In the United States, a common complaint is that “no one wants to work,” even though we are currently experiencing a period of the lowest unemployment in the past 50 years. This, coupled with the fact that all Baby Boomers are rapidly reaching traditional retirement age by the year 2030, means we are in a difficult position of having more open roles than we have available workers.

In this environment, employee retention has become a top priority for companies, particularly amid “The Great Resignation.” Envision RISE course RISE-08 “Transparent Development and Retention Practices” states, “Healthy, high-performing organizations have the policies and procedures in place to uncover problems before it costs them high-potential employees. Once employees start resigning, the reputation of the company is at risk.”

Retaining Current Talent

Rather than competing for qualified candidates, organizations are taking steps to retain the ones they already have. The days of a steady paycheck being enough are long gone. Employees now seek fair and equitable pay, benefits that meet their needs, and a workplace culture that values what each person brings to the job, as well as inclusion and a sense of belonging.

Unfortunately, many employers dismiss these desires as passing fads or entitlement. However, research indicates that employees who feel a greater sense of belonging and inclusion at work report a significantly higher Employer Net Promoter Score (eNPS), which measures the likelihood that a current employee would recommend a company as a great place to work. This metric can provide insights into company culture, predict turnover, and gauge overall employee engagement.

How to Measure Inclusion and Belonging

Here are a few ways to start measuring inclusion and belonging at your organization:

• Start by examining who is in your workforce.  Who gets hired and who stays?
• Provide thoughtful exit interviews. What do they tell you?
• Consider using “Stay Interviews.” Stay Interviews identify trends that could be contributing to employee turnover. By prioritizing employee retention and cultivating an inclusive workplace culture, companies can thrive in this challenging labor market.

Overall, companies must invest in employee retention if they want to remain competitive and profitable. A steady paycheck may have been enough in the past, but today’s employees seek much more than that. Fair pay, appropriate benefits, and inclusive workplace culture are essential components to successful employee retention. Ultimately, it’s up to employers to earn the loyalty of their current employees by creating a work environment that meets employee expectations and shares in the companies’ successes. Ensuring that all employees feel valued, respected, and part of a greater whole will help any organization stay competitive. For guidance on how best to meet these goals, contact Envision RISE for employee retention services and strategies tailored to your needs.