The Great Resignation is a well-documented matter that has seen businesses that once ran smoothly now encountering rocky shores, DRP Group’s Lydia Chenhall writes. All it can take is for one key player to find a more beneficial position elsewhere for whole teams to follow suit.
In this article which originally appeared on the DRP Group website blog, Chenhall highlights six useful tips that every successful CEO ought to know in order to reach the best possible outcome for their teams when this situation arises.
Is it all worth it?
One of the first steps to becoming a master negotiator is to know when negotiating is beneficial. Sometimes, as much as you want an employee to stay, you just don’t have the means to negotiate with them – and that’s fine. On top of this, there’s no real guarantee that they’ll stay. One should really look at the context of the situation and learn when to back down. If you’re having to strain resources on an uncertain situation, then you’re failing these negotiations.
Ask your team what they want, and then make sure you deliver
While it’s only natural for people to look for new and exciting work opportunities, you should be facilitating these too. It’s better to nurture talent than keep looking for new hires, because you’re retaining skills, saving money on training and onboarding and maintaining that efficient work environment.
Our latest whitepaper, Resigned to the Future, reports Christina Maslach’s findings on employee burnout, detailing that employee burnout was overlooked by the employers […] and that chronic work-related stress is now an escalating issue for companies.
With this in mind, you shouldn’t be guessing what would improve the work environment and reduce that burn out. Ask your team what they want, and how you can improve that environment. That way, you’re showing that you’re actively listening to their needs and putting your money where your mouth is by actioning them. There’s no greater disappointment than saying you’re going to do something, allowing people to get excited about it, and then never actually following through with your promise.
Remember: don’t just focus on those with the opportunities
Our latest whitepaper also found that of the respondents, 64 per cent contemplate on quitting their jobs without an offer in hand. So, it’s not about offering good options just to those who have another job lined up. You need to be actively creating that positive work environment mentioned above, filled with impressive benefits to keep things appealing.
After all, the more appreciated your team feel, the higher their work ethic will be!
Keep your intentions pure and positive
Negotiation tactics sounds rather strange when you pair it with employee retention. There’s a sort of negative connotation behind it all; being tactical to keep things running as usual. And some could see this as trying to block an employee’s career progression. But it’s the complete opposite if you’re negotiating for the right reasons. You shouldn’t be looking at this from a manipulative point of view. You should be looking at how you can get tactical and improve every aspect of the workplace while making the lives of your team better. So, make sure you’re providing those opportunities for career progression within your own company and retaining your team for the right reasons. A bad boss creates a bad environment, after all!
Looking from an outsider’s perspective
It's easy to be biased when it’s your own company. So, take off your boss hat and change it to that of a bright-eyed eager candidate. Would you choose to apply and accept an offer from your company? And once you get there and start understanding the way everything works, would you stay? Would the company culture and processes work for you? Would the benefits on offer impress you? How could someone persuade you to stay instead of going to a bigger, higher paying job?
Ask yourself all these questions, and if you’d rather go somewhere else, perhaps it’s time for a reboot.
Put your money where your team is
Our final nugget of wisdom, for now, is one of the main factors why many look for new career opportunities.
Money is a huge factor in everything we do these days, especially with the cost of living going up. A survey by Human Resources Consultants Gallagher shows that even though 72 per cent of companies promised to raise the basic salary, it wasn’t enough to retain the employees.
If you’re a company just starting out or still finding your feet, you’re not always able to offer that competitive salary. If you can’t offer to match the rival offer, look to other benefits that this rival company may not have thought of. Whether it’s something like half days on Fridays that are still paid at a full day’s wage, salary sacrifice schemes for vehicles, or even discounts on energy and internet bills for those working predominately at home. Making the lives of your team easier, even in the unconventional ways, can really go far with retaining employees.
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