The pandemic has turned into a two-fold problem for the small business owner and larger businesses, as well. The pandemic initially drove massive layoffs to the tune of around 22 million jobs.
Then came what has been dubbed The Great Resignation. Millions of people voluntarily left their jobs for a variety of reasons ranging from fears of infection, undesirable return-to-office policies, and dissatisfaction with workplace culture.
Those initial layoffs paired with mass resignation have left many businesses with a severe worker shortage. That makes employee retention a key concern for all business owners. So, how can you drive employee retention and improve company culture?
Money isn’t a quick fix for every problem, but wages have stagnated for decades relative to inflation. Many consumers cannot buy products they help make.
Dissatisfaction with culture is often a hidden dissatisfaction with wages. Increasing wages can often soften employees’ perceptions of cultural flaws in an organization because it eases problems in their personal lives.
Communication about problems in a business is often an Achilles Heel. You must tell employees what actions they can expect from you in terms of fixing problems.
For example, you tell them you plan on working with a company like https://tri-merit.com/erc/ to take advantage of the Employee Retention Credit. That can ease concerns about more layoffs and prevent pre-emptive resignations.
This kind of open communication serves a few purposes. It tells employees that you actually heard their concerns or complaints. it also tells them you take those concerns seriously enough to take action. Telling them also serves as an accountability measure for you and your managers.
Work/Life Balance Policies
Most managers or business owners have a handful of employees they know they can count on. That often drives them to, for example, call those people in on their off days to cover shifts or make up work on stalled projects. While that’s great for the business, it’s terrible for work/life balance.
Many of those employees will grow resentful of the constant pressure to show up for work at the expense of showing up for their personal lies. Institute limits on how often someone can be assigned extra work or called on to cover shifts.
Provide Growth Opportunities
People who feel stuck will often grow disengaged or resentful of their work culture. Offer growth opportunities like training and mentoring for employees. Even helping cover some of the costs of career growth training can go a long way toward improving the overall culture.
Employee Retention, Culture, and You
A smart business is one that keeps an eye on its culture. Business ownership means that crafting that culture falls mostly on you. If you set a tone that the business comes first and employees second, everyone will get that message loud and clear.
Look for ways you can short-circuit that problem. Improve wages and offer growth opportunities. Prioritize work/life balance in your policies.
Most importantly, communicate your plans for culture change.
Looking for more business ownership tips? Check out the posts in our Business section.
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