Be Aware We are Facing a Nationwide, Industry-Wide Issue

A shortage of skilled professionals is leading to increased competition among companies for top talent. The Robert Half 2022 Salary Survey provides some startling facts. Skilled candidates report they are having little difficulty changing employers and are likely to receive multiple job offers when actively looking.

According to those surveyed approximately half feel they are underpaid and plan to ask for a salary increase. Approximately a third said they would seek employment elsewhere if their salary is not increased. Nearly nine of ten surveyed are confident their skill set is marketable. Two-thirds are confident they will find another position quickly.

Be on the Lookout for Warning Signs

There are warning signs that an employee is unhappy and may consider leaving the company. Look for unusual changes in behavior. For example, someone who has always met or exceeded goals is now underachieving or is missing deadlines. They are silent in team meetings, showing an unusual lack of interest. You may also notice changes in their attendance patterns. All these could be warning signs of dissatisfaction and a potential turnover.

Take Action to Prevent Turnover in Your Department

To minimize damaging turnover and remain a competitive employer your company may need to reevaluate its compensation strategy. According to the Robert Half 2022, Salary Guide employers are taking proactive steps to recruit and retain quality employees by offering salary increases and improving benefits and perks.
As a Credit Manager, you may not have the budget or authority to do any of the following but be aware your competitors may.

The Robert Half survey shows:

• 48% of companies are using signing bonuses to attract new employees.
• 46% are offering cash incentives to existing employees for returning to the office.
• 43% are offering more paid time off to attract and retain employees.
• 40% are offering job title upgrades to attract and retain employees.

It is a good time to discuss the risks and possibilities with your Management Team. You can also remind staff members, who seem dissatisfied, that every company has good and bad traits. In the long run, a salary bump may not be worth the risk of going into a difficult work environment and culture.
There are things you can do to build motivation and help to retain valuable staff members. Here are six thought starters.

1. Communicate with your staff:

Have you asked your staff members what they like or dislike about their current position? An honest, private conversation may be revealing. You may find they like the department, or company but hope to move up or on to another area. If that does not materialize, they are considering leaving. Consider asking: "Are there things you hate about your job?" The answer could provide a roadmap for changes that could benefit the employee, your team, and the company. Listen to the feedback. Then touch base with each of your team members frequently

2. Initiate expectations and action plans: 

Work with team members to understand the direction they want to take in their careers. Develop action plans to help them develop into a viable candidate for the position they aspire to. Some individuals may have unrealistic expectations. Give honest feedback and try to find ways to keep good employees motivated.

3.  Lead your team: 

Don't be afraid to delegate strategically. This shows trust. It will create a sense of ownership and encourage participation in areas beyond the normal day-to-day activities. This could spark new interest and motivation. When you set work priorities be sure they are well communicated and are reasonable within the context of core department activities. Be sure everyone in the department understands you expect a "trust" environment, not a "blame" culture. If there is tension between team members or with another area in the company, step in. Resolve differences and misunderstandings that can easily get out of control. You can break tensions by bringing humor and team-building fun into the workplace.

4. Encourage the skill and developmental training:

Training is a perk that benefits the employee and your company. Every valuable employee wants to do a good job. Training builds skills and confidence.

5. Recognize outstanding performance:

Recognition does not have to involve a great deal of expense. Announce when a staff member exceeds a goal, does something extraordinary, or provides special help to another team member. Post something in the company newsletter, and send congratulatory email copying to senior management. Offer a Friday afternoon off. If you do have a budget for such things, consider a gift card. Have a weekly virtual or live team get-together and announce special accomplishments

6. Accommodate concerns about flexible hours and remote work:

We have learned during the past two years that it is not always necessary to be tied to an office or fixed schedule. Providing the opportunity for remote work and a flexible schedule may be the deciding factor for whether an employee stays or looks elsewhere.

Editor www.highako.com Highako.com is a video-first microlearning platform trusted by over 10,000+ Credit and Collections professionals. Drive skill growth with role-specific, expert video lessons. Measure practical expertise through hands-on assessments. Connect and collaborate with the largest credit community and get access to ready-to-use templates.

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