6 Employee Retention Strategies

With the Great Resignation in full swing, employee retention is a topic that’s being put under the microscope. Talent shortages and the changing recruiting landscape means that it’s more important than ever to have a solid employee retention strategy. There are various reasons why an employee will decide to leave: from higher compensation to better career growth opportunities. Seeing high turnover rates at your company? It’s time to revamp your employee retention strategies. Use these 6 strategies to hold on to your top talent.

First things first, hire the right people in the first place. Investing more time into the hiring strategy pays off in the long term. Get candidates that are the right fit, don’t get pressures into making a quick hire because of time constraints. Make sure that culture fit is one of the deciding factors in your hiring strategy. In one survey, 43% of the employees surveyed claimed culture was the main reason they were searching for a new job.

Employee burnout is real and the pandemic hasn’t helped. While burnout has always been a problem, 40% of workers say they’ve experienced burnout, specifically during the pandemic. While working from home brought incredible benefits and transformed the way we look at work now, it also has its disadvantages. The line between work and personal life is increasingly blurred and employees are finding it harder to switch off. Define how your company wants to tackle work-life balance. Whether it’s a flexible PTO-policy, extra benefits for mental health, or other initiatives, establish a clear strategy to tackle work-life balance.

The next strategy is training and development. Every professional strives for career growth. If an employee feels their growth is stagnated, it’s likely they’ll look for growth opportunities elsewhere. Give your employees the resources and opportunities they need to grow. Establish clear growth plans and clear paths for them to advance through the ranks at your company. Employee development comes in many forms: personal growth classes, contributing to their continuing education, paying for certificates or other courses, etc. Give employees the space to grow and they will.

Establish processes to gather feedback from your employees often. Even more importantly, listen to that feedback. 92% of employees said they would be more likely to stay with their job if their bosses would show more empathy. Exit interviews are great opportunities to gather honest, transparent feedback. Ask these employees the reasons why they are leaving and work to fix those problems, within reason. Obviously if they are leaving for large sums of money, you can’t just up and give your employees compensation that exceeds your budget. Collect regular feedback from your current employees as well, from the longest-serving to the recent hire. Be empathetic and show them that their feedback matters to you and your organization. Do your best to employ the initiatives that arise from the feedback you receive. 

This next strategy is straightforward. Conduct regular research on the market value of your employees and how compensation fluctuates. While money isn’t everything, top professionals want to feel they are being fairly compensated for their market value. Ensure that your compensation plans are competitive compared to the what other similar professionals are being paid.

One survey found that 65% of employees haven’t received recognition for good work in the last year. Lack of recognition leads to lack of engagement which then leads to an employee looking for opportunities elsewhere. Developing employee recognition programs is one of the most important strategies you can implement.

Employee retention requires attention and a well-developed strategy. Turnover isn’t something that can be fixed overnight, so don’t waste another second! Need help developing a retention strategy? Or need to tune up your hiring strategy? Contact us today and get on the phone with our expert recruiters.