As we approach the one-year mark of our two-week shut down to stop the spread of the coronavirus, the unemployment rate is close to double the 3.5% February 2020 pre-Covid-19 reporting. Now at a 6.7% unemployment rate, as reported by the Bureau of Labor Statistics February 2021 release, retaining employment is becoming increasingly hard for both employers and employees. Large scale corporations and small businesses have been on the same roller coaster, having to furlough star employees and cut back on those allowed within physical office spaces. So what can employers do to retain their staff in a post-Covid-19 landscape?
Listen to your employees individual wants and needs
With resignation rates on the rise, taking the time to listen to the concerns of each employee can be beneficial in the long run. Employers should remember that the needs of their employees differ from person to person, based on exterior influences such as health status, work-life balance, and their families at home. COVID-19 has elevated health risks and presented new challenges regarding healthcare, child care, and working condition standards. Remaining sensitive to the needs of each employee will communicate that managers care about their employees.
Consider flexible workspaces
Considering flexible workspaces may help employers retain hard-working employees that may not necessarily feel comfortable being in the office at the pre-pandemic schedule. Varying work policies such as work from home, half shift availability, or paid time off can help persuade employees to remain where they are instead of leaving for the influx of work from home positions available. This demonstrates a level of management engagement, and will further entice your employees to stay with your business.
Introduce a retention initiative
Today, retention initiatives are more than putting in an espresso machine in the break room. Programs such as employer loyalty bonuses and rewarding high-performing employees will increase a company's retention rate. Another retention initiative your company can consider to keep up with the market is increasing base pay and paid time off.
Lean on your staffing agency
In this post-Covid-19 landscape, leaning on your staffing agency for their expertise and insight on employee concerns related to specific markets and fields is your biggest resource. Take advantage of your staffing agency's knowledge of industry trends that will better support the retention of your employees. To start a conversation about your new staffing strategy in this post-Covid world, contact us Performance Staffing solutions today.