In the modern business world, there is a lot of talk around millennials being the ‘Job-Hopping Generation’. There is often a negative connotation associated with millennials, who now make up majority of the workforce population. They are associated with the era of needing instant gratification and an overwhelming amount of distractions due to digital innovations and having everything at their fingertips. Regardless of the generalizations and assumptions around these young professionals, dwelling on the negative aspects will do your business no good. Instead, take action and think strategically about your business in order to try and keep up with the constantly evolving modern world. The longer business leaders put up blinders and stubbornly refuse to bring change to the business, the more detrimental these decisions will become.
All working professionals, no matter how satisfied they are with their current position, are always able to seek and explore new opportunities. Retaining employees is always something that should be top of mind. Employee retention is an important statistic to be aware of and track for your business as well as the industry you’re in. Positive retention rates not only benefit your business when trying to attract top talent, but also showcase an inclusive company culture, become a good selling point for prospective new business deals and is a very important statistic in the investment community.
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The importance of retention has been getting a lot of more attention lately, which is why employee retention has become a major concern for organizations of all industries and sizes. Try these tactics to promote employee happiness and improve retention rates:
Create a Meaningful Company Culture
A company culture is defined as the personality that lies at the center of your organization. It includes a variety of elements such as environment, mission, vision, values and goals. Through defining these specific attributes, a company can be truly developed and understood. A company culture is particularly important to showcase to potential employees to add to the appeal of working at your company day to day. Culture is lived, and it is not something that can be dictated. However, by promoting an environment and culture that employees look forward to coming to each day, you are enabling them to do their best work while decreasing their desire to leave.
Ask The Right Questions During The Interview
Hiring exceptional employees is just the start to creating a successful business. Not only do you have to hire the right people, but you also must make sure they want to stick around. This should all begin with the hiring process. To ensure employee retention, it is essential to start by asking your potential candidates the right questions and by creating complete transparency of what is to be expected in the role they’re applying for. In addition, throughout the hiring process, it is your job to ensure each candidate aligns with your company culture and represents your values. By hiring someone that you see adding to the culture you are only benefiting the company and creating more opportunity for business evolution. Leaders should be involved in the hiring process. As a company leader, it is your job to constantly be looking for ways to improve your employee retention rate to maximize the organization’s success.
Provide Powerful Perks & Benefits
The power of perks is real. While benefits support what employees really need, company perks allow an employee to have the healthy work life balance that they deserve. In order to continuously motivate your employees, it is important to understand what makes them tick. One way to do this is allowing flexible work schedules. Everyone works differently. So encourage your employees to find what works for them by starting their shifts earlier or later, taking a full lunch break or numerous short breaks throughout the day. This flexibility will show your employees that you trust them to get their work done in a manner that works for them. It can also include working remotely on specific days and providing paid sick days that do not get taken out of the regular paid time off days given. Finally, choose an office space that adds to the enjoyable and positive environment your culture has shaped and the team thrives in. By providing snacks, game tables, encouraging team lunches and relaxation hour, employees will be more inclined to want to stay at your organization.
Offer a benefits package that fits the needs of your employees. It is the organization’s job to recruit and retain top talent. With competition on the rise, one of the best ways to do this is by offering a substantial benefits package that fits any ongoing needs your employees might have. The basics of this package should begin with health benefits, voluntary benefits (such as vision and life insurance), paid time off and retirement plans.
Foster Employee Development & Career Growth
Professional growth and development is something that all business professionals strive for. However, it is not necessarily easy for a single employee to develop on accurate path for themselves, especially when being new to the field. While you can’t force someone to want to learn, it is important to encourage them and provide resources to do so. By showing your employees the possibilities for personal growth and setting clear promotion paths, employees are more determined to learn and grow. Another obstacle is handling an employee that feels they are not exceeding their own personal growth goals. If this employee is a valuable asset to the company, it is important to discuss a variety of opportunities such as relocating departments within the company or creating a modified job description that suits this current employee. By being flexible, you are allowing for your employees to create their own goals while fostering retention for the company.
Recognize Achievements & Encourage Employee Feedback
Often times employees are hesitant to provide their managers with feedback on their performance and on the company as a whole. It can be intimidating to approach a boss or supervisor with feedback or suggestions for improvement. However, it is important to realize the value of your employees and that their opinion truly matters. Sending out an anonymous employee survey is a great way to ease their fear of providing feedback. In addition to surveys, scheduling break out discussion or a “think tank” for employees to share their ideas for the company growth while encouraging employees to provide simultaneous feedback while brainstorming ways to improve these gaps. Employees want to be able to have their voice be heard, and your business should provide ways to ensure every employee can speak their mind to leaders. This approach will allow your employees to be more open when suggesting feedback in the future and make for positive changes within the organization.
In addition to these essentials, it is important to reward your employees with proper recognition when they are doing a good job. Being recognized for hard work is one of the leading characteristics of a company culture that job seekers care most about. Recognition, either by managers, peers, or company wide, makes employees feel valued and is a top reason people are satisfied with their job on a day to day basis. By providing incentives, employees are more motivated to work hard and contribute to the success of the company.