It may be surprising that one of the most important steps in hiring the right team for your company, is to have a clear and effective retention strategy in order to avoid a constant state of hiring and change. Without a strong retention, you will continue living in constant flux and uncertainty, always working to recruit, onboard and motivate the team members you have.
In today's incredibly competitive job market, candidates seem to hold most of the power, where they are looking through every detail of a companies values, benefits and compensation packets. A major red flag to potential employees, high turnover rates. This can be perceived as a negative towards the companies culture, management style or communication concerns. TalentFund encourages all employers, and recruiting professionals, to consider these simple, yet effective, steps toward actively improving their employee morale and retention rate.
Review benefits. Areas such as remote or hybrid work, PTO policies, medical coverage, are all important to your employees, but take the time to ask (not just assume) what they value most, and do what is possible to implement. If you can’t deliver on all requests, try to communicate why, so it isn’t perceived as ignored or under-valued.
Train effective managers or leaders. The people you work with, or work for, can make or break your professional happiness. When employees have negative experiences, or are not getting clear direction or feedback, they are more likely to leave the company. Communication, work style, office morale, these things all trickle down from the top, making respected and quality leaders or managers critical to employee happiness.
Open communication. This should be encouraged at all times, either directly to company leaders, or between teams. Lack of communication, or barriers in communication, can often times lead to confusion, inaccurate information through assumptions or word of mouth and distrust amongst coworkers. It is best to create an environment with honest and respectful communication from top to bottom.
Create clear work objectives. On multiple levels, for the company, each team and individuals. Understanding the work ahead, the road map you are following, gives the team motivation to work toward that goal, and is more rewarding when the goal is met! When individuals see how they contribute to the larger goal, the success can be that much sweeter.
Encourage professional work relationships. Some team members can spend more time with each other, than with their own families each week. By encouraging professional relationships, where there is mutual respect, trust and collaboration towards the company’s goals, will minimize frustration or conflict and increase efficiencies.
Value a work/life balance, and enforce it. Employees who feel like the demands of their jobs are affecting their personal lives are more likely to find alternative employment. Offering benefits like occasionally working from home or being less rigid with working hours can improve employee satisfaction rates. Discourage management from calling or emailing employees in evenings, on weekends or during paid time off. Regularly evaluate employees responsibilities and consider how workloads are being managed. And practice what you preach! If you encourage evenings, weekends and vacations off for your employees, make sure you are logging off too.
Provide advancement opportunities. Regularly meet with employees and discuss their performance. Identify attainable goals and help them understand how to meet those goals in order to grow their career and professional skills. Continue open communication around advancement opportunities, and encourage proactive inquiries from employees as well.
If you are in the early stages of improving employee retention, take advantage of the employees you are actively losing. Schedule productive, honest exit interviews to get a true understanding on why they are leaving. The bottom line is, by taking care of your people, valuing them at all stages of their employment and proactively identifying opportunities for overall improvement, you will create an atmosphere that cultivates loyal, hard-working, happy employees. We would almost guarantee that with this mindset, your business will thrive right alongside your people.
If you are still unsure where to start, or are interested in a more customized strategy for your business, reach out! Our TalentFund team would love to help.