Top Tips for Increasing Employee Retention
Employee engagement isn’t just another buzzword thrown around. It’s a crucial prerequisite for managers and directors throughout the entire life span of a company, particularly when brand reputation is so important during a market downturn.
Before the market downturn, global unemployment rates remained low. As the market changes, it is now more important than ever to have the correct procedures in place to retain your top staff, create a happy and successful workplace, and have a strong employer brand (and advocates) for when you need to hire again.
Offer a clear career path paired with constant communication
Top employees want to ensure they are working in a company where they can see opportunities and progression. It is imperative to set these out from the outset, so the employee envisions a future in your company.
The aim is to meet employees regularly, keeping the lines of communication open at all times. These meetups are an excellent opportunity to set out what their professional goals are and how you can both work together to achieve this.
Offering resources such as training and mentoring services can assist employees in their career paths, while also giving them a chance to upskill and add more to the company.
The key is flexibility
Most employees expect a degree of flexibility in today’s workplace, whether it be a working parent or an employee with a long commute. Depending on the work provided a remote work procedure could be rolled out.
The best companies in Ireland and Europe offer great flexibility benefits such as extra annual leave, parental leave for either genders or even carrying over holidays for extended leave when needed.
By providing staff with some flexibility, you are creating a work-life balance, with the freedom to do ones job and deal with their personal life when the need arises. This benefit also highlights a great deal of employee wellbeing, which in turn generates employee loyalty and long term staff.
Recognising and rewarding employees
Continually recognising employees is a powerful tool of retention. One to one gratitude can work very well, by taking the time out to genuinely thank an employee. Why not go a step further and send out a public email or recognise the employee’s accomplishments publically at staff meetings, depending on their personality type.
Other rewarding incentives include compensation for the work provided, such as a bonus or maybe a commission-based system. If an increase in salary isn’t within your company budget think outside the box with employee incentive days or extra annual leave.
Acknowledging different expectations
The key to staff retention is knowing that each employee is different. Workplace demographics are continually changing with each decade more confusing than the last.
Age, gender and a person’s lifestyle are all factors in someone’s attitude and approach to work as well as the generation they have come from. The current workplace includes baby boomers, millennials, and now generation Z are joining many workplaces across the globe.
All generations have diverse needs and have grown up in very different worlds. Generation Z are all things digital growing up with an iPhone in hand. Millennials want modern hot desk offices, while baby boomers like having four walls around them.
Acknowledging these differences and building a company that works for all will help retain all employee generations.
Employee retention is full-cycle for an organisation. If you have a low turnover rate, your employees are happy, and you are producing a healthy work environment that people want to be a part of. Long term employees strengthened your company brand both internally and externally, so it’s worth the investment.