Companies are facing many new challenges as we continue to transition into our new normal, including record-high inflation and indications of a possible recession. As a result, news of layoffs, hiring freezes, and even rescinded job offers are becoming more common. This can exasperate another key challenge organizations have been struggling with this year: employee retention.
Company downsizing—whether it’s happening within your organization or not—can lead your employees to question their job security and consider leaving of their own accord. In fact, 33% of employees say job security is a top reason for moving to a new job, while 38% cited job security as a top reason for staying.
Want to make sure job security is the reason your team members stay, rather than leave? Here are some things you can do to retain your team members during this unsettling economic environment.
Facilitate conversations about goals and values
Your team members should all know how they’re being measured and where they stand on progress toward their goals. Clarity around individual, team, and organizational objectives can motivate and engage your workforce and drive them to achieve their goals. It can also demonstrate how each team member’s contributions are making an impact and helping to move the organization forward, so they feel a greater sense of purpose and security.
Schedule regular one-on-ones with each team member to facilitate conversations about goals and values, provide continuous feedback, and offer recognition around achievements. But don’t stop there. Employees who receive daily feedback from their manager are 3x more likely to be engaged than those who receive feedback once a year or less.
Create career development plans
Show your team members they have a future at your organization by creating career development plans and personalized learning pathways. These work best when you pair your team members’ professional goals with opportunities that may become available at your organization in the future—and help team members develop the skills they need to get there.
Employee development opportunities can take many forms, from eLearning courses and conferences to mentorship and stretch assignments. Offering a variety of opportunities helps ensure your employee development program can accommodate different workplace learning styles.
Cross-board team members into new roles
Employee onboarding isn’t just for team members who are new to your company—it should also be used for tenured team members when they're promoted or take over a departing employee's responsibilities. Often referred to as cross-boarding, helping your team members acclimate to a new role or team within your organization sets them up for success and helps them feel supported by company leaders.
This is particularly important in the current environment. Forty percent of workers say their workload has increased due to high employee turnover, leading to an increase in stress levels and feelings of burnout. Cross-boarding team members can help them better adapt to workforce transitions, improving their employee experience and increasing retention.
Sapling customers: Use workflows and tasks to set employee training so existing team members can upskill and better understand their new responsibilities.
Ensure team member well-being
Many of your team members may be rightfully concerned about inflation, company downsizing stories in the news, and rumors of a recession. Find out exactly what their concerns are so you can address them before they lead your talented team members to seek out job opportunities elsewhere.
Build channels for your team members to provide real-time feedback so you can keep a pulse on the state of your workforce. This should include employee wellbeing surveys to check in on things like your team’s physical, emotional, and social state and discover opportunities to improve them. After all, there’s no better source of employee retention ideas than your own team.
Final thoughts on retaining team members in the current environment
Despite recession fears, talented workers know they have many opportunities available to them. In the United States, for example, there are two jobs for every unemployed person. Great talent may take this opportunity to improve their job security if they feel the need, exasperating The Great Resignation further.
Help your team members feel a sense of security at your organization so you can motivate, engage, and retain them during this unsettling economic environment.