Opinions expressed by businesstraverse.com contributors are their own.
Employees had one thing to say to their employers at the end of 2021: we’re quitting.
With the nation”stopping speedIf you hit the highest point in 20 years last November, you may be looking for ways to retain top talent. You know you need to implement a great employee retention strategy, and fast, but how do you know what works?
It is not easy to keep employees on board, but it is possible. Due to our calculated retention strategy, my company has not had an employee quit since 2016. That’s right – we got through “The Great Resignation” without saying goodbye to a single employee. Here are some best practices for long-term employee retention.
1. Embrace Flexibility
People not only want flexible jobs, they have come to expect it. A recent study has shown that almost 40% of applicants Globally, scheduling flexibility has been said to be one of the top three factors they consider when making career decisions. If you want to recruit and retain top talent, providing flexibility in the workplace is crucial.
Some employees may prefer to work early in the morning, while others feel more productive late in the afternoon. Some employees will want to take time off around the holidays, while others prefer (or need) at another time of the year. By offering flexible hours and no formal cap on paid time off, every employee can perform at their best. Flexibility gives employees complete autonomy to manage their schedules so they can maximize their productivity while maintaining a balanced life.
Related: How to Keep Your Most Valued Employees During ‘The Great Resignation’
2. Room for growth and development
If employees in your company are not challenged in their roles, they can become bored, complacent and long for more. As a leader, it is your duty to find ways to unleash the full potential of each employee. And when an employee feels that their leader is invested in their success, they will invest in the success of the company.
One tool I recommend is a mentorship program. At my company, every employee has the opportunity to request a mentor for two to three hours a month, who will give them an experienced voice. Employees can discuss development opportunities, ask questions and hear a new perspective to guide them in their career path.
Other ways to facilitate employee growth include quarterly goals, training opportunities such as conferences and online learning subscriptions, and current managers willing to take on a coaching role when needed.
3. Encourage Loyalty
It should come as no surprise that offering competitive wages and benefits are key factors in reducing employee turnover. According to a recent study, 44% of employees are open to new jobs with better benefits and compensation.
If you find yourself overwhelmed by this and struggling to update your compensation package, go back to the source. Start by asking your employees what they value most and what types of benefits and/or compensation will encourage them to stay with your company.
Related: Improve employee retention through a people-centric approach
4. Prioritize company culture and connect
Companies that focus on cultivating a positive corporate culture see a 72% lower turnover in addition to a 29% increase in profits — prioritizing your culture is good for employees and the company. Your company culture is experienced in every decision you make and every interaction employees have with each other. Does your culture reflect the values your company claims to have? And does every employee feel welcome and supported in this?
In addition, given the prevalence of remote work, we need to put even more effort into making sure every employee feels supported and connected. At my company, we host monthly social events to encourage connection. From playing the game Among Us together to taking a virtual mixology class, there’s no shortage of laughs on the fourth Friday of the month.
5. Earn the trust of your employees
Being open and honest with your employees at all times can be challenging, but it is essential to earn their trust and loyalty. Keeping your team up to date, sharing both positive and negative feedback, and welcoming input from your employees will put you on the right track to build a strong foundation of trust and respect.
So what does this look like in practice? Every leader’s communication style will be different, but in my company we actively communicate company profits and, yes, even the (sometimes embarrassing) failures. We also encourage employees to ask questions and provide ample opportunity to do so during our biweekly company meetings. We also understand that not every employee feels comfortable during a Zoom conversation, which is why we offer employees the opportunity to email their questions.
Related: Balancing These Two Things Is Key To Employee Retention
Be intentional
We can no longer afford to sit back and watch as workers walk out the door – losing and replacing workers costs businesses billions of dollars. To retain top talent, which in turn improves productivity and morale, we must be deliberate and active in our employee retention strategy. It may take a while to set up, but by following the five steps outlined here, you’ll be well on your way to creating a company that employees will love to continue working for.
