4 Employee Retention Strategies Today’s Leaders Need to Know
Workers in today’s job market are on the hunt for the next best thing. For some, that means more flexibility. For others, that means a more beautiful workspace, a shorter commute, or a higher salary.
Regardless of their motivation, employees are leaving their jobs at an elevated pace. The national turnover rate was 57.3% in 2021, an 88% increase since 2010.
And when up to 70% of this turnover is voluntary, it remains the responsibility of the employer to keep their staff in place. Otherwise, they risk incurring costs between ½ and 2 times each individual salary.
Keep reading to uncover leading causes of turnover and explore employee retention strategies your organization can use. Whether you’re in the process of hiring employees or simply looking to maintain your workforce, consider the following tips.
What Causes Employee Turnover?
Employee turnover can occur for a number of organic reasons. Maybe a parent has decided that being an at-home caregiver works best for their family, or perhaps a spouse’s relocation has led to a resignation.
However, in some instances, employee turnover can be prevented. Below are common causes of employee turnover.
- Lack of respect: 26% of employees are more likely to quit because of minimal respect between coworkers.
- Lack of purpose: Employees are 27% more likely to remain at an organization where a purpose beyond profits exists.
- Unclear onboarding: 23% of employees are more likely to stay at a company with a clear onboarding process.
- Lack of appreciation: 79% of employees were driven to leave their jobs by a lack of appreciation.
To promote employee retention, audit your team. Ask your management: Do employees feel respected? Do they have purpose? Have we fulfilled onboarding obligations? What have we recently done to show our appreciation?
Consider these questions often as you build your internal employee retention strategies.
4 Retention Strategies to Combat Turnover In Your Organization
1. Create ongoing relationships with leadership.
Check in frequently with your teams. Offer one-on-one meetings to gain a better understanding of office relationships and provide an avenue of engagement. Consider hiring a People and Culture Lead who can focus on building an uplifting office environment—it’s said that employees who are engaged are 75% less likely to seek employment elsewhere.
2. Provide a sense of purpose.
Don’t make every team meeting about numbers.
Ask your people meaningful questions, and give your employees a purpose beyond sales metrics. Consider implementing internal initiatives or philanthropic efforts that allow your employees to build deeper relationships outside of quarterly reports.
3. Make training resources easily accessible.
When you're hiring employees, consider what their onboarding timeline will look like. Better yet, be transparent during initial interviews and share what the process entails.
Be sure to share their potential paths for career growth. This is an important conversation: 22% of workers who resign cite a need for career development, an increase of 170% in the last decade.
4. Appreciate your employees.
Whether you’re the building custodian or sitting in the C-suite, feeling appreciated is fundamental to both job satisfaction and overall well-being. A few of our favorites ways to show employee appreciation include:
- Allowing employees to give and receive “props.”
- Providing catered breakfasts/lunches.
- Offering fitness and wellness opportunities.
- Awarding extra PTO.
- Planning an annual retreat.
Appreciation can be shown through grand gestures or something as simple as a “thank you.” 53% of employees reported that feeling more appreciation from leadership would encourage them to remain in their current position at an organization Surprisingly, 68% of these employees did agree that they already felt appreciated.
Don’t let this easy employee retention idea slip through the cracks!
Ensure your company is implementing the right retention strategies and auditing your current practices for opportunities to improve.
This will save you time, money, and resources, while, most importantly, keeping your team happy, productive, and on your payroll.
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