Competing for Staff
Just a year ago, recession worries abounded. Now, however, a January 2024 survey of 71 economists conducted by The Wall Street Journal found that chances of and worries about the “R” word are greatly diminished.
As Mallory Vachon, chief economist at LaborIQ, recently told the Society for Human Resource Management, “If the unemployment rate remains relatively low, and…inflation stays on its current trajectory, we should avoid a recession this year.”
That being said, competing for staff has been challenging so far this year, and it doesn’t appear to be decreasing. This means you need to find ways to stand out from the competition.
Tip: “A diverse and inclusive workplace is incredibly important to Millennial and Generation Z employees.”
Why People Leave
What are the main reasons employees leave a job? According to McKinsey & Company, the top five don’t have anything to do with compensation. Instead, the reasons most commonly cited are:
• Uncaring leaders
The top five reasons people leave a job have nothing to do with compensation.
• Unsustainable performance expectations
• Lack of advancement potential
• Lack of meaningful work
• Lack of support for employee well-being
How to Keep Staff
What are some of the things you can do to make sure yours is not a revolving door for staff?
• Recommendations: Ask current employees to post reviews of you on website like Glassdoor.com.
• Diversity: According to Insperity.com, “A diverse and inclusive workplace is incredibly important to Millennial and Generation Z employees…. Like flexibility, diversity is a commonly cited factor of great importance to them in fielding job offers.”
• Descriptions: Write compelling job descriptions. Lengthy ones “with too much technical detail about responsibilities and long demands for qualifications,” adds Insperity.com, “won’t drum up much interest in your company. Instead, focus on the overall purpose and value of the role.”
• Praise. A Gallup poll found that workers who regularly receive recognition and praise are more productive and more loyal to their employer.
What strategies do you use to keep employees with your business? Tell us about it, and share in the conversation on Facebook here.
Erinn Morgan
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