The start of the pandemic triggered a large-scale realignment of the lifestyles and values of people throughout the U.S. This prompted many to leave workplaces that they felt no longer valued their needs. This cultural shift in the traditional power dynamics of employer-employee relationships has caused many companies to re-evaluate how they can maintain worker satisfaction. Below we’ve put together a few suggestions on how companies can attract and maintain talent in this new landscape.
1. Upskilling & Education Offerings
The shifting job market has given agency to workers who no longer feel the need to settle for environments which ask them to compromise on their personal pursuits. For many employees, the desire to grow personally is primary among these. Companies that invest in facilitating personal development through upskilling and educational efforts are more likely to retain their talent.
Far from simply wanting to be catered to, high performing employees actually want to be challenged and given the resources to learn and develop their skills. Providing apprenticeship programs where workers can gain valuable skills and specialized knowledge in a collaborative setting is a sound way to instill a sense of personal progress.
2. Equity Compensation
Employees also want recognition that they’re contributing to the collective growth around them. Building compensation packages based on equity is a meaningful way for employers to recognize these contributions. But as the role of the worker changes and advances it’ll be key to incentive them with additional opportunities to gain equity. However, employers need to cultivate a sense of transparency with their employees about their long term plans and set expectations as to how this could influence the value of their equity.
Meaningfully recognizing an employee’s contributions doesn’t just take a monetary form. A 2018 study found that 44% of employee departures cited a lack of recognition, it’s essential for companies to be regularly acknowledging and celebrating these contributions. A multilayered approach to rewarding employees with positive recognition is a large part of this. Fluid communication with supervisors can help this, as managers can be regularly giving constructive one on one feedback. This can also be done in communal settings by calling out employee achievements in team meetings and encouraging coworkers to acknowledge contributions made by their peers.