According to the Society of Human Resources (SHRM), 41% of employees are actively looking or have short-term plans for pursuing new opportunities. Now more than ever, there has been added pressure on not only attracting top talent, but retaining them too. While there are few things that can be done to combat the changes in the market, there are ways that companies can increase their retention rates and in turn, attract top talent to their doorstep. In this week’s blog, we’re sharing some simple steps to help increase your talent retention amidst the Great Resignation.
5 Steps to Improve Employee Retention
Start with a Culture of Appreciation
By celebrating both team and individual successes within the organization, employees will feel that their work is being valued and the contributions they make are being appreciated by the company as a whole. By continuing to recognize individuals who are performing well, or improving in their performance, this can help to lessen feelings of burnout, even in times when the stress and strain of external factors can be prominent in the workplace.
Invest in Development & Career Advancement
Providing a clear pathway for career advancement within your organization is one of the most effective ways to increase employee retention. Nurturing employees through professional development opportunities not only improves their skillset and makes them feel valued, but it also improves their performance within your company.
Offer Flexibility When Possible
Finding ways to offer flexibility perks, such as hybrid and remote work opportunities or even a less formal dress code can help foster a working environment that employees enjoy. For working parents or other caretakers, added flexibility in a job can be a large factor to help them maintain a healthy work-life balance.
Lead With Empathy
Not only do employees want to be valued and recognized for their contributions, they also want a healthy working relationship with their employers. Managers who view their employees as more than the output they produce tend to have better working relationships, more loyalty from their team, and less turnover. More so, organizations need to understand their employee population, their specific wants and needs, and find ways to support them.
Communicate with Honesty & Transparency
Ask any change management professional and they will tell you that employee buy-in is key to setting the stage for a smooth operational process. When employees understand the “why” behind organizational decision-making, they are more likely to be on board with changes that occur. Keeping employees in the loop through open and honest communication not only keeps them informed of important information that will affect the business as a whole, but will also gain their trust, respect, and loyalty. Studies conducted around the “Neuroscience of Trust” have consistently shown that organizations with higher levels of employee trust report less stress among employees, more productivity, fewer sick days, and more engagement.
While there is no “quick fix” for improving employee retention within your company, by slowly implementing employee-focused initiatives like the above into your organizational processes, over time you will begin to see a shift in overall satisfaction and tenure.