Financial well-being June 10, 2022 By
Businesses large and small are still experiencing the effects of The Great Resignation. The Bureau of Labor Statistics recently reported that over 4.5 million workers left their jobs last month to find new employment. When this much valued talent walks out the door, it costs businesses in the form of lost productivity, hiring and training expenses, and impact on customer relationships.
Many businesses regard their employees as their most valuable asset. "Retaining talent is crucial to every organization. Talent is the true differentiator for any business," said Toni Preston, Director of HR at First United Bank.
“Retaining talent is crucial to every organization. Talent is the true differentiator for any business.”
—Toni Preston, Director of HR at First United Bank
But in a world where huge corporations with huge recruitment budgets are poaching workers, how can local businesses compete to retain their workforce? Fortunately, there are some simple things businesses can do to help ensure their best people stick around.
First, there is the most basic requirement. “Employees require their short-term needs to be met with competitive pay and benefits,” Preston continued. Once that is achieved, there is another key thing that successful employers do: focus on employee development.
Winning Through Employee Development
Taking a little bit of time to grow and develop people. It’s what high-performance businesses do. This can sometimes seem daunting. Employee Development conjures up images of overhauling every HR procedure and policy. But it is much simpler than that. With a few easy development activities incorporated into everyday routines and meetings, businesses can see positive results.
- Engage employees in your vision and values.
- Great leaders have always inspired others by showing what is possible. “Employees want to work somewhere that aligns with their values and what’s important to them,” said Melissa Perrin, First United Bank Chief Culture & Communications Officer. Employees respond positively when they can see the big picture of where the company is headed and why the leadership believes it’s the right direction to take. Reinforcing your vision can be part of regular company meetings.
- Chart a career path.
- “Employees need to know there are long-term opportunities,” said Preston. Employers should plan on taking the time to regularly talk with individual employees about the next steps they want to take with their careers. Then find projects or assignments that can help employees grow their skills and move closer to their career goals. This can be done during quarterly reviews or as a part of regular 1:1 meetings.
- Take care of the whole person.
- “Wellness is top of mind for a lot of people so incorporating programs and initiatives that make it easy to focus on health sets you apart,” said Perrin. This doesn’t mean you have to install an NFL-grade fitness facility. Employers can start with including a few health tips in the company newsletter, paying an employee’s entry fees for a marathon, or hosting a nutrition-focused lunch for your team once a month. Simple, small steps make a difference.
Beyond retaining talent, these activities can have a positive impact on all aspects of your business. “When we feel our best, we show-up our best and that feeling translates to other employees and customers,” Perrin said.
Your employees will notice, and your customers will notice too.
If your business would like to learn more about some of these practices or would like to speak with members of the health and wellness team at First United Bank,
simply click the link below.