While there are many factors that play into hiring and keeping your key employees, below are some of the top reasons team members seek out and stay with an employer.
Flexible Work Environment and Work Life Balance
Offering the opportunity to work remotely one or several days a week has become more of the rule than the exception. Telecommuting is popular in today’s post-COVID work culture, and advances in technology have made the trend possible. Today’s workforce appreciates autonomy, flexibility and freedom from traffic hassles, and companies that have efficient processes and adequate resources are scoring the top performers. Team members don’t want to work overtime just to keep up. Reward employees with extra time off when tight deadlines require additional hours. The sooner you implement a remote and flexible work policy, the better off you will be when it comes to hiring and retaining top talent.
Competitive Pay and Health Care Package
A comprehensive compensation and benefits package is more important than you might think. To stay competitive, consider the full value of the offer you provide. It can be worth several thousand dollars to a discerning recruit, as well as key to potentially retaining an A player who is being recruited away.
Mentorship and Feedback
Mentorship is a top request of job candidates, as is receiving regular feedback on performance. Setting your employees up with a mentor or coach can make a big difference in their long-term success and well-being. In addition, most employees want to know how they are performing on a regular basis, rather than waiting for an annual performance review. By providing frequent feedback, you will give your team members the opportunity to learn and grow in real time, setting them on a path for continuous improvement and allowing them to make positive contributions to the organization. Implementing a mentoring program and putting a feedback tool in place will go a long way in securing and retaining top talent for your organization.
Professional Development and Career Pathing
Whether it’s a formal or informal program, make sure you offer your team members opportunities for personal and professional development. Provide continuing education, offer speakers on relatable topics, host lunch and learns, and make ongoing training available. Give your employees opportunities for advancement, and outline career pathing so they know how to get there. Offer the chance to work on exciting and challenging new projects and the experience of being part of a team. A good supervisor or manager is key to making these opportunities happen.
Networking Opportunities and Business Resource Groups
Many organizations support employee connections through networking groups, clubs or business resource groups. Groups such as women initiatives, book clubs, outdoor clubs, or young professionals feature guest speakers and activities where team members can gather and build meaningful relationships. When starting such groups at your organization, start with your team members to see where their interests lie.
Regular employee surveys are useful tools to garner team member satisfaction as well as monitor key elements that employees value in the workplace. To be effective, surveys should be performed by a third party, and all team members should be assured their answers will be kept anonymous. However, be advised that you should implement regular employee surveys only if management truly intends to listen to the results and make a positive change where they are able; otherwise, surveys can backfire. Used effectively, this tool can enhance retention significantly with leadership’s quick response to employee concerns.
Now more than ever companies are finding that prioritizing wellness – both physical and mental – is a top concern for their team members. By offering gym membership discounts/reimbursements, rewards for healthy habits, healthy food options, nutritionists, wellness coaches and other support, you are telling your employees that you care about them and their health. Many companies go one step further and offer mental health support and counseling to their team members. Make sure you have a program in place to support the health and wellness of your team members.
For current and future team members alike, a belief in the company’s mission, vision, products and services can be a make or break. Most employees want to know they have job security and stability, and they want to know how their role fits into the big picture. Cultivate a positive workplace culture where communication is encouraged and team members feel they can make a difference and are valuable contributors. Take the time to recognize team members for a job well done. Tokens of appreciation such as additional PTO or gift cards can make a big difference. Many times a simple acknowledgement, shoutout or team celebration is all it takes to boost morale.
Alternative Job Perks
Non-traditional job perks can also be a draw for team members. Awards, catered meals, company events, academic reimbursements are popular tools today as companies strive to retain top talent. Influence both recruits and employees with perks like laundry services, the ability to purchase extra PTO (paid time off), and opportunities to participate in organized community outreach. Company-wide community service days with local charities are a win-win-win for the company, employees and community.
Efficient Hiring Process
Top job candidates with in-demand skills are at the top of other companies’ recruiting lists as well. As obvious as this seems, make the hiring process as quick and efficient as possible to secure top performers before someone else does.
Companies that choose to look at retention strategies and ways to ensure their company culture is positive will have the greatest chance of keeping their best employees. They will be the winners, as the cost of turnover is not cheap. Maintaining a policy of no salary increases or bonuses can potentially put you at risk. When times were lean, team members may have been thankful to just keep their jobs; however, those who may feel overworked and underpaid now will look at new opportunities, especially if they fall into their laps.
Your bottom line can be improved by offering tools and programs that successfully reduce stress on teams, boost employee morale, and increase retention. Obviously, it’s the totality of the circumstances – not just one thing – that keeps workers in the fold. Companies that practice some or all of these strategies are reaping benefits, from both a recruiting and retention perspective. Companies have found it brings loyalty and high performance, as most of these employees feel their employer is showing sensitivity and working with them to ensure balance in their lives. Consider adopting work-life strategies into your company’s culture to help attract and retain your best talent.
Employee retention is a key business goal, and it’s critical to an employer’s success. By focusing on retention, companies will likely experience increased productivity and ensure consistency in their business.