How To Keep Good Employees From Leaving Your Company

Preferences and values have changed during the new normal and with job seekers leaving for greener pastures, we look into what can make them stay.

Did you know that 62% of hirers reported an alarming increase in company resignations during the pandemic? If anything, the numbers also showed that job seekers have taken that chance to leave their current jobs for better employment—one that is aligned with their preferences and values.

What’s more, JobStreet’s 2021 Global Talent Survey has indicated that 67% of Filipino employees are choosing to prioritize their health and well-being.

“The pandemic has introduced new perspectives when it comes to work, and there are a lot of factors why employees decide to leave their company,” explains JobStreet Philippines Country Manager Philip Gioca. “It’s important for hirers to understand what attracts jobseekers to stay in a company and craft a win-win situation for both sides to achieve their goal of keeping their quality talents within the organization.” 

Given that employees are the lifeblood of every company, it is imperative that companies find ways to take care of their people in order to make them stay. Here’s how.

A happy employee is a well-run company. This is why ensuring their safety, well-being, and happiness will help motivate them to excel.

Prioritize Skill and Career Development

Growth is essential for every employee, whether that includes career growth internally or growth in skills and knowledge. If a company can provide that, then people are guaranteed to stay.

Security of tenure, or job security, is a primary driver for many job seekers. However, times have changed and the list of priorities has grown. Just as people want to contribute to the company’s success, they also want to learn and improve their skillset. It’s a case of give and take, where the company’s success mirrors theirs.

With that in mind, employers are recommended to help their talents by investing in training programs for skill development and better performance. These include mentorship opportunities, seminars, and classes that employees can take.

Providing opportunities for career growth is also a good way to boost employee morale. More often than not, if employees feel like they aren’t going up the corporate ladder, they’re sure to find better opportunities elsewhere.

The solution? Sit down with your employee and identify a career path that best fits his or her interests and expertise. Give guidance on how they can manage the journey through mentors who can share advice and life stories that can help them learn and grow as workers and individuals.

Provide Good Compensation and Employee Perks

A good compensation package (not just the salary, but also the bonuses, allowances, and fixings that come with it) is key to keeping employees happy and motivated. This includes having clear and definite guidelines for the proper increases, which will, in the long run, give them something to work toward and look forward to. What’s more, the compensation must match the service being rendered by the employee.

With that, the employer must assess the organization’s compensation framework. Incremental increases need to be clearly explained to employees for transparency.

Beyond the basic salary, giving holiday bonuses and gifts are also a good way to keep employees happy. In fact, providing opportunities to celebrate the company’s milestones, anniversaries, and founder’s birthdays is a good way to foster camaraderie and boost morale. But most importantly, employers must be sure to reward employee achievements with bonuses along a set scale for fairness.

Being Open to a Hybrid Work Setup

The working environment has changed during the pandemic, as many companies have been forced to transition to a work-from-home setup.

On one end, this has minimized expenses for both the company and the employee in terms of operational expenses, transportation, gas, and food, as well as other expenses associated with reporting on-site. Location isn’t an issue as well, making jobs more open to people even if they live far.

The disadvantage, however, is accessibility and communicating with the team in person, though this can be remedied through online platforms. Moreover, companies that rely on physical labor, services, and manufacturing may experience challenges with their output.

The best solution is a hybrid work setup. This means allowing employees to work remotely and retaining face-to-face interaction within the organization on an as-needed basis. If a computer and stable connection are all that’s needed to get the job done, employers can allow their people to work remotely or go on-site for only a few days a week or even a month.

If anything, the pandemic showed that it is possible for a company to thrive almost fully remotely. Just look at the BPO companies in the Philippines. Data showed that the industry grew by 10.6% versus 2020, while as of January 2022, the average ratio in the industry is 64% remote work. Yes, over 100 companies operate on a 90 to 100% remote working arrangement!

Key Insights

Working from home, redefining priorities, and learning to prioritize one’s well-being. These are just some of the changes brought about by the new normal. If anything, it is the new normal way of doing things! With that being said, companies need to adjust and keep up with the changes—not only to keep their employees and the business running but also in order to ensure a stable business continuity plan.

“We understand that hirers are taking advantage of the post-pandemic setup to fully recover and bounce back from the pandemic. However, they must also take into consideration the current priorities and preferences of their talents for their business to continue growing and thriving in these times,” ends Gioca.

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