Solutions for Your Employee Turnover Crisis By Jonathan Malan
W
e are living through one of the most interesting times in the history of modern civilization. Strong statement, I know. But think about it. Mobile devices have put any information you need at your fingertips. We are coming out of a pandemic that has made the world smaller than ever before. Remote workforces are more feasible and accepted than ever. The internet and the creation of cloud-based software means work can be accomplished any time, from anywhere. And for a lot of business owners, this “Great Resignation” is just compounding the staffing crisis we already had on our hands. None of this even brings into account global current events, inflation, financial markets, or other geopolitical events.
So what does all of this mean and how does it affect your business? To attract and retain the best talent possible in St. George, it is time to adapt. Kevin Harrington, CEO of Joblist, recently noted, “The pandemic was the catalyst for the Great Resignation phenomenon, but it’s likely here to stay. Job openings are close to record levels, and with the rise of remote work and interviewing, it’s never been easier for employees to switch jobs in search of greener pastures.” Additionally, a recent Forbes article stated, “Seventy-nine percent of employed job seekers believe that they can make more money by switching jobs than staying put in the current market.” The average lifecycle of an employee (from hire date to termination date) is 3.9 years and dropping. In the tech industry, it is now below three years. I am sure in many industries, it is even less than that. I think I can speak for a lot of people when I say that it has never been harder to attract, engage, and retain the right talent. So what can you do to solve your employee turnover crisis? Although there are no easy solutions, you may want to consider the following: 1. People want to feel wanted. 2. People want to be heard. 3. People want to be challenged.
68 Southern Utah Business Magazine :: Summer 2022
People Want to Feel Wanted When you take an honest look at your employees, are there some that you think you can’t do without? What are you doing to make them feel wanted? Employee recognition, stock options or ownership, creative forms of compensation, or the “golden handcuffs” have never been more important. One of the things that brought the most bang for the buck in my career was engaging an employee’s spouse and family with the workplace. As is almost always the case, the employee leaves his family daily and lives a completely different life at work—different friend groups, different tasks, different motivations. What can be done to bridge that gap? One of the most impactful things we did at Vasion (outside of building a building with a huge basketball/pickleball court for families to use) was invite families to join us for experiences at work. Jazz game coming up? Hold a viewing party. Halloween? Blow out the budget (the kids will love it). Have a reason to recognize some of your employees? Invite their spouses without them knowing. It’s always awesome to watch family members celebrate work wins with your employee. Find a way to bridge the gap between work and family. It will pay off.
