There are a million cliches one can use to express how important talent is to a business. The straw that stirs the drink. The fuel that powers the engine. The heart and soul of the operation.
Talent matters, especially when the applicant pool is deeper and pickier than ever before. A Willis Towers Watson study revealed that 73% of employers are struggling to attract employees. And as difficult as it is to get them to apply, it’s almost as challenging to retain them — more than 60% of business leaders are having trouble keeping their best and brightest.
It’s no wonder, then, that an even greater premium has been put on employee engagement and retention. Businesses that want top-tier talent need to do everything they can to make their workplaces as appealing as possible — for new hires as well as current employees.
How to Know When You Have Retention and Attraction Issues
Still wondering whether your company might have employee engagement and retention issues? Watch for these red flags:
1. Mass Defections: It would be a massive understatement to say that 2021 was an eventful year for people leaving their jobs. While the “Great Resignation” is a clever play on words, the numbers point to how transcendent this trend was: About 47.4 million people voluntarily left their jobs in 2021, according to the U.S. Bureau of Labor Statistics.
An inability to retain talent (top-tier or otherwise) speaks volumes to outsiders. If your people go, you could see application numbers dip, interest in the company wane, and a negative narrative begin to take shape about how invested your company is in its people.
2. Unplanned and Unscheduled PTO Requests:Does your company hang its hat on its flexible and generous PTO structure? It’s a tremendous investment in the mental and physical well-being of your employees — but have you noticed a sudden uptick in requests for time off? And are they less staggered than usual?
It could be because your employees are taking paid time off because they desperately need a break from the day-to-day grind. Or they could be using those days to interview for new gigs. Though employees are not obligated to tell you as much, certain workers using paid time off at a higher rate than usual could signify your current roster isn’t as engaged as you might like.
3. Concern From the C-Suite:It’s easy to dismiss a few team members leaving as isolated incidents. But when those departures pile up, company leadership is likely to notice. And when the C-suite brings a pattern of losses to your attention, it’s something you’ll need to confront head-on.
You’ll want to start by looking for potential ways to curb employee resignations. Once you’ve stabilized the team, you can focus on attracting new workers who can help turn any losses into gains. Whatever the case, look alive when the higher-ups mention ongoing concerns related to employee retention.
Moving forward, employee attraction and retention will remain high priorities for all companies. With Paytient, you have an affordable and accessible wellness financing option that will show current and potential employees how much you value their contributions. To learn more about how Paytient works, click here.