In today’s rapidly changing world of work, an effective employee retention strategy is one of the most important tools to have in your toolkit. When employees are engaged at work, they’re 87% less likely to leave.
With more jobs than there are employees out there, it means that people have their pick of the bunch if they do decide to leave. In other words: the stakes are high.
It’s no wonder that 87% of HR leaders have employee retention as their main priority for the next few years.
How do you build a future-proof employee retention strategy, though? Here are some tips to get you started:
Encourage upward feedback
If an employee doesn’t feel comfortable giving upward feedback, they’re 16% less likely to stay at their current job.
Feedback should work both ways.
No manager is perfect, just the same as no employee is.
Nobody can improve without open, honest, considerate feedback that’s designed to help them be the best they can be in their role.
Empowering people to reach their full potential is a key element of an effective employee retention strategy, and enabling two-way feedback is a crucial step.
Foster a culture of respect
Even if someone is below you in the workplace hierarchy, they still deserve respect.
Employees who feel there’s a low level of respect between colleagues are 26% more likely to quit their jobs.
Which is fair enough, really. Somewhere like that will have a negative atmosphere and be really bad for anyone’s long-term wellbeing.
Give employees a sense of purpose
If an employee believes their company has a higher purpose than just profits, they’re 27% more likely to stay.
Millennials and Gen Z-ers especially feel a sense of purpose is important in the workplace. They want more than just money from their jobs.
So making your mission clear is more important than ever, especially as more and more people become interested in causes outside of themselves.
Employees need to be clear on what you stand for. Don’t just change your social media banner for Pride Month, do something for it.
Start discussions; donate money; organize an event. Prove to employees and the outside world how serious you are about your purpose.
And be genuine about it. You don’t want to come across like you’re greenwashing to get points. Authenticity is make or break for both your employer brand and your employee retention strategy.
Recognize employees for a job well done
A little recognition can go a long way towards boosting someone’s confidence and mental health.
But when employees don’t feel valued at work, they’re almost twice as likely to search for a new role.
Sometimes all it takes is a thank you. A shout-out in a meeting or group chat. An extra day off. Or a box of snacks every now and then.
Teach management how to manage
Even though I freelance, I have many friends who still work 9-5. And their main complaint? Their manager never got enough (or any) management training.
As a result, their manager’s communication style is timid or unclear; they lack confidence, which makes their employees doubt their skills, and it makes them less effective/efficient managers.
And this really is a big problem. When managers lack the right skills, employees are FOUR TIMES more likely to quit.
On the flip side, employees are 23% more likely to stay if their manager clearly explains to them their role and responsibilities.
The simple solution, especially when it comes to your employee retention strategy?
Management training!
Invest in employees’ professional development
US employees are 70% more likely to leave for another opportunity if that company invests in employees’ professional development.
Much like how employees want a sense of purpose at work, they don’t want to stagnate, either.
They want to learn new skills and grow as people. When they feel like they’re progressing in their careers, they’re 20% more likely to still be at that company in a year’s time.
So, how could you invest in employees’ professional development?
Could you give every employee a training budget? Organize a lunch and learn? Set up a book club?
There’s an option suitable for every budget.
Update your remote working policy
While there may be a mass return to office going on, companies that allow employees to work from home have a 25% lower turnover rate.
Why?
Because it shows that they care about employee wellbeing and work-life balance.
It also takes distributed companies 33% less time to hire new employees. Just think of the impact on your employee retention strategy and all the money you could save.
Promote work-life balance
With burnout being such a global problem now, companies that encourage work-life balance can attract employees who work hard and play just as hard.
In fact, employees who rate their work-life balance more highly are 10% more likely to stay at their current company.
It’s a rare thing in the modern world for a company to encourage work-life balance and mean it. That makes it a perfect addition to your employee retention strategy.
Update your DEI policy
67% of job seekers consider inclusion and diversity when choosing their next workplace. So, if you haven’t already updated your DEI policy, now is the perfect time.
Don’t forget to check things like your job descriptions and even website copy for discriminatory language, too. The more we’re aware of these things, the more we can all improve.
And the clearer it’ll be to future employees and customers that you really are serious about your DEI efforts.
Give employees agency
Employees who feel in control of their careers are 20% more likely to stay in their roles.
In a world where it can sometimes feel like everything is spiraling out of control, I don’t blame anyone for wanting more agency where they spend most of their time and energy.
Giving your team members control (and guidance, when they need it) in their roles rewards them for their loyalty. Plus, it enables them to feel like they’re making a difference to their own life, their colleagues’ lives, customers’ lives, and maybe even the world itself.
If you’re looking to improve your employee retention strategy, you need the right tools. Ensuring you can maximize the ROI of your employee groups, programs, and events is key.
Workrowd’s all-in-one tool suite puts everything you need at your fingertips, including real-time analytics so you always know what’s getting results. Want to learn more? Visit us online or send us a note at hello@workrowd.com.
