Tips for Increasing Employee Retention

2022 has been a job market that favours job seekers, and for many industries, there is no indication of that slowing down as we head into 2023. I reach out to candidates that sometimes say I am the third or fourth recruiter reaching out to them this week. The market is competitive and many employees who are unhappy in their current roles will not have to wait long to find a new and exciting opportunity elsewhere. Many organizations are at risk of losing top talent if their team’s job satisfaction is low or if they do not feel valued. According to a recent HubSpot Data survey, some of the biggest factors why organizations have high employee turnover and low retention were a lack of work-life balance, a lack of a flexible schedule, and a lack of career growth opportunities. Here are some starter strategies your organization can think about to help keep your employees engaged and committed to your organization.

Provide Positive Feedback and Foster Respect and Trust in the Workplace

If the only time your leaders are sitting down with their teams to discuss performance is on an annual basis, that is not enough. Leaders should be meeting with employees as frequently as required, which may be once a year for some individuals, and monthly for others. These meetings should discuss short- and long-term goals and help create interest and motivation for a future with the organization. Employees want and need to work in an environment where they feel supported and respected. Create an environment that lets your team perform to the best of their abilities, trust them, and practice effective and clear communication.

Give Your Employees Opportunities for Growth

Working with your team to create a path for their development encourages retention. This gives people a goal to work towards and can be a motivating factor for success and long-term retention. Consider supporting your team’s educational or professional development to give them opportunities to move within your organization. If you do not do this, you jeopardize losing employees who wish to go back to school to continue their studies or move to other organizations that will support their long-term goals and development.

Encourage a Healthy Work-Life Balance

Employees who have to work 24/7 will eventually become stressed, burnt out, and pursue work elsewhere. That is a fact. Encourage your team to set up and have work-life balance and boundaries, and have leadership be an example of this for their teams and in your organization. Promoting and encouraging your teams to have disconnected time off, promoting regular working hours, having policies around working after hours and on weekends, and encouraging taking breaks throughout the workday as needed will go a long way in encouraging a healthy work-life balance and flexibility in the workplace. You can have high expectations for your team while respecting their life outside of the office. When your team is rested and has time to care for themselves and their families, you will have a team that performs better at work.

Offer Fair Compensation

Money is not everything, but when an employee can go to another organization offering a significant jump in their base comp, it sure is important. LinkedIn’s Global Talent Trends report from 2020 found that companies rated highly in providing fair compensation had a 56% lower rate of attrition. Employees should feel that their compensation is competitive and aligned with market standards. If you are hiring new employees in today’s market in a similar capacity at a higher rate of pay, those already in your organization should be reviewed to ensure that compensation is fair across the team. Review current wages, complete internal job analysis, and make adjustments to stay competitive to help keep your employees engaged and motivated.

Sources:
https://blog.hubspot.com/marketing/3-strategies-to-increase-employee-retention
https://www.roberthalf.ca/en/blog/management-tips/effective-employee-retention-strategies
https://www.zoomshift.com/blog/employee-retention-strategies/

Written By: Melina Grande
Note: This article is written as an opinion piece from the perspective of a Recruitment Specialist