Finding and retaining the right person for your business… The way the job market looks right now, it sometimes feels like it would be easier to locate a living, breathing dragon. A survey by Robert Half in December 2022 found that of nearly 2,500 workers, nearly half (46%) were planning to look for a new job in 2023.
That same survey found three primary reasons that employees were moving on. 3 out of 5 respondents were looking for a better salary; 3 out of 8 were looking for better benefits and job perks; and 3 out of 8 were looking for more flexibility when it came to office hours and remote work.
But just throwing more money at candidates isn’t the solution. A 2022 survey by Morning Consult, on behalf of Prudential, discovered that 1 out of every 3 workers who switched jobs during the pandemic took a pay cut because the new position offered a better work/life balance. And 1 in 5 said they’d take a pay cut of up to 10% if it meant better balance.
A key takeaway then is finding ways to increase current employees’ sense of flexibility and productivity within the workplace, so that they don’t feel like they’re “always” working.
- Automate some tasks.
AI is here to stay. Accounting software like QuickBooks can be set up to automatically download bank transactions and will match it to existing entries, minimizing the need for research on the bookkeeping front. Pre-scheduling social media posts and advertising also reduces time drain.
- Play to employees’ strengths.
One of our staff members is an amazing analyst. Another is perfect at troubleshooting. A third is a QuickBooks Pro Advisor. And yet another can ferret out the tiny little glitches that throw a report off. Know your staff and encourage them to rely on one another’s strengths, rather than asking them to go projects alone.
- Don’t ask employees to multitask.
A study in the August 2010 Psychonomic Bulletin & Review by Jason M. Watson and David L. Strayer found that only 2.5% of people can effectively multitask. The more people try to switch between tasks, the more likely they are to make mistakes and become less efficient. That in turn leads to longer hours.
- Create mentorship programs.
Partnering newer employees with seasoned veterans can provide an easy way for the newbie to feel like they know the ropes. This doesn’t just apply to recent graduates—although they are a valuable resource, as often they have a sharper grasp on current trends and tech—but also to anyone coming into your company and its unique culture.
- Establish employee growth plans and career paths.
Getting a clear picture of what your employees’ career goals are, then helping to structure that by offering staff development workshops, online training, or even paid coursework will many times earn employee loyalty.
- Offer flexibility.
There are times when your employee has to leave early, come in late, or work from home. Allow it, within reason of course. An April 2023 survey of 700 workplace executives in US financial organizations found that 66% of them would quit if they were forced to return to the office full-time.
- Be human and let your employees be human too.
“People skills” can be learned. Patience and a calm manner of addressing problems create a work environment where employees are more willing to stay. Over 75% of workers said that corporate culture played a large role in determining their willingness to work for a company, according to an article by Sam Caucci published on 1huddle.co.
The summary? Employees are human beings and look to be valued. That manner can go a long way in attracting and retaining a quality team for your business.