7 Keys for Retention
How do you keep the employees that you have?
This has been a hot issue for business leaders all over the world. You probably heard about the Great Resignation that has taken place over the past year. There were times in 2021 when over 4 million Americans were quitting their job per month!
Keeping employees is critical for company growth, continuity, and it saves both time and money!
So how do you keep employees? These 7 strategies will increase the chances that your employees will stay. They will not guarantee it. People leave for a variety of reasons and some can’t be prevented. The key though is that you want to give your organization the best chance possible to keep its employees.
Appreciation- People want to feel appreciated and recognized for the work that they do. This is such a simple one but many leaders do not do this nearly enough. Show appreciation both privately and publicly. Privately by stopping by to acknowledge their recent work or by sending a text or email. Publicly by acknowledging them in a meeting or over a group email. Also, show appreciation through activities such as promotions and leadership opportunities.
Create a healthy company culture- This one is huge! Many people leave because of a toxic work environment. As a leader, it is your responsibility to create a culture that is positive, respectful, and where people feel safe. This will help with job performance, employee well-being, and job retention.
Emphasize the meaning in the work- People want to feel like they are a part of something bigger than themselves. Make sure you show the employees the impact that their work has on the company and society as a whole. This could include partnering with certain non-profit organizations or opportunities for volunteer work in the community.
Provide development and growth opportunities- In addition to people feeling like they are making a difference, they also want to know that they are growing. This can be offering training opportunities on leadership, mindfulness, or certain skills that are a part of the job. A second way is to provide continuous feedback to employees so that they can improve. Mentoring programs are another great way for this to happen. Lastly, provide them with leadership roles where they can take on new challenges.
Empowerment- People want to feel like they have a voice and a say in what is going on. Empower employees to be able to make decisions and solicit their feedback on different topics. Give them the freedom to try new things and to take chances.
Pay and incentives- You may have been wondering when this one was coming. Employees want to feel that they are being fairly compensated for their work. Many people do leave because of opportunities to make more money elsewhere. Make sure the pay is competitive, there are good benefits, and there are incentives such as bonuses and vacation time.
Flexibility- One of the results of the pandemic was that many people worked remotely and saw that they could be effective in working this way. Providing flexible work hours and locations is a great way to show employees that you trust them and it will make their lives easier. Have discussions with your leadership team and employees to find a solution that works for your company.
These are seven ways that you can increase the chances to have happy employees that want to stay and be a part of your company. The reasons that people leave though will vary from organization to organization. In addition to implementing these, make sure to look at the specific reasons why there has been turnover at your place of work.
