Retaining top talent is crucial to business success. Without retention, you will be consistently recruiting and remain exactly where you started whilst spending plenty of time and resources you could have put towards the development of the business and existing employees.
Employee retention strategies improve office morale significantly. When employees feel they have a purpose, are appreciated, and valued they are far more likely to continue working for that company. Long-term employees have obtained experience, knowledge, and relationships that may contribute to the ongoing success of the business.
It is vital to hold on to the top talent within your business to ensure they won’t go on and work for the competitor, put your company’s external reputation at risk, and affect your office morale and company’s resources. In order to do this, you must understand some basic reasons why employees want to resign.
- Lack of career development
- Discontent with leadership
- Poor salary and benefits
- Lack of challenge and boredom from the job itself
- Lack of work/life balance
These 5 points say it all really. If these aren’t met the job itself can become frustrating, mundane, and employees lack enthusiasm in the company and may start to seek more appetising roles in which they can grow, be challenged, and be valued.
In today’s workforce, it’s imperative to consider what retention strategies you need to put in place to keep the top talent you have. A lot has changed over the past 15 months within the workforce, and it is crucial, now more than ever, to stay up to date on what is happening within the workforce.
If you do not adapt to changes within the workforce, employees will feel as though they are not getting the right options or choices in comparison to other companies or industries.
Retention strategies to think about:
1. Benefits for your employees
Have a think about what benefits may need to change, maybe add on some health benefits or think about what different benefits you may be able to offer those who,
A) Who may work from home
B) Who come in and work at the office
C) Who may have a hybrid work environment
Benefits also include what type of recognition and reward systems you have in place and build a culture of recognition within the workplace and team. This is much more effective than recognising people from time to time. It is vital that your team feel appreciated.
2. Flexibility in different working environments
Has your business adapted to a more digital approach and could you offer employees a choice as to what kind of environment and hours they would like to continue working in? Maybe some do not need to come into the office and can continue to work remotely, others may like office routines and would prefer to come back and maybe some would like a little bit of a mix.
3. Leadership or growth opportunities within the company
It’s important to remember that without any challenges or areas offered for growth and training, employees can lose motivation and drive. Simple things like enabling upskilling with the evolution of the company can make all the difference. Improving career development opportunities is something that should be revisited often.
4. Provide avenues for professional development
This is essential to ensure your employees are motivated, challenged, given responsibilities and vital decision-making tasks which enable them to grow, be creative, engaged, and effective. Each and every one of your staff needs to feel they are valued, appreciated, and have an important role within the company. Supporting professional development uplifts and boosts retention.
5. Employee engagement
Giving your employees a voice, a chance to be heard, and to give feedback is extremely valuable to both them and the company. You can find how they feel about their role, their team, the company, and the managers. It gives you a chance to act and address issues from the get-go which ultimately will improve retention. 90% of workers say they are more likely to stay in a company that listens and acts on feedback.
Adopting a retention strategy is not always easy but is extremely beneficial in the long run. Employees need to have a purpose, feel valued and be an important part of the team and company. Develop a work culture that supports and encourages employees development, needs, communication, and teamwork. Retention strategies will frequently need to be re-examined to change and evolve with the times.