Even though employee turnover rates have declined across the job market, the number of employees leaving jobs in retail and the hospitality industry has continued to increase. Why is this? What can we do as retailers to retain our current employees and make our workplace more attractive to potential applicants?
Some things to consider:
There are almost 2 jobs available for every unemployed worker.
Many retail workers leave positions due to feeling underpaid, overworked, and unappreciated.
Job seekers are finding positions outside of retail that are providing higher salaries, better benefits, and more flexible schedules.
Only 1 in 4 employees feel strongly connected to their employer
Employees leave jobs due to lack of advancement.
So, what can you do to increase employee retention and attract top talent? Employers who take the time to know what motivates their associates have a higher likelihood of retaining them.
Employees are motivated by 4 basic principles: RAMQ:
Recognition: Create a team culture where feedback is encouraged, and wins are celebrated.
Advancement: Promote from within whenever possible and establish a pathway for advancement.
Money: Present the complete compensation package, not just the wage but the potential for additional earnings with commission and or bonuses.
Quality of Life: In addition to vacation pay, medical and retirement savings, something as simple as rotating shifts to allow for more flexibility in scheduling can make a big difference.
Communicating effectively to determine your teams’ biggest motivators, will result in more engaged, loyal, and productive associates. Leveraging RAMQ is valuable not only in retaining employees but can also be used as an effective tool to manage performance and to recruit as well.