Employee Retention Strategies Incorporate Simple Techniques
Employee retention strategies can be simple and effective at the same time. Efforts to improve employee retention strategies are top-of-mind since unemployment rates are at record lows. Employers are struggling to attract new talent making employee retention strategies more important than ever. This according to a recent HRDive article. Multiple studies have shown that since employees are open to new job opportunities, employee retention strategies are in high demand.
In these times of full-employment, employees are more confident about leaving their jobs for either money or happiness. Many in the workforce are open to looking for new employment if they think they might be happier elsewhere. Employee loyalty isn’t what it used to be. In fact, a recent CareerBuilder survey cited by HRDive found that half of the respondents said they felt they had a career, the other half said they felt they had “just a job.” Nearly a third of those surveyed said they planned to make a job change this year.
With the competition for talent so heated, employers should make every attempt to streamline the employee retention strategies and hiring process. For many job seekers, compensation is still a chief motivation, according to Accounting Principals and Ajilon study. Millennials seem motivated by higher salaries — the higher the pay, the more likely they were to remain on staff, according to a 2019 Mercer report. And a 2018 study found that most employees who left their jobs weren’t dissatisfied with their jobs, they were dissatisfied with their pay.
Retaining top talent is also impacted by an employers’ commitment to career development, according to HRDive. Seventy percent of employees would switch their job for one that offered them more professional development opportunities, said a Harris Poll commissioned by Instructure. Learning programs level up an employee’s skills and make an employee more effective and collaborative. In addition, learning and development can also help employees carve out a career path via tools like career journey mapping.
It is costly and time-consuming to hire new employees. Career development is a great step toward creating greater employee loyalty and longevity. What else can employers do to make their relationships with employees “sticky”? Here are five ways to boost retention:
Optimize your benefits package: In today’s tight labor market, it’s important to offer a competitive benefits package. One-size-fits-all benefits offerings won’t work anymore with a workforce that’s now five generations deep. A targeted benefits program aimed at the needs and values of different generations is the best way to go. A good benefits program is likely to foster improved employee engagement.
Give your employees flexibility with their schedules: Offer flexible work hours and telecommuting options. Doing so tends to make employees more happy, productive and able to manage a good work/life balance. But be super-clear on the policy so there’s no room for grey areas.
Recognize your employees: Everyone likes to be thanked for a job well done. Your top talent is no different. Only one in three employees in the U.S. strongly agree that they received recognition or praise for doing good work in the past seven days, according to Gallup’s annual American workforce study. Employees who feel unappreciated are twice as likely to say they’ll quit in the next year, so offering recognition can go a long way toward helping retain talent.
Show employees how much they actually make: A total compensation statement can help employees understand not only their pay but the hidden value of their other benefits as well.
Promote from within: Your top performers want to know they have a path to move up within the company. Make it simple for them by developing a solid internal advancement program.
Focusing on employee satisfaction is a key component of retention. Help employees develop professionally and show them you are committed to their personal well-being as well. Happy employees are loyal employees, and it isn’t really all that hard to keep your employees satisfied. With some out-of-the-box thinking, recognition and tailored solutions like the ones discussed in this article, employers can provide a boost to their employee recruiting and retention efforts.
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