The job market of the last few years has been a rollercoaster. In 2020 the unemployment rate rocketed up to almost 16%. This period was followed by a gradual uptick in employment, to the point where people felt comfortable enough to quit their jobs in search of a better work-life balance. The Great Resignation has been defined by employees who aren’t afraid of quitting their jobs in search of something more fulfilling. This leaves employers and Human Resource departments in a peculiar situation where the emphasis should be placed on retaining the strongest employees. But how can HR professionals do this? Let’s discuss three secrets to employee retention that will set you up for success.
Form an Excellent Culture
The need to foster a strong, distinctive company culture is not new. Culture has been a buzzword in the HR community for years. However, what defines a good culture will never be the same from one company to the next. While two organizations may decide a “good” culture is made up of transparency and integrity, the same two companies may not agree on what actions fall within openness and integrity, which means the actions Company A takes to promote and cultivate a powerful culture with their employees could potentially backfire at Company B.
The secret to forming an excellent culture at your company is simple, in theory. People need to listen to each other. And not in a follow the rules type of way, but in a here’s an idea, what’s a good next step type of way. As we said earlier, the concept is very simple. However, the delivery may not be. A good first step could be to distribute an anonymous survey about workplace culture. Make it clear to employees that answers will exclude respondent information, and encourage honesty — even if it’s brutal.
Take those answers to heart. There may be results that shock or even upset leadership, but if cultivating a strong culture is essential, receiving honest answers is a great step in the right direction. Use negative reports to build a culture remediation plan. At the same time, build on programs that have a positive effect on employees. Companies that truly seek a healthy culture may even distribute workplace feedback surveys multiple times each year. This step is crucial because a positive work climate is hard for anyone to leave, especially when employees feel heard and important.
Develop and Reskill Current Employees
Earlier this year, the number of available jobs surpassed the number of unemployed people. And with the Great Resignation still in progress, HR professionals are starting to take steps to realign current employees to new or existing positions rather than strictly focusing on hiring new talent. Naturally, it makes sense that employers should similarly refocus hiring efforts toward internal reskilling.
A great place to start in the reskilling process is to create a leadership and development program. Many companies continue to hire despite failing to properly promote and reward current employees. Implementing an L&D program will ensure employees don’t feel as though they were set up to fail.
Employee input is essential because leadership may not intuit the knowledge gaps that exist between two positions. Before moving into a new role, employees need to know core job responsibilities they’ll be expected to fulfill. This will help them hit the ground running in their new position. Inviting current employees who are moving to a new position to have a voice in the creation of their training will also help them feel empowered, potentially motivating them to put more effort into their new role.
Before shifting employees, make sure to speak with them and confirm a new position is something that interests them. Be open and honest about what the transition would entail, along with the differences between tasks that need to be performed in the new role.
Benefits that Actually Benefit
The past few years have forced employees to refocus their priorities. So why haven’t benefits changed in kind? Benefits are an extension to the paycheck employees receive bi-weekly. While most companies have tweaked their packages here and there, updating benefits packages to fit what’s important to your employees is essential to keeping top talent happy.
Healthcare is still the most important benefit to employees, but flexible working arrangements and help with financial literacy are both rising in importance. We go into more detail on our blog, How to Enhance Benefits for a Post-Pandemic Workforce, but a great way to get started is to distribute a survey to employees. Ask questions along the lines of:
- What do you like/dislike about your benefits package?
- Rank these benefits in order of importance
- Name one benefit you would like added to your package
- How would you score your current healthcare package on a 1-5 scale?
With this survey, HR professionals can assess how employees feel about their current benefits package. These changes may not be as instant as changing culture or reskilling employees but taking the initiative to start the process will show your top talent they are heard and wanted.
It should come as no surprise that when someone spends 40 plus hours a week somewhere, they don’t want it to be for nothing. Employees want to be heard and appreciated, and they want to feel like they are contributing to the company. These three secrets will start your team off on the right track in retaining your strongest employees for years to come.
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