Common knowledge is that employee retention is at the core of every business’s success. Business leaders worldwide have been trying to keep their top performers satisfied with their jobs by offering hefty paychecks, extensive health care, and appealing retirement programs.
But the Covid pandemic came and changed the perspective of the workplace and employees’ needs forever.
Employees now seek more flexibility at work, they want to be heard and appreciated and their work to be valued and recognized while having the opportunity to grow professionally. So if you’re facing higher turnover rates, you need to think beyond pay raise to convince top performers to stay.
The bad news is that around 3 to 4.5 million Americans leave their jobs each month according to the Job Openings and Labor Turnover Survey.
The good news is that the Work Institute Retention Review claims that 78% of the reasons for employees quitting are preventable.
Here, you’ll find out what steps to take to stop your retention rate from spiraling down and meet your employees’ needs, making them more satisfied and engaged in their work.
Communicate with Your Employees
Understanding the reasons why employees want to leave is a first step toward improving work conditions and retention rates. Knowing why your employees are staying with your company is equally important.
So you need to encourage open and honest communication, especially during exit interviews. These interviews may reveal some factors that drive higher turnover that you haven’t been aware of before. You can use this feedback as a base for creating effective retention strategies.
Finding out the positive sides of your workplace that make employees stick with your company is another way to get an objective outlook on your company, fostering and enhancing effective practices that contribute to employee satisfaction and engagement.
Optimize Work/Life Balance
One of the greatest benefits of remote work most employees have experienced during the Covid-19 crisis was an opportunity to balance out their work and personal lives. Now that the pandemic is over employees want to keep this work flexibility and the right to choose when, where, and how they work.
If you’ve already created effective digital work environments, you just need to continue with good practices. But if you need help to meet this employee need and create productive and collaborative work environments, you can always rely on advanced digital solutions like video conferencing and project management platforms accompanied by an employee tracking app.
Offering flexible work opportunities will give you an edge over your competition and prove to your workers that you care about their well-being, affecting your retention rates positively.
Create Professional Development Programs
If you want to create tight-knit highly productive, lasting teams you need to offer your employees opportunities to upgrade their skills and grow and advance on the company ladder. The majority of employees want to work in environments that appreciate their ideas and allow them to measure their advancement.
According to statistics, 74% of employees say that they would leave companies that don’t have training or learning programs.
Once your employees finish a specific training session you can use employee monitoring data to compare employees’ performance metrics before and after the training and see how it affects the way they do their job.
Praise Outstanding Achievements
Employees love when their work and efforts are recognized and rewarded. This helps them connect with your company and commit to achieving set goals faster. You can start by dedicating a Slack channel to the celebration of remarkable achievements and major personal or company milestones.
Even better, you can start giving regular feedback focusing on employees’ strengths and results. You can use employee monitoring data to create detailed and objective feedback and reward overachievers, showing your employees how the employee tracking app can work to their advantage.
Seeing numerous employees leaving your company must be scary, especially in these turbulent times. But, you can take actionable steps to keep your employees happy and lower your turnover rates. Start by having straightforward conversations with your employees to find out what drives them to leave or what motivates them to stay with your company.
Then, use replace some of your ineffective practices with these fresh retention strategies to meet your employees’ needs and rely on advanced technology like an employee tracking app to make things work.
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