Most employers understand the challenges of hiring today. Historic unemployment has put the power firmly in the hands of workers who often have their choice of jobs. Small business owners often cannot compete with larger competitors who offer better benefits and salaries. But hiring is one problem. Retention is another.
Today, the statistics tell us that over 80% of your full-time workers are already looking at other opportunities. In this environment, how can small business owners find and retain loyal employees?
The Market Reality
Millennials, Gen Y, and Gen Z are always connected. This means that job alerts and new opportunities are cropping up on their social networks all the time. This is a huge problem; one study showed 78% of Gen Z employees and 43% of Millennials plan to leave their current job in the next two years. What’s happening out there?
These populations grew up during the 2008 recession. During this time, there were many layoffs causing people to lose their homes. Many parents of the Millennial population likely lost corporate jobs where they had invested years of service. As a result, Gallup says, “The Millennial workforce is predominantly ‘checked out’—not putting energy or passion into their jobs.”
It’s possible that youthful workers could be more loyal. The question is, are companies doing what it takes to engage and encourage them to stay?
Increasing Loyalty in Your Current Employees
The issue isn’t finding loyal employees; your workers will stay longer if you take the time to engage and support them. Forbes says that it also goes beyond salary and perks—workers want to feel a sense of mission and vision in their workplace and will stick around if they believe in what you’re trying to accomplish. A Gallup poll showed 83% of employees say it is essential to believe their lives have a purpose. Companies that communicate their values and mission will help keep their employees engaged longer.
But an article in Monster says that loyalty is a two-way street. Companies that fail to invest in their employees are more likely to have turnover. But companies that work hard to build trust with their workers generally have higher company performance and lower turnover. Building loyalty with your employees can include:
- Making work/life balance a priority for your workers.
- Offer flexible work schedules whenever possible.
- Sit down with your employees to discuss where they want their careers to go.
- Then develop a plan for their long-term career advancement.
- Promote from within, train, and reinvest in your workers.
- Create a positive work culture by acknowledging and rewarding good work.
- Care about your employees and let them know about it.
According to the latest statistics, 70% of small businesses struggle to find and keep skilled workers. One tool to help them in their efforts to source and retain top talent is Exelare recruiting software. Our platform is an affordable cloud software that allows small businesses to compete against larger competitors. Finally, you have access to the same tools as the big players. All you have to do is contact us to find out more.