Employee Retention Strategies For 2023 & Beyond
Every individual plays a unique role within an organisation and needs to be taken care of equally. People spend half their lives working, and if they feel that they are not appreciated appropriately or that the work they do doesn’t bring any meaning to their lives, they won’t have a problem walking out the front door. The Great Resignation is evidence of that. If you want your employees to stay with you, a powerful employee retention strategy needs to be implemented. Take a look!
Start On Day 1
The moment an employee walks through your doors, they should feel at home. A smooth onboarding process that teaches them about the job, their role, the company culture, the people and also shows them how their contribution will drive the company, is key. The onboarding process, be it online or offline, sets the tone for the employee’s experience moving forward.
Communication Is Key
The bond between an employee and an employer is like a relationship. And for any relationship to thrive, communication is key. Effective communication is what encourages cooperation among colleagues, helps work run smoothly, and also resolves problems as and when they arise. Investing time and effort to implement an open-ended communication plan can help prevent issues that could lead to high turnover rates.
Give & Take Feedback
Feedback helps you understand what you’re doing right and what you’re doing wrong. Through consistent feedback from your employees, you gain perspective on the ground reality of how things are operating. Implementing their suggestions will make them feel both heard and valued. Feedback, however, should go both ways; so be sure to appreciate them for what they do and what they’ve done best, while also being critical about areas of improvement. Everyone aspires to improvement, and thorough feedback will aid your employees in identifying these areas.
Pick The Right Fit
Hiring the right person also plays an important role in employee retention. Hire people who are not only a good cultural fit but also value and have a similar set of ambitions as your company. Your employees make your company. Ambitious and passionate individuals who will drive your company, challenge each other for their growth and development, and who are not afraid of taking risks are what will empower your company and your brand.
Employees Are Not Robots
We cannot stress this enough: ‘Make employee well-being a priority.' Your employees are not robots who can work in a monotonous setting without experiencing complete burnout. Invest in employee wellness programmes to help improve employee morale. Make sure these initiatives are hybrid-friendly too so that employees who work from home or work remotely can avail the same benefits as an office-based employee. Perks such as working remotely, having flexible hours, or encouraging new employees to take the lead on fresh ideas will improve morale, leadership abilities, and trust.
Keep It Fair
One of the most important aspects of employee retention is providing a fair and just environment to all. Make sure there is no favouritism in terms of payment, project distribution, or other additional benefits. Pay each employee fairly and correctly! Verify (through clear internal communication) that everyone is aware of rewards and recognition programs such as bonuses, reimbursement, stipends, healthcare, and even mentorship programmes that will help them grow professionally. Make the qualifying process as transparent and open as possible. Both growth and fairness are important components of job satisfaction.
Retention is something that takes place every day that an employee decides to show up and work for you. It's an ongoing process that doesn't really take a break. Your employee retention strategy is what makes your employees thrive, so why not make sure that your company is a happy place to work at?