.svg)
.svg)
67% of employed job seekers planned to quit in 2023. [Joblist's 2023 United States Job Market Trends Report]
What could be the reason?
This could be a sign for HR to take a better look at employee retention, and where we could improve.
Employee retention is the biggest jargon of the decade, and companies are trying to figure out the best ways to make their employees stay. If you are here for the same reason, then this blog's got you covered.
Employee retention can be defined as an organization's ability to make their employees stay with them for a longer period of time.
In today's time, where the workforce usually consists of individuals from Millenials and Gen Z, employees tend to change companies every few years. Because of this reason, companies have become more prudent in developing strategies to retain employees belonging to these demographics.
What worked for the older generation just won't cut. As employee turnover rates increase year by year, it is high time companies start giving employee retention the importance it deserves.
Coming up with employee retention strategies is no easy feat. You will have to know your employees well to know what will and will not work for them. But before you dive deeper into the specifics, here are some age-old techniques to help you keep your employees.
To attract great people who align with your culture, showcase your culture on your careers page. For instance, mention perks such as monthly massages, onsite exercise centers, or generous parental leave policies.
You could also mention CSR initiatives that your organization does. For example, SurveySparrow mentions their CSR activities on their page: SparrowCare
Additionally, listing awards like "Best Places to Work" recognition can be beneficial. To receive applications from a more diverse group of candidates, engage with professional organizations, community college job offices, and other relevant groups.
Offer professional development, flexible schedules, and the option to work from home to cater to the needs of individuals from various backgrounds. Highlighting a strong culture of respect is crucial.
Moreover, ensure there is a significant emphasis on recognition. Nearly half of millennials desire to be rewarded or recognized for their work at least once a month.
Ensuring your employees are compensated fairly and competitively is crucial for retention. Stay informed about industry standards and ensure your salary packages are aligned with or exceed these benchmarks.
This not only shows your employees that you value their contributions but also helps prevent them from seeking opportunities elsewhere where they might be offered more attractive compensation. Beyond base pay, consider retention bonuses, raises, and other financial incentives that reward outstanding performance and dedication.
Remember, a competitive salary combined with a fair and transparent compensation structure fosters a sense of appreciation and loyalty among your team members, making them more likely to stay and grow with your company.
Find a work-life balance for yourself and your staff.
Work-life balance is becoming a bigger reason employees are seeking for new employment or turning down opportunities, especially after the pandemic affected how people value their jobs.
Working from home, having flexible hours, or shorter workweeks can help achieve work-life balance, as can advising employees not to check email or answer business calls at work. Considering your staff's time off is crucial to successful working relationships.
One of the best ways to retain employees is to enhance their engagement. And the very first employee engagement strategy is to identify disengaged employees. Unmotivated employees might portray diminished confidence, and lower productivity. To help give these employees a voice, and close the feedback loop, you need to assure that their opinions matter.
Allow your staff to provide honest feedback when they feel secure. You can do this by distributing anonymous surveys.
Encourage them to give suggestions on improving the workflow and the workplace. This will make them feel like they contributed to the company's culture, keeping them motivated.
Don't compel them to conduct unnecessary or pointless things. Being forced to pursue social or other activities outside of work might cause employees to quit. Varying workplaces exude varying employee engagement. Asking employees what they want might help avoid this issue.
The best way to increase your employees' engagement is to start by measuring and assessing their engagement levels. And you can do this with employee surveys.
ThriveSparrow lets you create and share engagement surveys in 2 minutes, with readily available research-backed question banks. The platform compiles this data and gives a comprehensive overview of department-wise engagement to help guide your engagement efforts.
Providing your staff with regular feedback on their work is essential for their professional development, including the acquisition of new skills.
As technology continues to evolve, it is crucial to help employees adapt by learning new abilities.
Given that company demands vary, employees must "upskill" to remain competitive and effective in their roles. To prioritize their professional development, consider implementing the following strategies:
- Allocate Time for Learning: Encourage employees to dedicate time for virtual meetings and ongoing education.
- Offer Financial Support: Provide reimbursement for relevant courses and training programs.
- Focus on Succession Planning: Remember that effective succession planning not only prepares future leaders but also enhances overall career growth within the organization.
By investing in your employees' growth, you can boost both leadership capabilities and career advancement opportunities.
Even after reopening their offices, many companies recognize that some employees still prefer to work from home, at least for a while. If employees cannot utilize this option, they may seek other job opportunities.
It’s important to consider what you can offer to employees who cannot work from home full-time. Options such as a shorter workweek, additional time off, or the possibility of part-time remote work can help alleviate concerns and keep your staff engaged.
By being flexible and accommodating, you can foster a positive work environment and retain valuable talent.
Real, honest, and open communication between a business and its personnel is crucial for informing them of company happenings, expectations, and responsibilities.
This is especially crucial during times when the company or the economy is struggling. Employees like to be informed beforehand, and not shocked by workplace changes, and they must be given opportunities to discuss their concerns with top management.
Appreciate and give Kudos to your staff when they hit a big work milestone, like finishing a big project early or having been at the same job for five years. No matter if you have to party online, it can still be a special time for everyone.
Even a simple thank-you from peers or managers can count!
Implementing a simple employee recognition system can go a long way in enhancing your employees' engagement and morale, and keeping them long-term.
ThriveSparrow is such a software that can help you facilitate peer-to-peer recognition and reward employees for their achievements. Explore more about ThriveSparrow's Recognition capabilities here.
One of the most important aspects of retaining efficient employees is building the right company culture. Make it people-focused. Whatever decision you make as a company, think about how it will impact the employees. When employees realize the value you place on them, your employee retention rate is sure to skyrocket!
You should ask all of your employees, not just the best ones, for their thoughts and ideas.
Encourage teamwork by making it possible for people to work together, taking into account different ways of doing things, and letting everyone make decisions and course changes as required. Teamwork increases employee engagement which in turn increases employee retention rates.
One way that can help you identify and curb retention is by running eNPS surveys. With it, you can measure your employees' loyalty, identify what's the reason, and use the feedback data to drive you retention efforts.
Employee Retention is the Game-Changer
Once you gain an idea of what works and what doesn't work for your employees, you have successfully cracked the code of employee retention.
This is an area where we at ThriveSparrow can help. We help you conduct customized surveys to gauge the mindset and preferences of your employees. The information you get from the survey reports can then be used to guide your employee retention strategy fitting your organization like a glove.
Get the ball rolling on retention. Book a free call with our product experts, and explore how ThriveSparrow can serve as a befitting solution for your employee's engagement, recognition, and performance.
