Understanding how to retain great people is key to your organization’s long-term success. After all, if you can’t keep your employees and your organization becomes a revolving door, you risk spending more resources to recruit talent and increase the chances of missing key company goals.
Amid the Great Resignation, where millions of employees are leaving their jobs, employee retention is an even greater challenge for organizations. In fact, according to a recent Gartner survey, 91 percent of HR leaders said they were concerned about employee turnover in the coming months. As your organization takes action to manage turnover and retain employees in an increasingly competitive job market, be sure to include the following elements in your talent management strategy:
Flexible Work Options
Before the pandemic, flexible work options were considered a perk. But now, after more than a year of remote work, flexibility is becoming a benefit more and more employees expect from their employers. According to a 2021 Catalyst survey, 76 percent of employees said they wanted permanently flexible work options, including for location and schedule. To meet your employees’ needs for flexibility, consider how you can inject more of it into the workplace. In addition to offering options for remote and hybrid work, you may also be able to offer options for part-time work and compressed workweeks.
Ongoing Opportunities for Growth and Advancement
Providing opportunities for advancement and skill development doesn’t just help you build a capable and knowledgeable workforce. It also helps you manage turnover and keep employees longer. A LinkedIn study found that employees in companies offering internal mobility options stayed with the company two times longer than employees in companies offering limited mobility.
Offering promotional opportunities isn’t the only way to help employees advance their careers. Some other options include:
● Training and skill-building courses
● Stretch assignments
● Lateral moves into new job functions
Rewards and Recognition
According to TinyPulse research, employees who don't feel recognized when they do great work are almost twice as likely to be looking for a job elsewhere than employees who are recognized. Therefore, to make strides in employee retention, you’ll need to ensure employees know they are appreciated and valued.
Sometimes, something as simple as a thank you in a team meeting is enough to recognize an employee for a job well done. Other times, you may need to invest in formal rewards and recognition, such as:
● Retention or “stay” bonuses
● Performance-based cash incentives
● One-off rewards such as gifts cards or time off
Mentorship and Coaching
It’s no secret that mentorship and coaching can go a long way in helping employees build new skills, correct development areas, and build confidence at work. But they can also encourage employees to stay with their employer longer. A study by the Association for Talent Development (ATD) found that when companies introduced formal mentoring programs, employee engagement and retention rose by 50 percent. Mentorship relationships can take many forms, and can span across job levels, functions, and even work locations.
A great way to understand why employees leave your organization and what you can do to keep them is to ask for feedback. According to an Achievers survey, 90 percent of employees said they would be more likely to stay at a company that takes and acts on employee feedback. Employee surveys, exit and stay interviews, and focus groups are all great ways to listen to your workforce and understand what elements of the employee experience you can enhance to improve retention.
Retain and Engage Your Top Talent
Losing a great employee is sometimes an unavoidable occurrence. But if you’ve measured your organization’s retention rate and discovered it’s not as high as it should be, taking the above actions can help you limit the loss of valuable talent.
If retention is a concern in your organization, consider partnering with an HR services provider who can help you implement your retention strategy and maximize its impact over time. MarvelHR offers dynamic tools and guidance to help you retain employees and keep them engaged and productive. To learn more about how we can assist your organization, contact us for a consultation.