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8 Ideas to Help Retain  Employees

During the Great Resignation 

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Since April 2021, more than 15 million people have quit their jobs according to the U.S. Bureau of Labor Statistics1, and Microsoft’s research shows that 41% of workers across the world are considering leaving their job.2 Resignations hit a record high in September 2021 when 4.4 million Americans quit3. Which begs the question, what can employers do to retain their employees?

There are numerous areas that lead to higher-than-normal employee retention. Here are a few that can help make employee retention easier.


1. Work/life balance

Offering work flexibility – any scheduling pattern that is not the traditional in-the-office, Monday through Friday, 9 to 5 -- is a way to offer employees more control over their lives while still getting the same amount of work done. It also is an easy way to show your employees that you trust them and value their work while also recognizing they have obligations outside of the office. By allowing your talent to structure their workday or work week in the way that works best for their lives – assuming they can get their work done – you are providing a flexibility that will be very hard to give up for another opportunity.

Another way to offer work/life balance is to offer a compressed workweek. This means employees work the normal number of hours but complete them in fewer than five days. For example, offering a 4/10, meaning employees work four 10-hour days with an extra day off, can be very helpful for parents who are looking to cut childcare costs.

One other way to increase work/life balance in your company is to offer job-sharing, allowing two permanent employees to share the same job. This can be trickier, and may not work for every position or company, but a job-sharing arrangement can help keep two employees who were looking for flexibility.

2. Work to develop skills and career path

Employees leave jobs for many reasons, but Harvard Business Review found that employees who see clear career paths are less likely to leave for a different job.4

When managers are engaged in their employees’ career moves and have a vested interest in keeping talent, mentoring towards the next logical step up lets your employees know that you value them, want to keep them, and will help them continue to rise.

3. Offer an extensive benefits package



A comprehensive benefit package usually includes health insurance (medical, dental, vision), time off (vacation, sick leave), and sometimes financial security benefits (401k contributions, life insurance).

Voluntary benefits can boost the value of your overall package. These are “nice to have” benefits that employees can pick and choose.  Supplemental insurance, insurance policies that provide additional protection beyond the normal benefits a company offers in the case of accidents or illness, can round out a robust voluntary benefits package.

At Combined Insurance, we offer four types of supplemental insurance:


1. Supplemental Health Insurance
A supplemental health insurance benefit helps fill in financial gaps that may exist in major medical coverage. This could include:
    • Cancer Protector, which may pay a lump sum cash benefit if the policyholder is diagnosed with cancer.
    • Cancer Care Protector, which may deliver cash benefits during cancer treatment.
    • Critical Care Protector which pays up to $50,000 if the policyholder has a heart attack, stroke, or is diagnosed with cancer or another covered critical illness.
 
Accidents are unplanned, making accident insurance an important fallback. This plan provides cash benefits to help cover medical and non-medical expenses that arise from a fall, slip, or some other accident.
 
If your employee’s income is disrupted due to an accident, sickness, or disability, income protection covers their income for up to two years depending on the plan. It helps replace lost income and pays even if they’re still employed.
 
Losing a loved one is difficult for any employee, but by offering life insurance you can help your employees feel confident their family will be financially sound should they die. It will allow your employees to feel confident their family can maintain their current lifestyle and not have to worry financially during a very difficult time.
 


Employee retention is hard in the best of times and incredibly difficult during our current times. Try employing some of these techniques to keep your best employees from leaving by giving them unwavering reasons to stay.
 
  • We are here to make it easy!
Speak with a Combined Worksite Solutions expert to get the supplemental insurance coverage your employees need.

4. Help your employees be and stay well

Offering wellness programs can be a powerful way to benefit employees. Read Perks to Help your Employees Stay Well for a full discussion on the types of programs to consider, and how they can help.

5. Recognize employees with title changes and raises

Sometimes it’s not enough to offer remote work, additional flexibility, or engagement programs because many companies already have those policies and offerings in place. To keep talent, employers will have to dig deeper into their pockets.

Everyone wants to feel valued and while it is always nice to hear “job well done” or “we appreciate you,” sometimes a person needs more than positive reinforcement. In this case, as the world figures out its new normal and employees continue to leave their positions, a title change and compensation increase can be powerful retention tools. The more significant the raise, the more appreciated an employee feels.

6. Practice authentic listening

According to mental health expert, Dr. Elizabeth Lombardo, “Feeling heard is a critical ingredient to any positive relationship- both personally and professionally,” she explains.“When it comes to your business, listening to your employees and letting them know how they have been heard delivers many benefits.”  To read more about how to actively listen to employees, check out her blog post here.

7. Create a more hopeful work environment

Creating a hopeful workplace also has direct productivity impacts. A Boston University study found that hope actually accounts for 14% of productivity in the workplace — more than intelligence, optimism, or self-efficacy. While that may seem to be a small number, a 14% increase or decrease in employee productivity can make a distinct difference in your bottom line. It is important to understand that hope is more than an emotion or personality trait — it’s a skill that employers can teach and employees can learn.

Download our ebook, 5 Steps to More Hopeful (and Productive) Employees, for some fresh ideas on how to create a workplace people feel happy and productive in.


8. Follow our contributing expert’s articles for more ways to help employees

Mental health expert and executive coach, Dr. Elizabeth Lombardo, contributes to our articles regularly with modern, proven ideas to help employees thrive in the workplace.  You can find her latest articles here.


The information provided by this document is only a brief description. See the actual policy for complete details of the policy plans, features, benefits, options, rates, definitions, limitations, and exclusions. Products vary by state and are subject to availability and qualifications.
This product is issued by Combined Insurance Company of America in all states, except New York. In New York, this product is issued by Combined Life Insurance Company of New York (Latham, NY). Combined Insurance Company of America is not licensed and does not solicit business in New York.

NOTE: Covered conditions may vary by state.
 



References
1Table 4. quits levels and rates by industry and region, seasonally adjusted - 2021 M11 results. (2022, January 04). Retrieved January 28, 2022, from https:// www.bls.gov/news. release/jolt s.t04.htm




241%: Experts discuss the top workplace trends of 2021. (n.d.). Retrieved January 28, 2022, from https://www .microsoft.com/ en-us/worklab/ podcast/top-workplace- trends-of-2021




341%: Experts discuss the top workplace trends of 2021. (n.d.). Retrieved January 28, 2022, from https:// www.microsoft.com/e n-us/worklab/podcast /top-workplace -trends-of-2021




4Why do employees stay? A clear career path and good pay, for starters. (2018, February 28). Retrieved January 28, 2022, from https://hbr.org/2017/03/why-do-employees-stay-a-clear-career-path-and-good-pay-for-starters



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