According to a 2019 Gallup study of US employees, 52% of those who resign say that their manager or the company could’ve done something to prevent them from leaving. The same study noted that US businesses are losing a trillion dollars every year due to voluntary turnover. In fact, replacing an employee can even be twice as costly as retaining one.

The pandemic has made employees reassess their career and their work conditions in relation to their long-term goals. This has triggered the global phenomenon known as The Great Resignation, wherein workers have resigned en masse, leading to labour shortage and high rates of unemployment.

Employee retention is crucial for businesses to survive and thrive in this post-pandemic environment. For managers and employers, it’s important to learn and understand why employees want to quit. This will inform you of what strategies to implement in order to address their concerns. Here are our recommendations for employee retention strategies that you can apply.

1. Assess your current culture

Want to know what’s really going on with your employees? Do spot surveys, whether they’re working remotely or on-site. Ask relevant questions. Aside from multiple-choice answers, add fields so they can provide their feedback in their own words. Walk around, observe, and listen to your staff. The information you’ll gather will give you a solid, organic foundation to plan your retention strategies.

2. Level-up your evaluation skills

Conduct comprehensive talent reviews to pinpoint your high-potential employees and assess their capabilities. Provide them with development programs to expand their skillset for higher-level responsibilities. For your top performers, find out what are the challenges that they’re experiencing. Create strategies that will resolve their concerns. The key here is to keep your A-players engaged and motivated to work for your company.

3. Be a heart-led manager

Understanding your staff’s perspective is vital in ensuring a healthy, working relationship. Learn how to empathise with what they’re going through. Show that you care about their welfare and that you respect them as individuals. Recognise them appropriately for their contributions to the business. In performance reviews, get feedback from your direct reports on your management skills. Being transparent and empathetic will help your employees feel more valued.

4. Start retention dialogues with your staff

Establish a safe space for your staff to talk about retention. They might feel defensive or sensitive about the topic. But reassure them that you’d like to discuss their needs candidly. You can ask about what they look forward to when they come to work or what they enjoy most about their job. In this manner, you can build a deeper connection with your staff. Doing these “stay interviews” will help you determine which ones are planning to resign and how you can attend to their issues.

5. Re-examine your pay practices

Salary is a big factor on why employees leave or stay. Keep yourself updated on industry standards when it comes to ensuring competitive and equitable compensation. Consider factors that involve diversity and inclusion. Commit to bonuses and wage increases if your employees have delivered beyond expectations. It’s only fair that they deserve a reward for their exceptional performance. At the same time, this will motivate them to attain greater success.

A retention bonus is also a good incentive to implement. Reward your staff for their loyalty with an extra payout or personal treats that will resonate with your employees.

6. Offer intangible benefits

Whilst a substantial compensation package is appealing, there are other intangible benefits that you can offer to retain your employees. When you get feedback from your staff, find out what will help them feel more engaged at work. Perhaps some employees would be willing to compromise with a slight salary reduction for having flexible work hours to help them achieve work-life balance. But make sure they commit to deliver their duties accordingly. These intangible benefits can also make your company more attractive to job seekers.

7. Invest in your employees’ career growth

Another reason why employees leave is because there are no opportunities for growth in the company. Offer trainings for career and personal development. LinkedIn and Coursera are two of the most widely known online platforms for learning new skills or enhancing your current skillset. Ask your staff what kind of training do they need. If they see that the company is willing to support their growth, then they’ll feel more motivated to stay on and participate actively in these training and development programs.

8. Prioritise your employees’ well-being

At the height of the pandemic, companies have had to adopt wellness programs to address the staff’s physical and mental health concerns. In the post-pandemic workplace, such initiatives should continue to ensure the well-being of the staff. Have a regular check-in with your team to enquire about matters that aren’t necessarily work-related. Be mindful of employees who might be experiencing stress and burnout. Discuss with them on how to manage their workload and offer resources that will help them to cope. Assisting them in these matters will encourage them to stay engaged with the company.

9. Offer support to help achieve work-life balance

Some employees may have difficulty achieving work-life balance due to their responsibilities at home, whether they’re taking care of their children or senior parents. This may even be a factor for their resignation, albeit reluctantly, as they have to prioritise the needs of their family over work. Consider offering support such as childcare and senior care services. Or you can recommend a work schedule that will help alleviate their situation. This will bring a huge relief to your staff who will be able to focus on their work. Such initiatives will also serve as an attractive benefit for potential candidates.

10. Refocus your recruitment

If you’re back to square one in recruiting a replacement, it’s worth fine-tuning your talent sourcing procedures. Examine your organisation’s biggest obstacles and align them with the kind of employees that can help overcome them. Identifying talent gaps will guide you in implementing more targeted strategies to attract the right people who can support your business for the long haul.

Industry-leading headhunting company in Vietnam

Among the recruitment process outsourcing companies in Vietnam, The Talent Consultants has extensive expertise in workforce management solutions to meet the challenges of employee retention. We offer talent acquisition sourcing in Ho Chi Minh City for multinational businesses that need the most qualified candidates across the Southeast Asian sector.

Check our free online resources that can help you to enhance and maintain employee engagement. Download our toolkit for managing remote teams. Get assistance from our recommendations to help you manage your employees’ well-being. Browse through our blogs for more information on how to keep your staff motivated and establish a better company culture.

Book your free consultation with us here or call us on +84 28 7309 7991 to know more about our reliable recruitment services. If you’re a job seeker, explore more work opportunities to further your career journey at our job vacancies page.