How to Increase Employee Retention
So, you’ve hired new talent. Congratulations!
But, how are you going to keep them?
Given that 2021 saw 52% of employees looking for a new job, this is a valid question.
The topic of employee retention has become more of a hot button issue as of late, largely due to the impact of the pandemic. COVID changed the way people view their jobs.
For the most part, people are looking for more flexibility in their positions.
On top of that, the pandemic left many feeling stressed and burned out, leading to more and more people leaving their jobs for other opportunities.
What does that mean for employers? Afterall, high employee turnover is costly, not to mention time and resource consuming.
Employers need to seriously invest in employee retention efforts.
That means:
- Surveying existing employees to better understand their wants and needs
- Providing upward mobility & trajectory
- Taking a vested interest in employees
- Caring about employees’ lives outside of the workplace
Survey Existing Staff
When tackling employee retention, the best place to start is with your current employees. Do so by surveying your existing staff.
Ask them what they like and dislike about their positions – find out what is important to them and what they need from management in order to excel at their jobs.
This will help employees feel seen and have their needs met.
Common Questions to Ask:
- If you were in charge, what is one thing you would do differently?
- In what ways can communication between staff and leadership be improved?
- How can we make you more successful in your career?
- What is one thing we can do that would make you enjoy working here more?
- Do you feel that your skills are being utilized to the fullest?
Employers should also be reaching out to staff who have left the company.
It is good practice to perform exit interviews, however, if you have not done an exit interview with a former employee, it is worth reaching out and asking if they would be willing to discuss their reasons for leaving.
Past employees who are willing to meet with you can offer really valuable insights into your retention efforts. It can help improve the employee experience overall.
Career-Mapping
When hiring new talent, there needs to be an element of career-mapping. Job seekers want to know that there is upward mobility for them and that by investing their time into your company, that they will grow as well. If the job cannot provide that kind of trajectory, there is a good chance that this employee will not stick around for very long. In other words, give them a reason to stay.
Start by mapping out the ‘typical’ trajectories. In construction, for example, an entry-level position is a project engineer. In due time, they graduate to project manager and onto other more senior roles, like superintendent, business development manager, and/or principal.
Get to know your employees and explore trajectories together. Once you get to know your employees, you can better understand what trajectories make sense for them. If both parties are on the same page, it will be a lot easier to work together to get them where they want to go.
Invest into the careers of your employees. Work experience is great, but what about continuing education? Networking events, boards, non-profits, courses, training, etc. These are all great ways to build your employees up and allow them to explore the things they want to explore.
With careers mapped out, you will be in a better position to help develop your employees and give them a sense of belonging and recognition.
Vested Interest
In addition to providing a work environment that promotes internal mobility, employers should also be taking a vested interest in their employees’ lives.
If Anna is working towards buying a home and you are aware of it… perhaps you connect her to a lender you like? Perhaps a timely bonus can allow her to put more down on a down payment?
If you don’t understand how career plays a role into your employees’ lives, you’re missing out on a huge opportunity to show them you care and, in turn, keep them longer.
A few ways to show your vested interest:
- Take them to lunch
- Ask them about their life goals
- Introduce them to other business contacts
- Send them to an event of their choosing
All of these will give you a better idea of how you can support your employees in their careers.
This is especially important given the effects of the pandemic on employees’ work/life balance and the shift in how people view their professional lives.
Employees are more interested in finding jobs that they can grow in professionally, as well as personally.
Through career-mapping and team bonding, you should be able to gain a better understanding of your employees’ goals and dreams outside of work.
You’ll be in a better position to help them succeed.
Ultimately, your employees will feel more satisfied in their roles and, if the time comes for them to move on, that transition should be a positive one as you have the full picture.
Summary – 3 Ways to Increase Employee Retention
COVID has forced employers to adapt to the changing demands of their employees.
People are looking for jobs that will provide them with growth opportunities and satisfaction in their professional and personal lives.
Companies that fail to ramp up their retention efforts are at risk of losing staff as employees look for opportunities elsewhere.
- Talk to existing staff
- Map out growth opportunities
- Have a vested interest in your employees
