9 Ways to Use Performance Management to Retain Employees
Many corporations are no stranger to The Great Resignation as the United States experienced a 20-year high in its “Quit Rate” in November of 2021. Employees everywhere have expressed dissatisfaction with their jobs for many reasons, the main ones being wage stagnation throughout ever-increasing living costs and a desire for more remote or hybrid work options. 41% of employees are at least considering finding a new job, and 46% are more than happy to make a major career change to find something better.
Avoiding a similar outcome in your company is not an easy feat, but one that should at least be attempted. By giving them a sense of value and motivation, businesses can retain employees and increase satisfaction and productivity. Recognize employees and deliver meaningful and well-timed feedback to help them learn and grow, not only professionally, but in their personal lives as well. Read the infographic below to learn some ways you can use performance management to retain employees.
If your company is not currently using a performance management system or your software is outdated, it can increase employee frustration. Having no regulated or scheduled performance reviews can make employees feel undervalued and unsure of where they stand: if they don’t know that they’re doing a good job, do you? Additionally, having a constant flow of communication between employees and their higher-ups can improve processes, provide better efficiency, and employees feel more satisfied because they know they can talk about and resolve their frustrations with current business practices. By implementing a performance management system like LightWork Software, the overwhelming task of managing employees is transformed into something to look forward to.
Want to learn about all the ways Performance Management can help you retain employees throughout the Great Resignation? Read more about all of our awesome features and tools on our LightWork Performance Management page!