By Jon Weiss
Senior Vice President
AnyDay powered by QRails
The past two years have been challenging for several reasons. The pandemic created—and, for many, exaggerated—the hardships they were already facing.
We’re now living with record-high inflation resulting in 78% of employees living paycheck to paycheck. The pandemic also showed employees that full-time employment and flexibility can coexist. Employees are now empowered and are pursuing opportunities where workplace policies match their personal preferences, so much so that 77% of companies say that reducing staff turnover is a priority. When it comes down to it, the five things employers should do to attract and retain top talent are pretty simple:
1. Increase communication: Open and regular communication between executives, managers and employees will allow teams to have a better understanding of each other, including work styles, how to stay motivated and the areas that are causing each team member stress. Having these regular conversations fosters mutual trust and respect as well as positive workplace culture.
2. Stay flexible: The pandemic proved to many of us that the workplace does not have to have a static definition. It’s dynamic, and employers should lean into this idea in order to best support employees who require flexible work options like working from home or scheduling their day around when they need to be able to pick up their children from school or daycare, for example.
3. Provide opportunities for personal growth: Success is not limited to the workplace. While it’s essential for employees to feel good about their jobs, their positions are only a part of their personal success story. Employers can support employees in their personal lives by offering stipends for gym memberships or exercise equipment as well as for professional development group memberships.
4. Don’t rush: The Great Resignation is creating a lot of stress within workplaces, both at the executive and managerial levels, as companies look for the best candidates while more and more employees are working overtime and having to wear many hats on smaller teams. While it’s essential to fill open roles efficiently, it’s even more important that employers do not rush and hire candidates that aren’t the best fit. This can lead to greater frustration among teams and negatively impact productivity.
5. Inspire financial well-being: I urge employers to implement Earned Wage Access (EWA) or flexible pay for their employees. EWA allows people to have visibility and access to their hard-earned paycheck, enabling them greater ownership of their finances. EWA paired with financial education can empower employees to take control of their finances and learn how to manage their money better for their lives and circumstances. According to Forbes, 81% of employees would take a job with an employer that provides access to earned wages on-demand over an employer that does not (subscription required).
Without a doubt, companies and employees are finding themselves in challenging times these days, but there are simple steps employers can take that will help them retain their best employees and recruit new star performers as well.
Jon Weiss, is the senior vice president for AnyDay powered by QRails. Jon has worked in the HCM / Payroll space for many years developing White Labeled Solutions for partners to enhance their product and service offerings helping them to be more competitive in the marketplace. Before joining AnyDay powered by QRails, Jon held executive partnership roles at Nettime Solutions (acquired by Paychex) and eLabor (acquired by ADP)