Recruiting and hiring the best talent is only the beginning. After a talented employee is hired, many businesses and companies forget that employee retention is an equally important part of the equation. Here are some of the most effective tips and strategies to improve employee retention, and keep top performers from taking their skills and talents somewhere else.
More Than Money – How Company Culture and Working Styles Can Influence Employee Turnover
Salary is not the only – or even the most important factor in employee retention and satisfaction. Retaining talented professionals can be challenging for a number of reasons. They range anywhere from resignations due to more competitive offers, to personal matters, and “culture fit” issues. If your company is suffering from high turnover and low retention rates, it may be time to re-examine your policies. In addition, take an in-depth look at the company’s culture and workplace practices.
Here are some of the most common factors that can cause good employees to jump ship:
Lack of Flexibility
In addition to feeling unfulfilled or bored by the work and lacking a clear path for growth and professional development, many professionals consider greater flexibility (and remote working options) as an essential component of their employment with a firm. Rigid management hierarchies, structures, and schedules are increasingly becoming a thing of the past, particularly in highly skilled and in demand sectors.
Stress and Burnout
Depending on your industry, long hours, stress, and performance pressure may just be the nature of the beast. But according to a survey of over 10,000 tech workers, high stress and burnout rates at some of the world’s top companies hovered over 60% of survey respondents.
What Companies Can Do to Improve Employee Retention
Although there is no “one size fits all” solution, addressing issues like workplace stress and employee satisfaction are important in order to identify where your company may be falling short, before a “brain drain” sets in. Addressing culture issues before they become ossified, and putting the right people in the right roles are great places to start.According to Fast Company, additional factors that can help to retain and build quality employees and leaders include:
1. Prioritize open communication and clarity of purpose between management and their departments.
2. Don’t take employees for granted – recognition is an important factor in everything from boosting morale to improving motivation.
3. Encourage feedback – from both managers and employees.
4. Provide real opportunities for growth and advancement.
5. Offer competitive compensation and incentives Taking your work force’s “temperature” and asking for feedback is a great place to start and to identify area’s in which your policies may be falling short.