

This has caused many organizations to be left with multiple job openings that they are having difficulty filling or they are filled but only to be handed another resignation letter shortly after. According to NPR, this has been dubbed, “The Great Resignation,” which refers to the 33 million Americans who have quit their jobs since Spring of 2021. 

Why? As a business leader, once you fill a role what are some steps you can take to keep your employee retention rates high?

Recruit the right employees: If there is not a solid base to start with your house will crumble. Which could be what is happening if you are hiring just to have a body to do that work. A statement I say often to my clients that pertains in this situation is, “ Hire slow. Fire fast.” Take your time with hiring. Putting in the work now will save you in the long run.

Create a welcoming and positive onboarding experience: First impressions are everything, right? Even in the workplace a new employee’s onboarding experience can make or break their overall feelings of their new role. Provide them with a personal welcome on their first day, gift them with gift cards to the local lunch spots, if the position is primarily a work from home position, provide them with dinner on their first day. Little touches as they are onboarding can create a positive experience and a loyal employee for hopefully years to come.

 

Provide avenues of career development: If there is no pathway for growth, once an employee feels that they can’t go any further some will feel that it’s the end of the road. To prevent this, make it a priority to make it known that you want to invest in their growth through skills and education. Allow them to take an additional course whether virtual or in person. Offer to send them to a skills conference to help them level up in their skills. With the ever changing environment the ability to grow is as important.

Make company culture a priority:  You may have heard the statement that the best marketing comes from those within your organization. An employee’s colleagues can make someone want to stay or can make them want to walk out the door and never look back. Because of this, it is important to have an apparent culture that is heard, seen, and felt throughout your company and portrayed in every employee.

Offer incentives that are personalized to every employee: Not all employees are the same, some would prefer a monetary bonus, some would prefer more P/TO, some would prefer extra time on vacation. If the incentive does not match the desire of the employee they will not view it as an incentive and in turn lack the motivation needed.

 

“Train people well enough so they can leave, treat them well enough so they don’t want to.” 

-Richard Branson

 

When it comes down to it, the cost of up and quitting has changed and employees are aware of it. There are so many open jobs that if employees aren’t happy with where they are at, it’s easier for them to leave and look for something else. The pandemic provided a way for many to take a step back and reevaluate their lives and we are now seeing the after effects of it. 

As a business leader myself, I am proud to see how my clients, colleagues, and friends have continued to move forward and create tremendous strides. Many have pivoted into using the Entrepreneurial Operating Systems or EOS® and creating a more effective, efficient and productive culture where employees feel empowered and where the culture of morale is the highest.  They have used EOS® where everyone knows the vision of the company and are rowing in the same direction.  And most of all, they have created a culture of accountability where employees feel they are part of a company community that they want to be a part of.  The result is greater profitability for the company and satisfaction and retention of employees in the company.

If you have any questions or  would like to continue this discussion further, please contact us at ashley.berecz@peerexecutiveboards.com or go to our website at www.peerexecutiveboards.com and contact us virtually. We will be happy to get back to you!

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EOS®, the Entrepreneurial Operating System® takes entrepreneur businesses on a journey of mastery of the EOS tools which enables businesses to elevate their leadership teams to make better decisions, maintain a level of accountability, at attain greater success more simplistically.  The components of EOS® are Vision, People, Data, Issues, Process, and Traction, which when used effectively attains a healthier organization with greater success.  Marshall Krupp is a recognized Certified EOS® Implementer serving clients through the nation.  He is also a national speaker, a past award-winning Vistage Worldwide Chair, and a past career of providing crisis management strategic advisors service to businesses, governmental agencies and not-for-profit organizations.   Review more at www.peerexecutiveboards.com and at www.eosworldwide.com/marshall-krupp.  Review the YouTube video here.