Post-pandemic resignations have surged—as many as two-thirds of employees may be searching for a new position. The solution? Improve your strategy for employee retention. The disruption of the pandemic has led to serious self-reflection for many, catalyzing major changes. But if their organizations commit to making transformative changes that satisfy their needs, they’ll be more likely to stay.
By avoiding the need to continuously recruit, hire, and onboard new talent, you can channel your efforts into helping your talented employees excel. These ten key steps will help you improve your strategy for employee retention by increasing job satisfaction and loyalty.
Provide Opportunities for Growth as A Strategy for Employee Retention
If you leave mentorship to chance, certain people may benefit from extensive mentoring while others do not. Establish a formal mentorship program to ensure no one gets left out. Work to pair up people who each have something to teach the other, building intergenerational mentorships.
Improve Performance Reviews
Make performance reviews a supportive conversation. Conducting them on a quarterly basis can reduce anxiety while improving the accuracy of feedback. The stakes won’t feel quite as high when the performance review becomes a more routine part of work. Use quality software to prepare for both light check-ins and formal performance reviews, make feedback as specific as possible too.
Discuss Career Trajectory
Be explicit about your ambitions to help employees reach higher-level positions in your organization. Make sure your star employees know you are preparing them for higher-level roles. Otherwise, they’ll look for them elsewhere. Ask them about the type of role they aspire to and outline specific stepping stones that will help them reach this goal.
Offer Flexible Options as A Strategy for Employee Retention
Some employees are eager to return to the office. Others prefer to go in rarely, or never. Likewise, many people prefer having flexible hours. Thus, flexibility is a key contributor to retention. 80% of employees in a recent survey said flexible options would boost their loyalty. Similarly, 25% would take a pay cut for increased flexibility. Using software that keeps employees in sync across time zones, schedules, and distances helps teams stay aligned.
Ensure A Strong Work-Life Balance
While working from home, some employees struggle with structuring their workday. During weekly check-ins, discuss their schedule and workload. Create a culture that values weekends, evenings, and vacation time. Lead by example—avoid responding to emails at night, for instance.
Emphasize overall wellness by offering perks like stress-management support, financial planning programs, and access to a nutritionist. Provide other health-related perks like gym memberships and subscriptions to virtual fitness classes. Ask employees what they need most, and work to provide it!
Offer A Competitive Salary and Benefits
Review the salaries employees receive. Are they fully equitable? Do they align between people regardless of gender, race, age, and other characteristics? Look at what your competitors are offering today to determine how your salaries stack up, too.
Improve Your Strategy for Employee Retention in Groups
Working as part of a team boosts engagement by enhancing social networks. Thus, managers should design collaborative projects where employees get to use their skills to enhance teamwork.
Create an Inclusive Culture
Strive to be inclusive of people of every race, background, gender, age, and ability by nurturing everyone’s potential equally. Hold implicit bias training for both leaders and employees and work to enhance the diversity of your leadership. On a hybrid team, take a “virtual-first” approach to include those who don’t work in the office.
Acknowledge Employees’ Efforts
Show employees that you appreciate what they contribute, including both tangibles and intangibles. Take note of the outcomes delivered but also recognize the other ways in which people contribute. Praise their skill at teaching others or infusing every project with positive energy. Getting noticed for strengths and efforts will go a long way toward securing employees’ loyalty.
If an employee does leave, conduct an exit interview to find out what motivated them to go. Ask existing employees what would improve their job satisfaction so you can tailor solutions to their needs. By taking these steps, you’ll show your employees that they can continue to grow with your organization for years to come!