It's no secret: this fall, good help might be hard to find. This fall, applications for jobless benefits fell to the lowest level in 8 months. What does this mean? The pool of people looking for jobs is quite small, so companies face tough competition for top talent, or an investment in keeping their existing workforce intact. Employee retention is the name of the game as we head into Q4, and though it may sound daunting, we've broken it down into some key areas that need attention to ensure your team remains truly happy and healthy as you head into the new year.
Hint: it's not about hosting more golf outings...
5 Employee Retention Strategies that Work
Keep communication lines open.
No, like really open. Set expectations for everything from high-level goals to working hours and availability, and establish quick regular check-in meetings. Keep your employees in the loop when something's going on or there's trouble in the industry. Keep them in the loop when there's good news to share.
Not only should you emphasize your openness to feedback with your direct reports, but try a more consistent and less demanding format like pulse surveys or HR chatbots, which allow for short and casual surveys and are open for employees to report issues in anonymous mode. An additional step in a project timeline could include post-project feedback collection: what could be improved about the process next time around?
Respect their time.
A broad statement that represents many other tips, boiled down to their core message: respect the time of your employees and they will be more satisfied. What exactly does this entail? Well, lots of things.
The first is to establish working hours and non-working hours. State them, share them, adhere to them. Working outside of these hours? Schedule your email for later. If you have flexible working hours overall, then set core hours people are expected to be available (they could be the middle of the day, like 10am-2pm EST, or could take place in both morning hours and afternoon hours, like 10-12pm and 1-3pm EST). Whatever works for your company – and hey, you can ask your employees – will do, just so long as you are setting boundaries that will allow people to protect their solitary work time and their home life.
The second is to make sure their "on" hours at work are used as efficiently as possible. Meaning: solid deadlines, no unorganized meetings, and goals broken down into actionable items. Before you call a meeting, be clear on what's to be discussed, and prepare any needed information so minutes aren't wasted searching for documents or data.
Emphasize the importance of wellness.
Job satisfaction is largely dependent on the vague measurement of "is this working for me?" Does it offer the flexibility I need? Does it offer the benefits that are important to me? Encourage the use of vacation days, offer understanding or time off when an employee is struggling, and learn (and teach others) the signs of burnout. Sticking to the set boundaries for work hours also displays a respect for the mental health and wellbeing of your employees.
Set a great first impression.
The onboarding process is a new hire's first interaction with the inside world of your company – set them on the right track, from the start. Educate them on their responsibilities and how they fit into the bigger picture, giving them ownership over their role. Put forth your company mission and values, and explain how you and your team achieves and monitors them.
An interesting idea to try: pair all new employees with a "buddy," someone else who works at the company, at any level or in any department, to meet with them, grab lunch, or check in to see how their time is going. Having an acquaintance from the start is a powerful step towards feeling a part of an open and welcoming environment, and one in which there is already an ally.
Encourage professional growth.
This can be done through the age-old practice of attending conferences, but also can be as simple as setting aside time for micro-development. An example: every Friday afternoon for one hour, members of your team are encouraged to learn something new related to their job. Some ideas that come to mind are learning a few new functions in Excel, watching an InDesign tutorial, or reading an article about the future of A.I. This freedom, with boundaries, allows for a break from work and an increase in knowledge, something workers today crave.
The simple act of asking your team if there's anything they'd like to learn more about can open floodgates to an invigorating work environment. Have them report back to each other, in order to keep the enthusiasm going.
Keeping a team satisfied is no easy feat, but making the effort is the first, and most important, step in ensuring your professional environment is one that retains employees. Try some of these suggestions, and let us know how it goes!
43 out of 100 workers plan to look for a new job in the next 12 months, according to a recent study by global staffing firm Robert Half. Imagine what your company would look like after losing 43% of your staff, and join the ranks of employers who are "very concerned" about these findings.
Employing typical tactics like improving communication and bumping up employee recognition can help, but there are many other reasons a team member leaves for greener pastures. The reasons for professional departure range from psychological to monetary, but there are ways to retain some of your best hires without making massive changes to your company.
What make employees jump ship?
They want more money
Large debts – student debt, housing expenses, childcare expenses, car payments, and more – plague the budget of the average American, and higher salaries provide job satisfaction and peace of mind. The truth might hurt your company wallet: when it comes to retention strategies, better compensation is the clear frontrunner. The Robert Half study reports that 43% of workers leave a job for more money, with less than half of that number responding with the second highest reason:
... and more time off / better benefits
As one of the most overworked nations (with no mandated paid sick leave), it's no wonder that time off and decent benefits are heavily valued in the American workplace. Increasing vacation time, closing the office during the holidays, honoring summer Friday hours, or changing up your lunch policy are all small ways to boost morale and keep your people sticking around.
Work flexibility is becoming the norm.
More than three quarters of workers in a Crain's study say flexible schedules and remote work are the most effective non-monetary ways to retain talent. Allowing employees the freedom to work in a comfortable environment, avoiding a daily commute and working at their prime productivity throughout the day is an incredibly easy way to give your employees another reason to stay. It's not just good for your team, it's good for business - 85% of companies say productivity has increased due to greater flexibility.
There's no path for advancement
If you've hired any members of Generation Z, you might have noticed an uptick in expectations. A survey revealed that 75% believe they'll deserve a promotion after working in their position for only a year. Offering new job titles and setting a plan for career growth are potential solutions, but younger employees may just have different expectations that should be addressed directly.
Other generations feel similarly, seeking a need to feel "essential." Giving them ownership and control over their responsibilities along with a clear path for advancement results in a loyal and productive team.
They aren't learning
A third of employees who quit attribute it to lack of skill development. Workers want to contribute to companies who support their careers and professional development, so once they stop learning, you can count on an empty cubicle. Ambitious people have a growth mentality, so give them the opportunity to attend workshops or seminars and bring back some fresh ideas and enthusiasm for your industry. Retaining top talent means allowing the space for professional as well as personal growth.
They want a new boss
You've heard the saying: people don't leave companies, they leave managers. A boss with seemingly small bad habits can have a massive effect on the success of your business, so take a look in the mirror and make sure you're prioritizing team satisfaction.
We'll touch more on this topic in our next blog post, but until then, take these tips to heart and keep your top performers right where they belong – on your team!