Management must monitor their workers, particularly the senior employees, given their crucial role in a team’s success and continuity. The COVID-19 pandemic greatly changed the business sector and the labor market. In 2020-2022, we saw a tremendous shift in employee behavior, leading to what is termed “The Great Resignation,” “The Big Quit,” and “The Great Reshuffle.” 

This trend became problematic for businesses as they aggravated challenges related to productivity and supply chains. But thankfully, we have seen employee resignations drop to 3.47 million, the lowest since September 2020.  

Even so, entrepreneurs must not let their guard down. They must maintain the value they provide to their employees and customers. Employee poaching remains common despite its rising cost to businesses. 

Here are 6 savvy tips to enhance senior employee engagement. 

1. Offer a Salary Raise 

Typically, a new employee tries to give his all to impress his colleagues and manager. However, seniors or seasoned ones do so because they have come to love the job, workplace, and colleagues. 

Their longevity says a lot about their loyalty, dedication, and even the lengths they are willing to take to get the job done right. They stayed with the company despite their challenges in the past years. They had to deal with the inconvenience, anxieties, and sudden changes. 

And now that the economy and the business sector are recovering, giving them a reward or a merit may be good. The cost of living has risen substantially in recent years. Your sincere remarks and gestures may warm their hearts. But those cannot cover the rising cost of food, utility bills, and rent. 

A salary raise is a strategic way to engage senior employees more. After all, they are already at the frontline of the business. They ensure that their juniors learn from their good example and that their vast experience and expertise can help them formulate fresh business ideas. 

Again, The Great Resignation is over. However, it is essential to note that 38% of small businesses still raise salaries today. Meanwhile, employee salary satisfaction is 3.1% lower than in the previous year. You must be mindful of salary raises to prevent poaching threats. 

2. Consider Using Human Capital Management Solutions 

Many businesses already use human capital management or HCM solutions to optimize workflow, payroll management, and employee recruitment. 

Often, we associate these solutions with large corporations. However, many providers target SMBs since they comprise most US businesses. 

Human capital solutions allow managers or senior employees to track workflow or project management even if employees are working remotely. It streamlines business processes, which is more efficient and less expensive. Simplifying steps and removing redundant processes shorten the time needed to complete the project. 

As such, it can reduce operating expenses and speed up the delivery of outputs, leading to higher revenues and margins. So, you will have more money you may opt to give as a reward to your employees. 

From employees’ point of view, HCM solutions can help them track their work quality and productivity and determine their strong and weak points. This can raise their awareness to improve their performance and reach their goals.

Lastly, HCM solutions also help in optimizing payroll management. It works hand-in-hand with the digitization of financial transactions. With HCM solutions, tracking employee productivity and absences will be easier. It will also be easier to manage their salaries and check potential increases to motivate them. 

Also, it automatically transfers to employee bank accounts and deducts mandatory contributions and taxes on their payday. So, it helps them avoid problems with the Social Security Administration and the IRS. 

3. Offer an Early Retirement Benefit

This one is common for many large corporations. Employers reward employee loyalty by giving employees an amount aside from their last salaries upon resignation. Businesses may give an extra 25% of an employee’s monthly salary if they stay for at least five years. 

Suppose an employee for five years with a salary of $14,000 a month resigns. The company must give them a $14,000 monthly salary and another $3,500 ($14,000 x 25%) as their early retirement or loyalty benefit as part of the final compensation. The percentage must increase as his years of stay increase. 

On top of that, the company may implement voluntary employee monthly contributions for their net defined benefit. A specific portion of their salary is automatically deducted and kept by HR as part of their early retirement plan. The company will set a specific percentage to match the employee’s contribution. 

In the same example, the employee earns $14,000. If they decide to deduct 5% of his salary as savings, he will receive a gross amount of $13,300. After five years, it will be $42,000 ($700*12 months*5 years). So if he chooses 10%, he will receive $84,000 if he retires after five years. Note that interests earned still need to be included. 

Consequently, the company can take advantage of the still-elevated interest rates by opening bank accounts with high APYs for better earnings on savings. Choosing an online checking account can be wise due to its high APY, rewards, and sign-up bonuses. 

4. Address Workplace Stress and Burnout

Senior employees may experience increased stress and burnout due to their responsibilities. Take proactive measures to identify and address sources of workplace stress, whether through workload management, conflict resolution, or stress reduction initiatives. 

Provide access to employee assistance programs, mental health support, and stress management tools. Doing so will help senior employees cope with job-related pressures effectively.

5. Listen to Them and Talk About Their Career Path  

Longevity can be a double-edged sword for senior employees. They have already proven themselves to their colleagues and upper management. They have received rewards and salary raises for their exemplary performance and loyalty. 

However, longevity may come with stagnance if it is not appropriately handled. That is why managers and HR officers must check in with their prized senior employees to keep them engaged. One way is by promoting them. Another way is by giving them a choice for a lateral transfer. 

Lastly, you can give them new tasks so they will learn more and feel challenged. These three things can help prevent the feeling of missing out and monotony. 

6. Offer Professional Development Plans

In connection to the previous one, studying to earn a master’s degree and getting training like software skills and Six Sigma are pivotal in keeping the fire in their hearts. 

Senior employees are often driven by a desire to continue learning and growing. Providing access to professional development opportunities demonstrates a commitment to investing in their ongoing success. Tailor these opportunities to align with senior employees’ interests, goals, and skill sets. This will empower them to expand their knowledge base and stay relevant.

Takeaways 

Efficient human resource management is essential to keep your business afloat today. You may encounter some challenges since the economy has yet to recover fully. But with proper solutions, strategies, and skills, you can do these smoothly. Your business may thrive and raise employees’ worth in the long run. 

Guest writer.