Employee Retention Strategies for Lowering Turnover now and for the Long Game! 

Innovative ways to retain employees, increase productivity, satisfaction and  employee engagement

Main drivers of employee retention

Leaving a company is hard and requires significant contemplation and planning for most people. 

There are two main reasons why people leave their jobs: one is because they want to pursue something else professionally; the other is because they want to spend time with family or friends.

These are some of the key drivers of employee engagement that make your employees stick around.

• Healthy work environment
• Flexibility
  Recognition and rewards
• Growth opportunities and development possibilities
• A good working employee - manager relationship
• Competitive pay

Once you've identified the root cause of your employees' dissatisfaction, you can start implementing your best retention strategy.

Money isn't everything when it comes to retaining employees. There are other factors that you can take into consideration when trying to retain your best employees. Here are some ways to help you retain your top talent:

Hire people who share your values and culture.

To create a healthy work environment, hire people who share your culture. You'll get better results. Employees who fit into your company culture will stay longer and perform better. Your new hire will quickly learn what works best in your organization. And they'll feel right at home.

Most employees leave their jobs because they were hired incorrectly. You should try to go beyond traditional job interviews and think outside the proverbial "book."

Ask open-ended interview question that relate to your company’s values. Explain how the job relates to these values. It will give them an idea about what they need to be prepared for.

Combine traditional office environments with flexible working arrangements

Flexible working arrangements have become one of the top things that people look for in a new job. It became an expectation rather than a benefit.

Hybrid Workplaces

Since the pandemic began, hybrid workplaces have been a hot topic. Companies providing such allow people to choose whether to work in the office or work remotely according to one's preference.

74% of the US workforce are willing to quit a job to work remotely. 31% would like to work remotely, but their company doesn't allow them to do so.

The best part is that there is no geographical constraint in hiring people. So, you get access to a bigger pool of talent.

Offer flexible working hours

According to a Gallup survey, most employees consider flexible work schedules an important part of a good job. One study even showed that two-thirds of workers would turn down a promotion if it meant having to cut back on family time.

Developing an effective work schedule that fits both your needs and your staff members' means increased productivity, decreased absentee rates, and improved morale among your team. Keep your options open by considering other methods for meeting your staff members' individual needs.

Advice of HR Executives: Allow job sharing

Part-time workforce and job sharing can actually be beneficial for a company.

A recent study of employed mothers who had recently become pregnant found that job-sharing was considered a highly attractive alternative when choosing between potential employers. According to a news release from Human Resources Executive, two people splitting one job are more productive then one person doing a single job.

Reduce working days per week

Many businesses in other countries have successfully implemented 4/10 schedules (when an employee works four 10-hour days per week), but American companies have historically been hesitant to implement them. However, more and more companies are allowing their workers to take advantage of these schedules, and the results are surprisingly positive.

One of the most important employee retention strategies is to reward efforts, and not just results

It is easier to measure results than the effort taken to get that result.

I am sure we all have been in situations where we worked really hard to get that sales deal or reach those numbers. In contrast, a colleague gets it at the snap of a finger. Not because we are less competent, but because things don't always go according to our plans.

Employee well-being

Health is wealth, indeed!

After the Covid-19 pandemic, health has become a top concern for everyone. Our physical and mental well-being were both tested amidst the global pandemic.

You can give your employees more than just sick leaves and free medical examinations.

Engaging in CSR programs

Reports show that millennials and Gen-Z workers are more inclined towards social responsibility. They believe in giving back to the community.

ESOPs (Employee Stock Ownership Program)

ESOPs (Employee Stock Ownership Program) are an excellent way to compensate your employees as a bonus or incentive.

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Making the employees become stakeholders of your company helps them stay invested in the company's performance.

From an employer's perspective, it is an excellent way to maintain liquidity. But it may not be the best option if your company is struggling. Instead of motivation, employees can feel quite the opposite with the ownership.

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Sabbaticals

Sabbatical programs are an excellent way to keep top talent. They show that you appreciate their hard work and dedication. Sabbaticals can be for up to 6 months, depending on the employer's policies.

Actionable Workforce Employee Retention Strategies for 2022

Managing for staff motivation means taking steps to ensure that your workers stay happy and committed to their jobs. Motivation plays a big part in keeping people working hard and being productive. When people feel valued and appreciated, they're much more likely to stick around and do what needs doing. An effective strategy for motivating staff is to make them feel important and involved in decisions about how things work within the company. Staff should also be given opportunities to learn new skills and develop themselves professionally.

1. Treating everyone respectfully regardless of their position.
2. Compensation/pay.
3. Trust between employees and their managers.
4. Job security.
5. Opportunities for them to use their skills and talents at their jobs.

In order to successfully implement an effective organizational strategy for retaining employees, a number of steps must be taken. These include not only providing competitive compensation packages that meet the needs of current employees and attract new talent, but also ensuring that the culture of your organization fosters a positive attitude toward staff members. Additionally, it is important to make sure that your organization provides opportunities for growth and development within the workplace. Finally, it is essential to create a strong sense of community among your team members, so they feel valued and appreciated for what they bring to the table.

Here we have compiled a comprehensive set of tips for improving employee retention at the office. They include the following:

1. Build a climate of mutual respect in the workplace

People are increasingly seeking out organizations where they can be valued and respected.

According to CEB's quarterly global labor market survey, the top five things workers want from their next employer are:

1. Stability
2. Compensation
3. Respect
4. Health benefits
5. Work-life balance

Respect is one of three most important qualities job seekers look for when applying for a job.

Does your workplace value respect as much as its employees do?

By following these suggestions, you'll create an environment where people feel comfortable sharing their ideas and working together towards common goals.

Above all else, ensure your team has everything they require, and show them compassion and thoughtfulness.

2. Encourage employee creativity

Despite claiming to value creativity, most corporations lack formal efforts or policies to support creative endeavors and undervalue fostering creativity within its employee retention strategies. 

You can encourage creative thinking by making sure there’s enough unstructured time in the day, having some quiet space where people can think out loud without fear of repercussions or judgement from management.

3. Give more positive feedback

Everyone knows that people who receive regular feedback from their managers tend to perform better than those who don’t.

But in what proportion?

According to research published by Harvard Business Review, the optimal ratio between positive and corrective feedback is five correctives for every one positive suggestion.

If you want people to perform at their best, positive feedback should be given frequently. However, if there’s an emergency situation that requires immediate action, then corrective and constructive feedback should also be provided.

4. Encourage your workers to give you feedback

You need to be able to listen to your employees' suggestions and criticisms. If they don't feel like their opinions are being taken seriously, they may think that the company doesn't care about their input. Remember to thank those who offer their suggestions. Create a culture where staff members feel comfortable offering their thoughts.

A survey conducted by Hay Group showed that engaged employees tend to be more productive and creative than their disengaged coworkers. They're also happier at work. This ultimately leads to increased profits for companies.

5. Give employees opportunities to develop themselves professionally.

A lot of businesses promote their workers from outside the company instead of offering ongoing training and educational opportunities inside the organization.

Employees won't stick around if they don't feel their role provides them with any opportunities for advancement, which means they're not going to be motivated.

You can promote people internally and implement a training program, or leverage external resources and tools (like online classes, workshops, books, etc.) to help motivate your employees to stick with the company.

Employees see these initiatives as an investment in *their* future.

6. Earn the trust of your labor force

Employees perform better when they trust management and the people assigning them tasks. They are more likely to achieve the goals that are set for them when they believe in the person that’s getting them to do the work.

46% of (Almost half of employees / every second employee) admitted that a lack of honest, straightforward leadership communication is causing them to look for employment opportunities elsewhere. Meanwhile, 79% of highly engaged employees have trust and confidence in their leaders.

If you haven’t implemented an employee engagement program, there’s a good chance they don’t trust you as much as you think they do. Don't delay adding this immediately to your strategic employee retention strategies. 

7. Find the balance between challenge and support

Repeating the same things every single day can cause people to become bored and lose interest.

On the other hand, getting your employees to complete difficult projects or jump through too many hoops could make them feel demoralized, so try challenging your employees in a balanced way.

Can be beneficial giving your people a chance to take a risk, seeing failure as an opportunity for improvement.

Encouraging a growth mindset by rewarding hard work rather than just talent and brains is key.

8. Encourage a healthy work-life balance

Many organizations have high expectations for their employees and unwittingly neglect other important employee retention strategies, such as simply ensuring healthy work-life balance. 

 
But for workers, this can mean less time devoted to personal care, leisure activities, and family.

OECD found that roughly 12% of employees work very long hours in the United States. This is slightly less than the average 13%. But full-time workers in the US only devote 60% or 14.5 hours of their day to personal care and leisure, which is less than the average 15 hours.

When your team members are well-rested and have adequate time to care for themselves and their families, they will also perform better at work.

Establishing regular work hours, policies for working on weekends, or work-from-home programs can offer your team members the flexibility they need to bring their best to work every single day.

Suggestion: identify people in your company that are overworked this week. Give them a bit of time off, or get everyone out of the office for a walk. Evaluate how your work scheduling promotes a healthy work-life balance.

9. Offer A Competitive Base Salary or Hourly Wage

Employees don't just care about money; they also want to know that their efforts are appreciated. Offering them a competitive salary can help them see that their hard work is worthwhile.

Regardless of a person’s field, your employees want to know their compensation is competitive with what others who perform similar work are earning. Salaries need not be the highest in the region but should be among the best. Paying low wages means high performers will leave and low performers will take their jobs.

Your employees should be paid fairly for the work they do. Research what a competitive wage is for your staff so you can pay them what they're worth.

It is recommended to review current wages periodically, and determine if any adjustments are needed to make them competitive.

10. Avoid sudden changes in the workplace

Change is often unavoidable, but it can also cause stress for employees. If you force too much change too quickly, it could negatively impact your employees' morale. Employees' attitudes towards their organization can be affected negatively by major changes occurring within an organization.

During organizational changes, determine whether your staff members are suffering from any undue pressure at the moment. If you have a way to do it, slow down the rhythm of change.  We understand this is one of the more difficult employee retention strategies to pull off.  However, most organizations simply under-communicate upcoming changes, and thus employees feel that change is constant - when in fact, it's the right pace for the organizations success.  Introducing one (small or big) change at a time is easier for employees to manage than making multiple changes at once, and crafting a communication plan to forecast what's coming in the future, helps put employees more at ease. 

11. Create a clean & safe environment

People might have trouble concentrating on their work in cluttered environments, since those are distracting. Because your staff will spend at least one-third (or more) of their time in the office, creating an enjoyable workspace is essential.

12. Give your employees the tools they need to succeed

If you want your employees to achieve success, you must provide them with the right tools, resources, and support. Too often, employees are given no direction or guidance, so they don't know where to start. It's no surprise that they fail to meet targets they cannot even see.

"A team is only as strong or weak as its weakest member.", so if you're not paying attention to your weakest members, then you're doing yourself a disservice.

If you want to ensure that your employees succeed, you must must communicate regularly with them, ask them directly about their projects, and offer any assistance you can. You must be willing to guide and mentor them.

13. Provide adequate rest periods

To retain your employees, it’s important to providing adequate rest periods for them. Having sufficient breaks from work will help keep employees healthy. Employees aren't like robots who don't need sleep; people require downtime to stay productive and avoid burnout.

There are some employees who are willing to work extra time, motivated by their desire to make a difference at the company. However, for every committed and ambitious person, there are many who would crumble under the weight of too much work and too much pressure.

Conclusion: to increase employee retention, a company needs to create an environment where employees feel appreciated

While the job market in some industries and regions favors employers, candidates with in-demand skills likely won’t have to wait long to find a new opportunity. A number of firms never stopped hiring during the coronavirus crisis, and some that did are now expanding their workforce once again.

If you feel your company is at risk of losing valuable staff members, you must act quickly to bolster your employee retention strategy. These areas offer some ideas for boosting employee satisfaction and increasing your ability to retain key people.

Onboarding & Orientation — Every employee needs to know what he or she is doing before starting work. New hires should receive training on the company’s products and services, as well as an overview of the organization’s mission and values.

Mentorship programs — A mentoring program is an excellent way to help new employees get up to speed quickly. It’s particularly useful for people who are working remotely.

Compensation — Even though your company may not be able to boost salaries at the moment, there are other ways to compensate employees besides paying them more money. You might want to improve employee health care coverage and/or offer better pension plans.

Perks — Perks can help your business thrive during uncertain times. Flexible scheduling, remote working, and paid family leaves are just a few examples of how companies are offering benefits to keep their workforce engaged and productive. And according to a recent survey conducted by PayScale, one perk employees find especially valuable is having access to childcare services.

Wellness Offerings — Keeping your staff healthy — both mentally and physically — is just good practice. The COVID-19 crisis prompted many leading companies to expand and improve their wellbeing offerings to support their workers during these challenging times. Wellness related employee retention strategies include Stress management programs, financial advice and reimbursements for gym memberships are just some examples of things your company may offer to keep your team happy and healthy.

Communication — During the COVID-19 crisis, we saw how important it was to communicate effectively with our teams. We also learned that effective communication doesn’t just happen between leaders and their direct report; it happens throughout the organization. Leaders must ensure that everyone feels comfortable coming to them with ideas, questions and issues at any time. They must also do their best to foster an environment where people feel safe sharing their thoughts and feelings. Finally, leaders must actively work to improve communication within their own organizations, both on-site and remotely.

Connect With Your Team

Making sure your employees feel engaged and empowered is part of effective management, and we've already looked at how employee engagement can improve a business' overall performance.

The secret to unlocking unlimited energy for your business lies in building better relationships with your team members. When you value and respect your staff, they will be more committed and enthusiastic towards their jobs.

You can improve your team’s performance by encouraging them to share their thoughts, recognize their contributions, equip them with the right tools and information, give them chances to develop themselves.

Connect with your team members outside your workplace and volunteer for an organization that has something meaningful to offer your community. This will help you bond with your colleagues and develop stronger relationships within your company. It’s also an excellent way to learn new skills and grow professionally.

Continuous feedback on performance - You may want to consider replacing the traditional annual employee evaluation with more frequent one-on-one discussions. These conversations could include questions about career aspirations, personal development plans, and any other topics that might be relevant for your business.

Training and Development (critical employee retention strategies)— As an integral component of your organization’s overall strategy, training and development helps ensure that your workforce is equipped with the right knowledge and skills to meet changing market demands. By helping your team members develop new skills, you can also improve employee engagement and retention.

Recognition and reward — Everyone likes to feel appreciated for the effort they put into their job. In our “anywhere workforce” (and increasingly, anywhere employee), employers’ appreciation can really mean something. So be sure to show thanks to those employees who do extra hours or take on additional responsibilities. They deserve recognition!

Work-Life Balance — What message does your time management send to your team members? Do you think your team members should be available 24/7? Does your company encourage people to take vacations? Is it okay for someone to come into the office after hours to finish an important task? These questions help determine what kind of culture you're creating within your organization. You may not realize how much of an impact your actions have on others until you start asking yourself these questions.

Flexible hours — Many employers are now offering flexible hours for people who need to continue working from home. A recent survey showed that one out of three workers who are currently telecommuting would consider switching jobs if they had to start working in an office again.

Think earlier rather than later about what you could do to make life easier for your employees if working remotely on a permanent basis isn't really an option. Maybe you could give them a compressed work week? Maybe you could let them take more frequent breaks? Or maybe you could allow them to work part-time hours, so they'd get more sleep at night? These things might not sound too exciting, but they're actually great ideas. And they'll go a long way toward helping your employees feel happier and healthier.

Managing change — Beyond the disruption caused by the pandemic, every workplace must deal with change, both good and bad. And employees look to their leaders for guidance and reassurance during these times. If your organization is undergoing a significant transformation, communicate major developments either individually or in a group-wide call or video conference, so that everyone knows what's up.

Emphasize teamwork. — You should promote team spirit among all your employees by encouraging them to share their thoughts and offer their own suggestions. Create an atmosphere where people feel free to express themselves and give others the freedom to propose new ways of doing things.

Acknowledge accomplishments — A final tip to promote employee loyalty is to celebrate noteworthy achievements both large and small. For example, if one of your employees has just completed their first five years at your company, take the time to recognize that achievement by celebrating with them in an appropriate way. Similarly, if one of your workers recently reached some kind of important milestone (e.g., completing a sales quota), take the time to acknowledge that accomplishment by rewarding him/her appropriately.

YES, I WANT TO LOWER EMPLOYEE TURNOVER!