Employees are the greatest assets to developing your workforce
Has it been difficult to find new talent? Are you struggling to find the right candidate for your roles? We hear you, for the first time in decades, the market has evolved into a candidate-driven market, where your employees have the power, especially your top-performing champions. Companies will generally no longer be in the driver’s seat, and your top employees will be getting outreach and inquiries from recruiters like never before.We know it’s hard to keep up with the demand of an ever-evolving market and keep the team members who actively work towards achieving the company’s vision happy, however, it’s even harder to replace them. We have put together some tips and insights to keep in mind when considering retaining your key players and keeping them dedicated to their roles long term.
Salary & Benefits: According to a recent Metlife report, 73% of employees believe that employers have a responsibility to address the health and well-being of their employees.
- Try frequent, flexible and smaller rewards – Due to the ever-evolving economy, some companies have begun to adopt smaller and more frequent salary increments instead of a yearly total raise. This format has proven to encourage employees throughout the year and retain them for longer periods. You could also consider giving your employees access to their salary every 2 weeks instead of at the end of every month. Software programs such as PayFlow have created platforms that make it easy and efficient for your employees to access their salaries.
- Think about adding extra benefits – Work-life balance, purpose and workplace culture are all important and some even take precedence over money. Understanding the industry benchmarks and best practices will help you to remain competitive whilst decreasing turnovers that will ultimately cost you more when considering hiring new talent. As a dominant force in the workplace, it is important to show your employees your company is up to par with competitors in the market by providing unique benefits such as;
- Hybrid work models, flexible working hours, remote work with additional holidays
- Travel, public transportation, gym and restaurant discounts
- Child-care allowance
- Learning/Training budget
- Financial wellness programs (learning the best ways to save and use your money and more)
Get inspired by these 101 ways employee benefits list.
Career Growth & Progression: According to a ClearCompany study 58% of employees say that professional development contributes to job satisfaction, a major contributor to retention.
Career Paths & personal development – Millennials expect fairness, communication and advancement in their careers, show them a clear and structured path to grow within your company whilst tapping into the things that drive and motivate them. This growth will be something to look forward to that will retain them for longer.
Mentorship is key to retention – Mentorship opportunities demonstrate to employees that their company is actively investing in their careers and seeing them beyond their current roles. When employees feel more connected to their peers and supported in achieving their goals, they are more likely to be more engaged with their work and more likely to stay with the company.
Ongoing Training is essential – Employees yearn for the opportunity to gain more knowledge and experience within their fields. Giving them the tools to exceed and become better will allow them to become more invested in your company because they know they grow with you.
Leadership – Employee retention and leadership go hand in hand, we are sure you’ve heard it all a million times, ‘employees don’t leave companies, they leave managers.
- From the top, down – To create an efficient and dynamic workforce, it’s important that leadership at every level is responsible for fostering a positive work environment and shaping the workplace culture. From the C-Level to the team supervisors, leadership sets the expectation and tone. Whether the attitude of the leader is positive or negative, their approach will determine the mindset of those working under them. To avoid a negative demeanour within your team, it is crucial that upper management ask themselves:
- Are we training the leadership team well enough?
- Are we leading by example?
- Are we assuming middle management have the skills needed?
- Are we underestimating or overestimating the importance of soft skills?
- Are we promoting the right people?
- Are we giving middle management too much responsibility?
- 360 Degree Reviews -Creating regular 360-degree feedback reviews will give you a better understanding of how your employees see the leadership within your company and accelerate the personal development of your employees.
Transparency goes both ways – According to Zippia, companies that invest in regular employee feedback have a 15% lower turnover rate than companies that don’t.
- Schedule regular check-ins – Every employee will be motivated by different things, so make sure you set aside time for regular check-ins (One2One) with your team to discuss what’s working, what’s not, and what tools they would need to feel more empowered in their roles even more. You may also want to consider bringing in outside HR support to conduct interviews, so employees feel free to be candid in their responses.
- Use surveys to get feedback – Perform anonymous surveys that help you assess what key points of your business need improvement. For example, conduct an employee engagement survey at least twice a year, this will give you an idea of how engaged, motivated and content your employees are with management, the company business processes and help understand your eNPS. In addition, anonymous surveys are a great way to address issues that employees face in a more autonomous way. It assists them to feel included in certain decisions. For example, as we try to ‘get back to normal’ and offices begin to open up again, send out a survey asking employees how they feel about coming into the office? How many people do they feel comfortable being around? etc.
Employee retention is a key factor in promoting the health and success of your business. When your employees choose to join your company, they have also chosen to invest in you, as such, you should invest in them. In a candidate-driven market, you need to show that you are an employee-driven organization. Once this is established, your company can truly thrive in the way you want it to because your employees will be your star players working with you to empower your vision and at the same time it will help you to attract the talent you want. Let’s Connect – Stay ahead of your employee retention goals, and reach out to us today to learn more about how we can provide our unique and personalized retention solutions for your business. Have a look at our Conscious Leadership Program which is people-oriented, personalized, creative, practical and completely tailored to the needs of the individual and your organization.
We took it to the public and released a Poll on LinkedIn that we hope will help you understand what are some priorities that your employees are keeping at the top of their mind. Have a look
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