A stark increase to the competitive nature of many industries across the world can lead employees to search for new and better offerings and opportunities, as any of us would do in their position.
To combat this as a business owner, you’ll need to constantly find ways in which you can keep motivation and morale high with great benefits to dissuade your team from feeling the need to look elsewhere.
Remember, being stubborn with this will only lead to your team jumping ship and ultimately will lose you much more profits than if you paid for some nice bonuses and treats for your employees.
Look At Your Current Benefits
Now is the perfect time to look at the benefits and opportunities you currently offer to your team. Even a quick glance will provide you with a good idea of whether your offerings are good enough for your staff. There are many great benefits you can offer, and you should take a look at what sorts of things your competitors offer their employees and strive to at least match the quality of those offerings, if not surpass them.
Over time, businesses’ benefits and bonuses will increase in quality due to competition over talent pools. Don’t allow other companies to get the first pick of great talent because of their great employee benefits.
Offer New Skills To Your Team
A great way to improve the motivation and ultimately the chance that more of your team will stick with their roles is to actually offer opportunities for them to learn new skills. You might see this as counterproductive, as teaching your employees new skills will see them in better stead for finding a new position elsewhere.
However, a big motivator for employees to search for a new job is a feeling of stagnation and a lack of progress.
Offering skill classes and the opportunity for employees to earn more qualifications will encourage them to stay with you for longer as they improve their career prospects. You’ll also benefit from the increased knowledge and abilities that these staff members will gain too.
Improve Your HR Department
Your human resources team should be the first port of call for any issues your employees are having and the ones that induct and onboard new staff members. Making sure that this part of your team is as strong as possible is very important as they can encourage the rest of your team to discuss their problems and identify any that may be flying under the radar.
One way in which you can improve your HR team is to provide them with some great HR software like Factorial. This software aims to consolidate a majority of their tasks into one easy-to-use platform. This reduces the time it takes to manage everything from payroll and onboarding to applicant tracking and performance monitoring. Reducing the time that it takes to manage these tasks allows your HR team to focus on taking care of your employees.
By optimising and digitalising your HR department, you will enable your HR managers to have more time to focus on their employees and their requirements for a happy workplace. You could also consider sending a survey to your employees to see which values they share and what they’re looking for from your company for them to continue to be happy in their role. In the times of Great Resignation, addressing desired employee benefits is key.
Focus On Mental Wellbeing
Companies today are taking a much more serious look at the mental health of their teams, and for a good reason. Society has, in recent years, become much more active in taking care of mental health problems, and business leaders are becoming aware that they are partially responsible for maintaining the mental health of their teams.
Of course, this should primarily be for ethical reasons, but it’s worth noting that if members of your team are struggling with their mental health, it will lead to them producing poorer quality work in some cases. A lower level of motivation and morale caused by mental illness isn’t good for your team or your business, and striving to do everything you can to help your employees is imperative. Not only that, but it will become apparent if you have a good focus on mental wellbeing, increasing the chances that candidates will accept your job offer.
Be Transparent With Your Team
High morale and respect are all going to help keep members of your team from searching for a new role and, while there are some things you should probably keep to yourself, being transparent with your team in the workplace is often worthwhile. Having a level of transparency within your business, both during the hiring process and with your current employees, is a great way to improve that morale and showcase your business’s stability and confidence in your business model.
Gaining the trust of your team by being open about the direction of your business as well as both positive and negative events that happen within your company is admirable, and your team will respect this openness. Give it a go to try and change the atmosphere within your workplace.