Can you afford to continuously rehire positions? The obvious answer is no, but the Bureau of Labor Statistics shows the average employee tenure lasts on average only 4.1 years.
The cost of turnover can be felt beyond the financials. Company reputation, workplace morale, productivity and innovation all suffer when employee retention is low.
For us, the best practices for increasing employee retention require investing in people over profits.
Leaders who utilize a people-first mentality for managing personnel support success in their careers and personal lives. This holistic approach gains trust, respect, and loyalty—and demonstrates a commitment to the health, well-being and career development of everyone in the organization.
To do this, strategies must be in place that help employees feel safe, supported, have a sense of belonging, know they are valued, and provided with opportunities for growth.
Get Personal with your Personnel
Leaders who utilize a people-first mentality for managing personnel support success in their careers and personal lives. This holistic approach gains trust, respect, and loyalty—and demonstrates a commitment to the health, well-being and career development of everyone in the organization.
To do this, strategies must be in place that help employees feel safe, supported, have a sense of belonging, know they are valued, and provided with opportunities for growth.
Empower employees from the start
Everyone needs the basics to do their jobs—things like a safe workspace, the right tools and adequate training. But that’s not enough to keep them sticking around. The 2020 Retention Report from the Work Institute shows almost 40% of workers who quit do so in their first year.
It’s important to empower employees for success as early as the hiring process. Make sure they are just as much of a cultural fit for your organization as they are qualified for the roles they are filling.
The onboarding experience can make or break an employee’s outlook toward their time at the company. They need to come away feeling confident, prepared and ready to hit the ground running—not ready to run because of a poorly managed orientation.
Create a supportive environment
When employees feel respected, heard and valued they become more engaged and satisfied at work. This leads to a healthier workforce and meets the basic need for fulfillment.
A supportive work environment can include various strategies, including an Employee Assistance Program, providing flexible scheduling, a work-from-home option and encouraging a healthy work-life balance.
Build a community
We are engineered to seek belonging, to be part of something bigger. Employees will gravitate toward companies that demonstrate a positive culture and have pride in the collective work they do.
It’s important for people to feel proud of their employer and the impact it has on society. They look for similar visions and missions to their own and take pride in participating in the outreach, programs and charitable work as a team.
Companies that embrace community will find a more loyal workforce. One example is a program like the IntegrityM Cares program– highlighting corporate social responsibility by giving back to the community.
Valued employees are more motivated
Working hard is often just a given—but when we aren’t recognized for our accomplishments, it creates a feeling of discontent. Managers who show how much they value everyone’s contributions will have better productivity and a happier, more motivated team.
You can ensure employees feel valued by rewarding them for reaching goals, recognizing positive traits and actions, and celebrating achievements and life events that take place outside of work.
Opportunities for growth
As people evolve and grow, they need their roles to adapt as well. Employees should know they have opportunities to excel and grow and they continue with the organization. Managers should check in regularly and make sure current roles are still a good fit—and if not, find a path to more satisfying ones.
Not everyone wants to climb a ladder to the top, and only having one route for growth will alienate those who seek different ways to excel.
Encourage employees to participate in upskilling and reskilling opportunities. Offer mentorships. Host innovation competitions. Allow employees the chance to have a voice in decision-making. These all show your investment in their future and provide a sense of security with the company.
Display, remind and evolve
Help your team realize and take advantage of the investments you make in them as people. Display your retainment strategies loud and proud on your careers page, in communications and transparent reporting. Remind them that you care about their lives and futures.
We’ve all learned that the wants and needs of people can change quickly due to surrounding circumstances. Don’t set and forget your retainment plans—monitor turnover risks consistently and stay open to feedback from employees. You can stay accountable by performing regular check-ins or office polls and conducting exit interviews to learn where improvements could be made.
A stable workforce depends on these best practices for increasing—and then sustaining—employee retention.