For decades, employee retention has been a pitfall for many businesses. The world of employment is ever-changing, and it can sometimes feel like you’ve got it all figured out until someone or something throws a spanner in the works.
If the pandemic has bought anything new to the corporate world, it’s that people are no longer willing to overlook things that don’t sit right with them, to avoid moving jobs.
When it comes to moving jobs, employees have gone from being understandably cautious in the last two years, to now being far bolder in the job market.
Attrition rates are on the rise, which is why it is more important than ever that as an employer, you up your game when it comes to boosting your employee retention.
The difficulty employers face is that there can be a myriad of reasons that their employees are leaving. By no means an exhaustive list, but today’s employees are generally looking for new opportunities due to;
- The desire for more flexibility
- A change in priorities
- More chances of progression
- A lack of appreciation and recognition
- The need for a change in working practice – hybrid vs remote vs office-based
- An increase in their salary
- Burn out, stress or feeling overworked
- Dissatisfaction with management/company
It’s important to remember that no one was untouched by the pandemic. Resulting in a change of attitude, along with a change in the amount of weight certain criteria hold. Businesses need to account for these changes should they want to retain and attract the talent they need to grow and succeed.
So, if you’re looking for ways to boost your employee retention, here are 3 things to seriously consider:
1. Build a culture of learning, development and progression
No one enjoys feeling stagnant in their role, it quickly becomes boring and leads to a lack of motivation.
Putting a big focus on making sure your team are always learning and progressing, by creating clear development plans and targets, will allow them to work on their personal growth.
Promoting internal mobility in your business is a great way to boost employee retention and if candidates can see a career journey within your business, they are far more likely to stay and remain engaged as they strive to achieve and grow with you.
In turn, this emphasis on development will make them feel that working for you is benefiting them in more ways than just the salary they’re earning.
It’s also important to note that new skills keep your company agile and lead to more innovation and growth.
2. Start delivering from the moment they join
You’ve heard them say “first impressions are everything” and this couldn’t be truer when it comes to onboarding new staff.
If you aren’t setting the right scene from the beginning, employees will be discouraged to stick around. In fact, research has found that almost two-thirds of employees are likely to leave their new job within the first year if their onboarding experience is negative.
Avoid boring, monotonous ‘box ticking’ and make sure the candidate knows you’re excited to have them there. An effective, clear and engaging onboarding experience is essential.
3. Use internal surveys on a regular basis
It may sound obvious, but to identify the issues leading to your staff leaving, you need to get an oversight of why they are feeling that way.
Regular anonymous (we mean truly anonymous) surveys allow your team to raise any issues they may be having without the fear of repercussions.
However, it is important that you follow through with changing issues raised in the surveys, otherwise, you’re wasting time and creating false hope, which risks irritating your employees further.
Likewise, conducting stay interviews are a great way of finding out what’s keeping your teams with you. Unlike exit interviews, which typically focus on areas you could improve upon once someone is already on their way out the door, stay interviews allow you to make any necessary changes or double down on what’s working in an effort to boost employee retention.