Importance of Employee Retention
After the coronavirus pandemic hit in February 2020, we saw the labor market flip upside down as the unemployment rate hit record highs and millions were left without work. Now, a year later, the job market is INTENSE as there is an extreme demand of capable individuals searching for employment left and right. This current landscape can leave even your best employees feeling anxious over the security of their job, especially if they are working for an organization that thinks they are easily replaceable.
The truth, however, is that your employees are one of your greatest, and most important, assets. A great business understands that keeping its employees for a long time is a vital part to its overall success. Not only do you have to consider the time and cost it takes to onboard new hires, but you also have to consider the momentum your company loses when your work environment is essentially a revolving door. How can you build a business and meet your long-term goals without a consistent workforce? The bottom line is – you can’t. In this competitive field of talent, its imperative businesses are putting in the effort to not only hire good workers, but KEEP, good workers. Increase your employee retention by checking out these tips to keeping your employees on board for the long ride.
Recognize retention from the start.
You may not consider that employee retention begins as early as the application and interview process. When a candidate starts interacting with your business, they immediately start to identify aspects of the workplace environment and company culture that align with their individual goals. What company values and expectations you choose to emphasize during the onboarding process is essentially what you should be seeking out of your employees. Hiring individuals who will stay the course starts with a clear understanding of who your company is and the part they will play in the company’s ongoing success. Failing to underline this from the very beginning means you risk hiring employees who become disengaged and demotivated throughout time as what they see for themselves in the future ends up not being parallel to your goals and intentions.
Offer the right benefits.
Just as there is a competition for great talent, there is also a competition for great workplaces. As previously stated, great businesses know the return of having valuable, long-term employees and because of this, make an extended point to keep their employees happy, healthy and engaged. While not all companies have the resources to offer full healthcare coverage or overly competitive salaries, there are many other perks and benefits you can offer that go a long way in making your employees feel valued and taken care of. People want to work for someone they feel like has their back, both professionally and personally, and there’s many things you can do to let your employees know you support their overall wellbeing over anything else. Offering flexible work schedules and even generous paid leave policies lets your employees know they are valued way beyond what they contribute at the workplace. Not improving your companies value offerings can leave them feeling distracted and resentful, decreasing job satisfaction and overall employee morale.
Create an open line of communication.
Everyone wants to feel like their voice matters. A key part to having your employees stick around for years to come is fostering a work environment that encourages free communication of ideas, questions, and concerns at any point of time. Your employees should feel like they can go to those in leadership positions for professional development and be heard and included always. People want opportunities to grow and learn and by encouraging open communication between employees and management, you help build a workspace fueled by innovation and positivity. Promote constant constructive and positive communication across your entire organization and you’ll have a greater sense of community within the workplace and employees that are all working towards a shared purpose. Remember, be good to your people, and they’ll be good to you.
