Employees are a company’s greatest asset. That being said, employers often face a challenge when it comes to retaining their employees. Several factors can lead to this, and employers need to know how to counter this and foster a workplace that retains its employees.
For this, we brought on the experts, and here are their top tips for employers on what they can do to succeed in employee retention.
Throughout my experience working at enterprise companies, scaleups, and startups, I have observed that people will easily slip into obscurity when they feel less visible. This leads to inaction and reduces their sense of accountability. Taking less and less ownership of their roles, they become ever so less motivated to make an impact, especially when someone else receives credit for something they did well.
Then one day they talk about “finding a new challenge”, and the next thing you know, all your best people have left. Even if they're introverts or work remotely, you still need to nurture and acknowledge their contribution to the unit if you want to keep them. The simplest way to do this is to assign them to a team role that they are good at. Apart from this, it would be wise to invest in HR software that helps you evaluate the employee performance and reward them accordingly.
Jon Torres, Founder, and CEO of Jon Torres
To succeed in employee retention, the employer must actively monitor employee morale and provide opportunities for advancement. But let’s face it: ERGs encourage team members to think about their growth and career development- inside and outside of the organization.
ERG leadership teams are always looking for ways their group can provide value back to the company. With the median number of years that wage and salary workers stay with their current employer at just four years, it would benefit human resources teams to view ERGs as an informal partner or stakeholder. The most innovative HR teams would view these groups as a dynamic retention tool.
Employee resource group and working parents expert; Christine Michel Carter.
If the pandemic has taught us anything, it’s that we don’t need to continue with our rigid 9-5 job systems. Flexible schedules are becoming increasingly popular, with it being a factor when it comes to employee retention as well. A 2018 study by IWG found that 80% of workers preferred a job that offered a flexible work schedule over a job that did not. This just shows that to improve employee retention and to increase productivity, you need to adopt some sort of flexible work schedule. - Edustanding-UK Ltd.
Another way to increase employee retention is to be transparent about any policies you have that can impact their work. Whether it’s a certain dress code or strict working hours, state your policy with zero ambiguity to ensure the new hire is able to adjust to the company culture. This ensures that your new hires are not blindsided by any policies they may not want to abide by and leave the workplace as a result.
Patti Naiser, CEO Senior Home Transitions
As businesses reopen after being forced to close due to the epidemic, many are bracing for the possibility that some of their employees will still want to work remotely, at least part-time. In fact, according to a Robert Half survey, one in every three professionals who work from home would hunt for a new job if they were obliged to return to the office full time.
So, if permanent remote work isn't an option, consider what you can offer staff sooner rather than later. A shortened workweek? Flextime? Or how about a part-time telecommuting option? All of the following can help your staff relieve stress -- and increase employee retention.
Tyson Stevens, Founder at EduRef
What is it that employees dislike about their bosses? Playing favorites, making unwanted approaches, or making informal threats are all examples of flagrant breaches. However, there are other, less obvious causes for an employee's departure from their manager. They can range from a lack of development possibilities to a lack of appreciation to a feeling of being micromanaged.
How can you and your managers identify the most pressing employee concerns and take aggressive steps to address them? You don't need to be a mind reader to figure out what your talent's genuine motivation is. By gathering feedback on a regular basis, you can learn how your staff feels.
An annual evaluation is insufficient. Employee input is collected on a regular basis by great people leaders—schedule touchpoints with your staff on a monthly or bimonthly basis. To put your workers at rest, use anonymous feedback tools if at all possible. Make it obvious that this is a safe area for your employees to express themselves.
Keep in mind how you respond to employee feedback. This will influence whether they are willing to share comments in the future. This is your chance to concentrate your efforts. You can work on recognizing your employees’ efforts if they don't feel valued.
It's time to figure out a clear career growth path if they don't feel like there are any clear promotion chances. Above all, respond to your employees' complaints promptly. If you take too long, they may see it as a hint that your problems aren't important to you and that it's time to look for another job.
Daniel Foley, SEO Manager at MCS Rental Software
Everyone wants to be recognized for their efforts. And, in today's ‘anywhere workforce’, an employer's appreciation can have a particularly large influence. So, thank your direct reports, which go above and beyond, and explain how their efforts benefit the organization.
Some businesses set up formal award systems to incentivize excellent ideas and creativity, but even if you have a small team or a low budget, you may implement attractive recognition programs.
Matt Weidle, Business Development Manager Buyer's Guide
The pandemic emphasized the significance of effective workplace communication. Your direct reports should feel free to approach you at any moment with ideas, questions, or concerns. And, as a leader, you must ensure that you are doing your part to promote timely, productive, and pleasant communication throughout the entire team, including on-site and remote personnel. Make an effort to communicate with each team member on a regular basis to gauge their workload and job satisfaction.
Tanner Arnold, President & CEO of Revelation Machinery
When employees are allowed to participate in the company’s managerial processes, they feel that their opinion matters and that they can make a difference. Involving your team can range from smaller decisions like office improvements to major company-level decisions that can be influenced by a vote from each team member.
Having a say in the decision-making process increases motivation and accountability, making employees want to stay within a company that values their opinion.
Maris Tepers, the CEO of MateHR IT recruitment agency
Companies must pay their employees' competitive wages, which means employers must analyze and change rates on a regular basis. Even if your company is unable to boost salary at this time, evaluate whether other forms of compensation, such as bonuses, could be provided. Don't forget to improve health-care benefits and retirement plans, both of which can assist boost employee work satisfaction.
Tyler Martin, Founder and Certified Business Coach ThinkTyler
Pulling a few more hours is sometimes required, but how often is too much? A few telltale indicators that your staff are overworked might be found. It's a hint that their workload is too great if your keycard system logs people leaving late at night or clocking in shortly after daylight.
Hearing employees lament about missing family occasions is another red flag. That isn't a joke. Work-family conflicts, according to a study, raise the risks of poor physical health by 90%. Facilitating an open manager-direct report interaction is the most neglected but helpful employee retention tactic. Because of embarrassment or a desire to please, many good employees refuse to confess they are overworked.
When things get too difficult for them, they'll look for a new job somewhere else, which isn't the best ending for your firm. Workers can speak freely about their workload and request the help they require in such a discourse. A boss may be unaware that an employee is overworked because he or she is overworked as well.
Another way to keep employees is to encourage them to take vacations. Employees are frequently under pressure not to take vacation time due to their workload or the fear of being passed over for intriguing jobs when they return. Creating an environment where managers encourage employees to take advantage of their unused paid time off allows for guilt-free rest and relaxation.
Finally, it could be time to hire more people or reorganize your priorities. It's time for a re-evaluation if asking staff to give up their weekends is the only way to keep the company running. It's possible that you'll need to hire more people. If hiring isn't an option, then a drastic re-prioritization of items on a team's to-do list is in order.
Ariana Flynn, Marketing and Communications Manager ProxyRack