Workers in the US labor market are on the move. A shortage of talent combined with greatly expanded job options has led to rapid employee turnover. Additionally, the US Bureau of Labor reported that the professional and business services industry, which includes B2B sales, had the fifth-highest turnover rate in 2021. Altogether, in a fluid labor market, how do you get your employees to stay? Prove that you value them.
Furthermore, employees switch jobs for a variety of reasons including quicker advancement, better compensation, and to find a more pleasant work environment. Business leaders need to take responsibility for retention. Also, recognize the current demands of the labor market and create strategies that encourage employees to stay.
Value your Team
Here are some ways to build loyalty by valuing your employees.
Get comfortable with change – The Y and Z generations are comfortable with change. Empower your managers to try new ideas and listen to suggestions from younger employees.
Provide a career path – Make sure internal opportunities for job growth are seen. Establish clear pathways for career advancement. Provide meaningful time for employees to communicate personal career goals. Offer and invest in training where there are gaps in skills.
Refocus the culture – Culture is developed top-down in an organization. Get external assessments to ensure you are projecting a healthy culture. Create 360-degree reviews where managers can see and understand gaps in relationships. If a manager has a high report turnover, recognize it early and make adjustments.
Reassess your compensation plan – With social media, job-hoppers are aware of the benefits other companies offer and discuss them with their peers. Be sure your compensation plan is in line with companies like yours.
In conclusion, make sure your employees feel valued for their contribution to your workplace. The longer a person is in a position that doesn’t fulfill them or underutilizes their talents, the more likely he is to move. Lastly, create staying power within your company by providing opportunities for promotion, great compensation packages, and a culture of trust.
Get tips and tricks like the above in The Art of Sales books. Or subscribe to the FREE monthly articles here.