The newest buzzword hitting the labor world these days is a reference to the wave of employees who are leaving their current employer in search of greener grass. I picture this scenario as musical chairs and employees moving from employer to employer.
According to SHRM, 69% of people had a new job ready to go when they handed in their resignation letter. So what are they looking for? There are three principal areas that employees are searching for when they are seeking out new possibilities.
The first one is they are looking for higher compensation. Employers should be reviewing their compensation strategy and doing a salary benchmark to make sure they are staying competitive in the market.
The second one is better benefits. Benefits should be top and center in your job advertisement. Do you offer a great medical plan with a low deductible, voluntary products for more choices, or offer flexibility to work from home? Make sure you highlight what makes you stand out from employers when those potential candidates are viewing job ads. Also, make sure you are having those benefit meetings with your staff. If they do not understand what they have available, they may leave your company for a benefit they did not realize they already had.
Finally, employees are looking for career growth and development opportunities. These can be in the form of a learning management system (LMS), webinars, seminars, or bringing in onsite trainers to provide employees with new skills and new abilities to grow in your company. Performance reviews should be tied to the development of new skills and rewarded as the employee grows.
Make sure to do a check-up on your compensation, benefits, and career development plans before your employees jump on the wave of the Great Resignation. If you need a partner that can help you benchmark your positions, help bring a robust benefits package to the table, make recommendations on how to stand out as an employer of choice, or searching for ways to bring training and new skills to your employees, call OmniaHR today!