Tips to Retain Your Talent
Your talent is your most valuable asset; therefore, it is important to prioritize them. Employees directly contribute to the success of your company. Increasing employee engagement and alignment, which ultimately leads to employee productivity and retention, should be one of the primary goals of any organization.
Employee turnover is expensive. The cost of replacing and training someone new can cost an organization a lot more than if they were to put money and resources into their current employees. Employee retention is an important focal point for companies, as 87% of HR experts consider retention to be among the highest priorities in the next 5 years.
In this article, we outline some tips to retain your employees and keep the best talent you have working for you!
1) Deliver continuous feedback
It can become frustrating for employees if they are not getting feedback on their work. Continuous feedback between managers and peers allow for open conversations where recognition for jobs well done and suggestions for improvement can be discussed. This ultimately helps increase employee engagement and thus productivity.
Addressing performance once a year (aka annual reviews) simply does not work - feedback should be given once a week for best results. When feedback becomes a routine, it becomes expected. In fact, employees whose managers are consistently acknowledging them for good work are five times more likely to stay at a company. If you invest in the growth of your employees, they can feel more engaged and motivated to work in the company rather than leaving.
One note on feedback - it has to be effective. Effective feedback needs to be constructive, unbiased, and forward-focused so that employees can interpret and understand where they can improve. To learn more about what effective feedback looks like, check out our guide to effective feedback.
2) Provide more opportunities and responsibilities
Most employees want to have the opportunity to grow and develop their skills, meet their goals, and have a fulfilled career. If your employee starts to feel that they are no longer developing in their position or that their tasks are too ‘easy’, they may start to feel discouraged and disengaged. This can lead to an employee searching for a new job with better opportunities.
In order to keep these employees at your organization, don’t hold back on giving them more responsibility. Whether that be leading a project, coming up with a novel initiative, or leading a small team, these opportunities can make your employee feel like a valuable part of the team. Moreover, it allows them to develop new skills. 94% of employees would stay at a company longer if it invested in their career development. Your organization can also consider offering or subsidizing a learning/development program. Remember that many of your employees want to develop their skills; offering programs that help them hone their skills and better prepare them for their careers can be very motivating.
3) Have a work-life balance for your employees
Healthy work-life balance has been a hot topic for several years. Flexible work options including remote work have become a big trend over the past year, and remote work has seemed to make employees about 40% more productive than in-office employees (of course, this increased productivity depends on having the right goal management, feedback, video conferencing, etc. tools)! This flexibility allows employees to have a healthier work-life balance which many employees, especially younger generations, have been craving from their employers. Encouraging a healthy work-life can have a direct effect on employee retention. Workers who have a good work-life balance are 10% more likely to stay at their companies than those who don’t. Another simple way to encourage a healthy work-life balance can be encouraging employees to take breaks, increasing PTO, and switching our mindset from "number of hours worked" to productivity/ meeting objectives.
4) Recognize and reward employees
"Recognition is not a scarce resource. You can't use it up or run out of it." - Susan M. Heathfield
If an employee feels like a valuable part of the team, they are more likely to stay with their organization. One study found that 63% of employees who are recognized are very unlikely to look for a new job. Employee recognition does not have to be a big promotion or increase in salary, but it can be a simple act such as saying thank you.
Recognition not only encourages employees to stay with an organization, but it increases their engagement within their roles. Working towards a goal or a reward can make employees feel increasingly dedicated and enthusiastic about completing a project. Consistent recognition also helps create a culture of recognition in an organization. To learn more about why recognition is important, check out our article on the importance of employee recognition.
5) Build relationships
Relationships in the workplace have a big impact on the amount of productivity, engagement, and retention within an organization. It is important for employees to feel comfortable and confident at work, and so having good working relationships is critical. While many managers might not realize it, workplace relationships can directly affect how happy an employee is. A study done by Officevibe found that 70% of employees say friends at work are the most crucial element to a happy working life. There are a few small things that your organization can do to build and foster these relationships such as having monthly game nights, team happy hours, or a mentorship match-up with managers.
What is your organization doing to increase retention rates? - Let us know!