Ask any business owner what they expect their greatest challenge to be in 2022, and virtually every one will have attracting and retaining talent in their top two list. The last couple of years has brought us The Great Resignation on the one hand and greater mobility between job positions than we have experienced in a very long time. In 2022, talent will continue to be hard to find and even harder to retain.
Unlike ever before, mental health is now a major topic that must be addressed by employers. To attract and retain talent, employers will have to be cognizant of and address the affect multitasking has on stress levels since such stress leads to reduced focus, diminished loyalty, and decreased productivity among other things. A renewed focus on work-life balance has become important. The challenge is to find a good balance between professional growth and responsibility and improving personal quality of life. But, even that may not be enough to retain good employees.
Business owners should take steps to protect their businesses from the risk of damage that a mobile workforce presents. Appropriate steps include:
A good employment agreement for key employees can not only provide the employee job security and recognition of their value, but also protect the employer from sudden resignations and the potential theft of valuable business data and information. The contract can provide a path for future career opportunities and growth within the company which may include a path to equity ownership.
Compartmentalizing business information and responsibilities can make it harder for resigning employees to take valuable information or business to a competing company. Avoid situations where one employee “owns” the customer or vendor relationship.
Creating overlapping responsibilities so that one person or group is not indispensable will go a long way toward business continuity if an employee or small group jump ship.
A good employee handbook can set the stage for reasonable expectations, protect the company’s business information and good will, and provide employees a fair workplace.
Finally, an open-door policy through which employees can openly discuss issues with fear of reprisal can go a long way toward making employees feel valued and a part of the team. Take time to coach and mentor employees so they know you care about their future success.