A record number of Americans are leaving their jobs as part of a mass exodus that some are calling “The Great Resignation.” A recent Gallup poll found nearly half of America’s working population is actively job searching or wanting new opportunities. As more people hand in their notice (4.4 million in September alone), employers are facing equally urgent priorities to fill open positions and retain employees who are feeling the pinch of extra work and added responsibilities after their co-workers depart.
How can employers navigate this volatile labor market to stem the tide of resignations? Minneapolis accounting and finance talent solutions firm Brillect has some practical tips to help leaders reduce turnover and cultivate a positive, welcoming and rewarding workplace for both new and existing employees.
Employees are working more hours than ever before, resulting in unprecedented reports of burnout and fatigue. How can companies help? Start by monitoring your employees’ workloads. How many hours are they working? How many projects do they have on their plate? Be proactive and talk to your employees about unmanageable workloads. Help them feel supported by advocating for a solution such as offloading time-consuming side projects or daily tasks to a consultant or contractor. Don’t wait until the exit interview to discover how workload stress is impacting morale and job satisfaction.
There have been significant jumps in salary ranges within the past year, and many employers are finding their current compensation structure doesn’t align with this tight labor market. Take a closer look at your annual salary increases to ensure they are at market level. Companies that don’t offer competitive compensation will risk losing employees (along with their valuable institutional knowledge) and incur added expenses to fill positions. Reach out to Brillect if you’d like to discuss accounting, finance and project management compensation trends in this market.
A recent survey by McKinsey found that not having “a sense of belonging” was one of top three factors employees cited as reason for quitting. In remote work environments, it’s easy to skip over those community-building “watercooler” moments where you once asked someone about their weekend or the score of their child’s soccer game. Before diving right into the agenda at your next Zoom or Teams meeting, start with a genuine “how are you doing?” inquiry and listen to the response. Ask follow-up questions and make that employee feel heard. Creating a sense of connection is vital for employee retention.
Uncover the Motivators
Have a conversation around what is important to your employees. What motivates them? What do they value? Is it climbing the corporate ladder? Is it taking on projects with new challenges? Find out what they love to do and help them clear a path to do it. For example, if your employee is too bogged down with ongoing tasks to spend time on the work she loves, bring in a consultant to give your employee the space she needs to engage on rewarding special projects. Help your employees be at their best by doing energizing, fulfilling work.
It’s safe to say that the last 18 months have taken their toll on everyone. Between the pandemic, the shift to remote work, and ongoing challenges with children unexpectedly home from school, people are tired and stressed. During these challenging times, the power of empathy goes a long way, with a new survey by Ernst & Young even calling it the “secret sauce” to retaining and attracting employees. Try leading with a renewed focus on empathy, particularly as you transition back to the office. Just as it took time to get used to working from home, some employees may need time to adjust to the idea of returning to the office. It’s a great time to apply those change management best practices of frequent communication, flexibility and listening to your team.
Adopt an Attitude of Gratitude
In this season of Thanksgiving, now is the perfect time to thank employees for their hard work and dedication. Amid the daily hustle and bustle, remember to stop and say thank you. It’s free, it’s easy and it goes a long way to change someone’s whole perspective.
Our Minnesota Finance, Accounting and Project Management Experts Are Ready to Help
Let the Minnesota finance, accounting and project management experts at Brillect develop a talent solutions strategy to help balance workloads, reduce burnout and build capacity within your organization. We have an extensive network of top-notch, highly experienced consultants who are ready to jump in and add immediate value. Whether you need to backfill a role immediately or tap into a subject matter expert for a longer-term project, Brillect can help set you up for success.
Ready to collaborate? Reach out for a complimentary consultation to discuss how we can put our team of accounting, finance and project management professionals to work for you. Contact us today to set up a consultation to discuss your specific needs.