The Great Resignation is upon us, and employee retention is (or should be) a top concern of every leader. With a record number of employees leaving their positions or at least considering it, leaders need to develop better ways to connect with their employees.
A recent study by McKinsey & Co. found that 40% of workers are considering leaving their jobs in the next 3-6 months. Three of the top four reasons for this are more important to the employees than their employers think. By addressing these three issues, leaders could reduce their potential attrition rates considerably.
McKinsey’s study states that “Employees (are) far more likely to prioritize relational factors, whereas employers (are) more likely to focus on transactional ones.” So, while bonuses and recognition are good, employees are really looking for a deeper connection.
Here are three opportunities to build this connection. When you’re thinking of these, include your team in the discussion. Ask them how you can demonstrate the following when you’re considering your strategy.
Valued by the Organization
Employees need to feel valued by their employers. While bonuses, salary, and other perks are fine, employees are looking for a deeper reason to come to work. This is a key component to increasing employee retention. How is their job fulfilling their whole self? How are their professional and life goals and values represented in the work they do?
Valued by their Manager
On a more personal level, employees need to feel valued by their direct manager. Is their work recognized publicly? Are they given greater responsibility and trust? Do they get at least bi-weekly one-on-one meetings where constructive feedback is shared each and every time? Are their personal and professional growth goals included in their KPIs?
Sense of Belonging
The sense of being part of something bigger than themselves requires a strong community and culture. This may be the biggest way to increase employee retention. How is your company supporting parents whose young children may be learning remotely? What are you doing to replace the “water cooler” chats? Is there a conscious way to connect employees who are on different teams and would not otherwise ever know each other?
By addressing these three factors, along with input from your team, you can greatly reduce the impact of the Great Resignation in your company. As a leader, you can get ahead of the curve and create a culture NOW that attracts employees, and will continue to do so far into the future. If you’d like to talk through the first steps, I’d be happy to thought-partner with you in a free consultation.
ICF-Certified Conscious Leadership Coach
You can optimize your impact by exploring your beliefs, behaviors, and language. By shining a light on unconscious patterns, you’ll establish a new way of being that brings self-awareness, emotional intelligence, confidence, and better relationships. These skills will enable you to:
- Embrace vulnerability
- Build trust and psychological safety with their teams
- Clearly communicate individual and team goals, and hold accountability
- Communicate with intention, authenticity, and compassion
- Give and receive feedback that enables learning, development, and deeper relationships
- Solve difficult decisions
- Face the future with optimism, enthusiasm, and energy
- Resolve past difficulties and hurt
I have over 25 years of corporate experience, with expertise in coaching and organizational development. I have coached leaders at Roche Pharmaceuticals, the U.S. Department of Veteran Affairs, Danone, LinkedIn, and many more.
I am a graduate of Newfield Network’s Coaching for Personal and Professional Mastery program and am certified through the International Coach Federation. A longtime meditation practitioner, I emphasize conscious, mindful leadership, and business practices that benefit all.
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