HR professionals around the country dedicate their careers to retaining great talent at their organization, making it their ultimate goal to hire AND retain the best talent. Yet, over 50% of organizations globally claim they have difficulty keeping their most valued employees. So why is that? Talented employees that quit within the first six months reveal that their parting was due to poor onboarding experiences, workplace culture, and working conditions. This issue begs the question: how can your organization offer the most competitive and appealing environment that keeps employees around for the long haul? Here are four ways your company can retain talent now (and into the future).
The demand for workplace flexibility existed before the Coronavirus outbreak, and now, because of the virus, companies were forced to offer it. Providing flexibility in the workplace is not about being lax with workplace rules; it has more to do with understanding every employee as an individual with different circumstances and needs. If your organization can provide this flexibility, you extend a branch of trust, and your employees should as well. Therefore, if there is trust within your team, your employees will stick around longer. As businesses begin opening back up in the post-pandemic world, you should look at it as an opportunity to start new with flexibility at the forefront; therefore, it’s imperative for companies to not revert back ti their old, strict habits.
The companies with the best retention rates are the ones that recognize their employees for their hard work. In fact, according to HR Technologist, 63% of employees recognized in their career are extremely unlikely to seek alternative career opportunities. Simple acts of recognition not only retain talent but strongly motivate employees as well. You can provide praise through financial compensation, promotions, meaningful verbal acknowledgments, awards, and more. Whatever suits your company’s culture, find a way to incorporate it into how you treat and recognize your talent.
Do you know that setting goals and deadlines for your employees motivates them and encourages longevity? Recent research has proven that employees with clear goals have higher performance, but also improved emotional well-being. Thus, setting goals makes people happy, and happy employees are more likely to stay with your organization. Help your employees set manageable goals, and neither party will regret it!
In the same light that clear expectations motivate employees, growth opportunities have the same effect. If an employee has the opportunity to grow within the company, they are more likely to stay. People tend to avoid companies where there is no sight of change, and the work is relatively stagnant. Providing your employees with a meaningful and happy workspace is a foolproof way to increase employee retention. Retaining great talent is extremely crucial because the cost of replacing a single employee can exceed 200% of their annual salary. Great talent creates a good culture. As the job market picks up, so will the need to preserve your talented team.
If your company is facing problems with retaining your staff, reach out to Johnson Service Group today. We can help you source employees that want to make an impact and stay with your team for the long haul.