Are you developing a retention strategy or have you already implemented one? A consistent goal among HR leaders is to be able to consistently attract and retain top talent in their industry. This can be quite challenging in today's climate due to statistics such as "In the last year, nearly half of employees (44%) have searched for new jobs, and 40% have experienced burnout during the pandemic." found in a recent article by Forbes.
Finding good employees can be tough. Even harder is keeping them. Keeping your top-performing employees happy is crucial to retaining your company's talent. You could lose productive team members if you don't take the time to understand what your employees need.
If you want to make sure that you are retaining employees (and not just hiring them), you need to have a retention strategy in place. Here are 3 steps to reduce turnover and increase overall employee engagement:
3 Steps To Reduce Employee Turnover:
- Authentically Care
- Consistently Communicate
- Take Action
1) Authentically Care
Have you taken the time to understand why it is so important for the long-term performance and success of your organization that you care for your employees? Thinking of employees as "people first" can be an impactful mindset shift in an organization. It's important to spend time getting to know the people beyond what their job description is and do some research on why developing social relationships at work is so critical to improved employee engagement.
When HR and leadership show they truly care about an employee, not only their performance, but their mental well-being, physical well-being, and work-life balance, provides a human tie to that organization. This not only motivates employees to stay, but also can be an intrinsic motivator to work harder and increase output. Not sure if your employees feel valued at your organization? We built an infographic to help you self-evaluate where you stand. Check it out here.
2) Consistently Communicate
There are so many reasons for employees to leave an organization. These are unique to your company and cannot be pinpointed without consistent communication in annual employee surveys or pulse surveys. No blog post, downloadable eBook, or whitepaper can tell you what you need to do to retain YOUR employees. A recent Forbes article states that "Most employees need human connection and want to know their leaders care about their well-being". With consistent communication at all levels of your organization, you are already demonstrating your employees' well-being is valued. This can make a huge difference when it comes to employees leaving or staying.
So that each employee feels a sense of purpose and connection to their work, it is essential for them to understand the mission, goals, and values of the organization as well. Large company-wide communications can be helpful in keeping employees in the know about what is going on outside of their own team.
3) Take Action
The first step to improving communications is to review your current initiatives and their progress/performance. Eliminate any employee engagement initiatives you previously had in place that employees don't care about or are not utilizing. Repurpose that time, effort, and resources in the areas you uncovered in your employee surveys or other communications you've had with your employees.
In addition to improving overall retention rates, understanding what motivates your employees will also improve other aspects of your company. After all, if you don't understand why workers stay and why they leave, how can you ever expect to improve? The good news is having awareness of and implementing what you learned in this blog post not only benefits the organization but the employees too. It's never too late to start making a difference.