| | DECEMBER - 2022MANAGEHRMAGAZINE.COM9UNDERSTANDING THE LABOR MARKET SHIFT 1. Make sure you are paying employees the market rate. Employees will leave a company for better pay and benefits. It is the number one thing employees consider essential. While you are paying new employees market rate, there should be a market-rate analysis for current workers. This is to ensure your employees feel valued and avoid wage compression.2. Work with your managers on increasing their empathy and holding people accountable. Employees need to feel that their managers care about them as people and are treated fairly. Employees tend to leave their managers and not their company.3. Train managers to identify mental health issues. If your company has an EAP, that is an excellent resource for employees.4. Creating an inclusive and fun environment begins with onboarding. How you bring employees into your organization and connect new employees to other employees. Employees want to feel that they belong and the atmosphere is inclusive.5. When possible, it is vital to inject fun into the workplace. We spend more time with the people we work with than our own families. Leaders and managers are essential in making this happen. 6. Find a way to provide flexibility in the workplace. While not all jobs can be remote, companies need to reevaluate and be creative in incorporating flexibility in those roles. Consider job sharing or flexibility when they come to work.7. Be proactive and do Stay Interviews to understand the engagement of employees. Employers need to reach out to employees before they leave the company. Once an employee chooses to go, it is challenging to retain him/her. Offering more money is not always an incentive for an employee.8. Create a culture of respect and appreciation. Leaders in the organization need to set the standards of respect for all employees. The area that many employers lack is where employees feel appreciated. Saying "Please" or "Thank you doesn't cost a company anything. However, it goes a long way for employees.The most important thing an employer can do to retain employees is open and flexible to new ideas during this period. Those companies unwilling to modify or change culture may encounter missed opportunities on talent or a revolving door. Whether companies decide to implement some or all the suggestions above is something they want to consider maintaining the competitive advantage for talent. It's essential to understand what employees value and audit your current company culture
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