5 Keys for Building an Effective
Employee Retention Strategy
COVID-19 has affected pretty much every part of our daily lives, and for many Americans it also meant big changes in how their business lives were conducted, with about one-third of Americans working from home due to stay-at-home orders and responsible social distancing practices.
Many of these people have found that working from home is good for their mental health as well as their production at work, and the trend is expected to continue even after the pandemic ceases to exist. Organizational change management will be essential when the post-pandemic economy stabilizes, and with that, employee retention will be even more important, as trainings and labor hours that coincide with the changes are moot if the trained employees jump ship.
Here are some employee retention tips, both classically successful and those related to the expected post-pandemic surge in remote work being a big selling point for current and potential employees.
Hire Wisely
The best way to retain employees is by selecting the right ones in the first place. With company culture fits no longer just being trendy, be sure to vet your potential coworkers for things that go beyond their skills and qualifications. If you have a very active team that enjoys taking lunch runs, let that be known in the interview and see what kinds of reactions you get. That’s obviously just an example, but sharing things that your company is proud of beyond dollar signs can help you see if that potential employee shares excitement about those things.
Provide a Flexible Work Environment
Everyone achieves things differently. Some like seclusion, some like brainstorming, but ultimately, everyone does like to succeed. By providing your employees different options on how they can get their work done, you not only empower them to be the most productive they can be, but you also allow them to take a more entrepreneurial approach to their job, which is a big check mark it the “pros” column when it comes to employee retention.
This doesn’t have to mean working from home, but given the amount of employees who are thriving in the remote work setting, it’s certainly something worth offering if you can make it happen for the right candidate.
Congratulate
Even though it has to be metaphorical until after COVID-19, everyone likes a pat on the back. In every walk to teamwork-related activity, performance psychology, encouragement, and appreciation go a long way when it comes to happy teammates. In the workplace, happy teammates stay on the team. Things that go even further than a pat on the back are gifts, bonuses, and random afternoons off when an employee has went above and beyond. Almost half of employees said that a bonus would encourage them to stay with a company more than benefits or a better work-life balance.
Be Culturally Aware
Cultural awareness is, from an individual’s standpoint, recognizing that the way you were raised and the customs you are familiar with are not superior to those that other individuals have experienced. In the workplace, encouraging diversity and inclusion is not only morally sound, but it also results in greater employee retention and a bigger bottom line.
With many jobs now being offered remotely, the odds of a coworkers having many different cultural beliefs are better than ever, and a focus on cultural awareness in your company will guarantee better employee retention.
Be Transparent
Most employees don’t expect to make more money than their bosses, but transparency and communication regarding company income, company spend, and the company’s short-and-long-term future make employees feel more like team members. The communication aspect goes both ways, and employees should be encouraged to share their thoughts and opinions on given matters.
… and More!
Most of these tips do center around an employee experience, and relative comfort in their day-to-day activities. All of those are very important, and especially if you have a smaller team, company culture always plays a large part. However, money does talk and after all of the comfort and training, putting more in your employees’ wallets is still the be-all and end-all of employee retention.
