The Coaching Effect Blog

The Coaching Effect Blog

    THE GREAT RETENTION

    by Bill Eckstrom / January 26, 2022

    3 ways to keep valued team members from leaving

    It’s time to flip the script on the Great Resignation. Business managers need solutions and a way to mitigate the migration. Let the Great Retention begin!

    By now you’ve no doubt seen headlines like, “More Americans are quitting their jobs than ever before.” The list of reasons ranges from workers choosing early retirement fueled by the COVD-19 pandemic to workers fed up with poor working conditions. After being laid off or furloughed during the height of the pandemic, many simply are not returning to the workforce.

    Whatever the reasons, the fact is more than 20 million people quit their jobs in the second half of 2021. According to CBS News, it’s the highest “quit rate” in two decades. “4.4% of all positions in education are open, over 6% in retail, and more than 8% in health care. Open jobs in hotels and restaurants are nearly 9%. That's almost a million-and-a-half vacant positions.”

    But that’s only part of the Great Resignation story.

    Looking for more

    Not all the people quitting their jobs are leaving the workforce completely. Many are searching for – and finding – better jobs. Some call this side of the story the “Great Upgrade.” Higher pay, more benefits, remote-working flexibility – these are part of the search for a better deal.

    And businesses are obliging. But bigger paydays and sign-on bonuses aren’t all that quality workers crave. There are ways to keep current employees happy and content by fulfilling other desires. And that’s where Ecsell Institute can help.

    It's in our data

    We recently sought to identify employees at risk of leaving a business by pouring through data from our Coaching Effect Survey. With results from hundreds of employees across a myriad of industries, we found three common warning signs that identify team members who may on the cusp of leaving:

    • They don’t feel like they’re developing or growing in their role
    • They feel like communication has been unclear or insufficient
    • They believe that follow-through and accountability is inconsistent

    Since we are all about solutions, our next step was to determine — based on these findings – how a manager’s effectiveness plays a role in the retention of their team members. Which manager behaviors lead to the greatest retention? The managers who:

    • Provide opportunities for growth and development
    • Are consistent and dependable in their leadership
    • Are open and engaged with their team members

    Learn how

    Wakeup call

    At the end of the day, the message from employees is clear: They want change. And managers who can provide that change will be in the best position to retain their quality employees.

    During challenging times, employees want to know that their manager values them, and it begins with open communication. When they know how much they impact their team’s success, employees feel like they are a true stakeholder.

    As long as managers are transparent about organizational information and are able to offer a vision and a strategy for the future, team members will know they are working in an environment that is adapting to their needs – in their careers and their personal lives.

    Stop the Great Resignation at your company – download our white paper for three must-do solutions.

    Download the white paper

    Tags: The Coaching Effect Employee Retention Great Resignation Turnover

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    Bill Eckstrom

    Bill Eckstrom

    William Eckstrom is the CEO and Founder of the Ecsell Institute. Bill has spent his entire career in the sales management and leadership arena. In 2008, he founded Ecsell Institute to fill a void he witnessed and personally experienced in the sales leadership profession. He's went on to present a viral TEDx Talk and co-authored the best-selling book, "The Coaching Effect."