Provide The Compensation To Keep Employee Turnover Low When | #hrmanagement #hrexecutive

In the last two years, businesses had to endure The Great Resignation. By the end of 2021, nearly 50 million employees had already quit working for other positions. This figure is 27% higher than pre-pandemic levels. Today, entrepreneurs still worry about it as another potential recession emerges. 

Meanwhile, you may face more pressure as you require an on-site work setup. But you can take practical steps to show your employees that working in the office is as good as working from home. You may not stop them from transferring to other companies, though. After all, The Great Resignation is still very far from over. 

These are the things you can do to limit employee turnover upon implementing return-to-office (RTO) policy. 

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Provide the Compensation They Deserve 

Maybe it’s not about the money every day. But let’s face it. Money will always go a long way. Also, it plays an integral role in employee engagement. It’s more essential today, given the possibility of an economic downturn next year. Security of tenure and a competitive package can boost their morale. 

Statistics show that compensation remains the top priority of workers across industries. Low pay is the primary reason for leaving a job, according to 63% of the survey’s respondents. Meanwhile, 43% consider leaving a job when benefits are not good. 

When you require them to return to the office, know that the risk of viral transmission increases. The pandemic fear has yet to subside even if restrictions are eased. Also, the higher bus and train fares and fuel prices make coming to work more expensive. As an employer, you must provide the compensation they deserve. 

Increase their monthly salary to make them feel you understand their struggles. You may also increase their benefits. Transportation and risk allowances, healthcare allowances, and other reimbursements can help.  

Make Your Employees Feel Safe 

Coming to the office can be more challenging these days. The heavy traffic and the COVID-19 paranoia are some factors to consider. These things can impact business productivity due to a higher probability of tardiness. More importantly, everyone in the workplace must be safe and healthy to limit absences. 

In a study, about three-quarters of the population prefer private vehicles as a transportation mode. However, not all car owners can fill their gas tanks regularly, given the skyrocketing prices. You may provide company shuttles with standard drop-off and pick-up points in several areas. It can help you save money from transportation allowances. You can avail of rental shuttles, which is more practical than buying new ones. 

Implementing mandatory vaccination is also helpful. But you must be careful to avoid discrimination and harassment. The same study shows that vaccination has a low chance of driving resignation. The majority of employees still prefer vaccination for their safety. Even clients want vaccinated workers to serve them. Indeed, the benefits of immunization always outweigh the risks. 

Make Your Employees Feel Important 

It requires much patience and effort to maintain employee engagement. A six-digit annual salary is what most employees desire. Yet, there comes the point when they can no longer tolerate employer toxicity and disrespect if any. The same study shows that it’s one of the three primary driving forces behind their resignation. 

You may need more adequate means to entice them through a compensation package. But making them feel respected and valued can gain their trust and loyalty. In turn, it deepens your bond, which may prevent them from leaving your company. 

Setting a regular open-door meeting to hear their suggestions and opinions conveys democracy. More than just hearing these suggestions, it can help to take action on the most beneficial and realistic ones to benefit your employees and your business. 

Allowing them to conduct non-work-related huddles every week can ease their stress. You can also join them or invite them to lunch or dinner to show that you’re one of them. 

Create a Fun yet Relaxing Work Environment 

About 80% of American employees feel stressed at work daily. Understandably, you don’t want your loyal workers to be part of the statistics. So you must exert some effort to relieve stress and burnout in the workplace. Creating a refreshing ambiance can entice them to come to work every day. Even if it sounds cliche, transforming workspaces can help in more ways than you think. 

You may use a specific theme when designing the office or putting on desk accessories. It’s better if you use those related to your business. Your employees can choose themes from TV series, books, cooking shows, films, and mobile games. 

You can also assign a particular space where employees can take a breather. You can use accent chairs, throw pillows, and ottomans to make it aesthetically pleasing. Power naps and some chitchats can help ease their stress. Lights and plants can also make more desirable changes. 

Adapt to Digitalization 

Capitalizing on human capital management solutions and cashless transactions is cost-efficient. They can streamline operations, reduce costs, and derive more revenues. Even the most reliable business experts believe in the essence of digital transformation. It also helps lessen burnout in the workplace as it simplifies complex business processes. 

Automation and digitalization enhance productivity. For example, you can switch to accounts payable software to verify business transactions. It may eliminate errors since employees will not have to sort piles of invoices. You may save more time and energy. 

Keeping employee turnover low may be more challenging during economic volatility. It entails employers exerting more effort as the labor market evolves. Fortunately, you can apply a lot of things to motivate your employees. Doing these can make you the best employer most employees have dreamed of.