Businesses, no matter the size are being impacted by the so-called “Great Resignation”. Long gone are the days where an employee stays with a company for their entire career. This has led to workforce trends shifting, along with a highly competitive job market. Many job seekers are searching for positions that provide a greater degree of satisfaction, coupled with work-life balance.
Hiring a candidate to fill a position takes a lot of time and money. However, it is crucial to make sure you hire the right candidate, as the impacts of employee turnover put additional strain on the staff that remains. This can lead to stress, frustration, poor performance, negative customer interactions and possibly additional staff leaving their positions to find employment elsewhere.
To attract and retain top talent, businesses must invest in quality human resource practices that include employee retention strategies. Employees who feel valued and believe their employer is invested in their success will be happier, more productive and more loyal—a win for everyone.
Below are the top employment retention strategies.
Invest in Employee’s Career
Businesses with formal onboarding and orientation programs have a much higher employee retention than those that do not. This process should include a detailed plan for the new hires first day, week and month and provide them with all of the tools and resources they will require to perform their role successfully.
It is crucial to outline and communicate short-term milestones and long-term goals. The Manager should provide their employee with a roadmap for career success which outlines training and professional development opportunities, as well as mentorship programs available. This reassures the employee their future is bright with the company.
Compensation
Proper compensation ranks at the top for retaining employees. Not only should they be paid fairly for their time and work, their wages should be regularly adjusted for rising inflation. A couple other reasons compensation should increase include as experience level builds and when additional responsibilities are required.
What benefits does your company provide to its employees? Do you know what perks your employees really want? It isn’t always a pay increase that is wanted. Common items employees are looking for include health care insurance, more paid time off, performance bonuses, retirement plans and flexible schedules.
In addition to the items mentioned above, what wellness offerings are available? It is important to support and prioritize the well-being of your employees in ways that keep them mentally, physically and financially fit. Stress management programs, retirement planning services and reimbursement for fitness classes are a few examples to consider.
Organizational Culture
Company culture is another key reason for workplace satisfaction. Strong corporate cultures share key traits such as clearly articulated values, seeking out and valuing employee’s voices, strong commitment to diversity, equality and inclusion and executing supportive leadership.
People want to work where they believe in the cause, the mission and are part of the bigger picture. Employees also want to feel like they belong and are comfortable with the team. They don’t want to be just a number, rather they want to feel like the work they are doing is important, has value and they are part of a team.
Work-Life Balance
Work-life balance could come by means of remote work, flexible schedules or reduced workdays. Other decisions to be considered include setting policies around not checking email or answering phone calls that are work related once your work hours for the day are done. Respecting employees’ time away from work is key to maintaining a healthy working relationship with them.
A helpful strategy managers can implement is to regularly check in with employees to ensure they don’t have more on their plates than they can handle and to encourage open lines of communication about workloads. Also, eliminate unnecessary meetings and administrative duties that drain time without adding significant value.
Recognize and reward employee for their work and contributions
Employees who feel appropriately recognized and rewarded by workplaces are much easier to retain long-term. These employees will work harder and be more productive. Recognize your employees for results and efforts through social recognition and monetary rewards.
If you have any questions about these employment retention strategies or would like to discuss using our recruitment services, please feel free to reach out.
Contact us today:
Phone: 800-691-7499
Email: mail@4sightsolutions.ca