When it comes to building an innovative and productive workforce, recruiting and hiring talent is only half of the battle. Equally important is to retain them. Having a low employee turnover in today’s business environment can be difficult. In fact, nearly half of HR professionals said that employee retention was the top talent management challenge.
So, what can your company do? Here are five steps your company can take to encourage talent retention and build an enthusiastic, passionate workforce.
One of the most important things an organization can do to retain talent is to begin providing support immediately. Research has found that when these strong programs don’t exist — or when there’s no training at all — turnover increases. In fact, according to the Society of Human Resource Management, 69% of employees are more likely to stay with a company for three years if they experienced great onboarding.
But what does a strong onboarding program look like? Creating standard procedures, if they’re not in place already, is a crucial first step — by establishing a plan, you can make sure nothing slips through the cracks.Steps might include ensuring all equipment is set up properly for the new hire, whether they’re in-office or working remotely, as well as checking that 1:1 meetings have been scheduled with their manager to help them understand their initial responsibilities.
Remember to set expectations from the start and clearly communicate your company’s vision and values. You can also set up mentorship programs or avenues for more veteran employees to form connections with new hires. This can help build relationships and provide talent with a sense of belonging.
It’s important, too, to consider whether an employee is relocating when planning their onboarding process. If that’s the case, you can provide their onboarding materials ahead of their move so they have plenty of time to review. You can also include information, from housing options to insight into nearby school districts, that may be helpful to the employee and their family.
By creating a thorough onboarding and training program, you can set employees up for success by providing them with the resources and knowledge they need. By investing in training now, you’re setting up your company and employees for future success and growth.
Over the past year and a half, the COVID-19 pandemic has exacerbated stress and affected the mental health of people across the world. It’s more important than ever for employers to help provide the resources and support that their employees need beyond just offering sick days.
This is especially important when considering younger generations of workers: According to McKinsey, 60 percent of Gen Z employees surveyed reported that mental health resources were important in selecting an employer. Other steps to help promote mental health and well-being might include offering childcare support, virtual counseling options and clearly communicating existing benefits, such as health insurance.
By investing in wellness programs and mental health resources, companies can help employees feel cared for and supported, improving retention in the long run.
According to Glassdoor, lacking a clear path for career advancement is one of the top reasons employees leave their positions. That’s why it’s no surprise that, when it comes to talent retention, one of the most important factors is a robust internal mobility program. When considering internal mobility, a strong relocation program can help make it easier and more attractive for employees who are interested in exploring opportunities at different locations within your company.
But no matter whether it’s the ability to change positions within a company or to see a career path forward, employees want to have opportunities to grow and evolve.
One way to help clearly set expectations is by providing regular feedback and keeping lines of communication open. Regular one-on-one meetings offer employees the opportunity to discuss with their manager what they’re looking for both short- and long-term in their careers; similarly, these meetings can help managers detail what steps the employee will need to take to achieve those goals.
For positions and functions within your company, it’s important to create clearly defined career paths with delineated responsibilities at each stage. This can help increase transparency, set expectations and show employees what their future at their company can — and should — look like if they work hard.
What are people looking for in a job? Along with the ability to make a difference and having a clear path for career advancement, workers are prioritizing flexibility more than ever. And the rise of remote and hybrid work models during the pandemic has only made this factor more important. It’s become so crucial that, according to a survey conducted on behalf of Bloomberg News, 39% of adults would consider quitting if their employers weren’t flexible about remote work. That number jumps to 49% when looking at millennials and Gen Zers.
It’s clear that the future of work is flexible, and companies must find ways to adapt or risk losing employees to other organizations that have already done so. Pivoting to a hybrid work model can give employees the best of both worlds — the freedom and flexibility to work from home as well as the collaboration and community that comes with being in-office. Providing that balance can help your company take key strides toward retaining talent now and in the future as we adjust to a new normal in the workplace.
The flexibility to work remotely can also give employees the opportunity to explore different geographies, whether your company has an existing office there or not. Companies can even extend relocation benefits to employees looking to move to a new city for a reason unrelated to their career.
By allowing your employees flexibility and freedom, you can ensure that top talent feels supported in fulfilling where and how they want to live and work.
To help improve talent retention, a final key step is to build a strong and inclusive culture where workers feel welcome and recognized.
One way to help create buy-in is to communicate your company’s values and investment in corporate social responsibility. Employees — and especially younger workers — want to see their own tenets and beliefs reflected in their company’s culture and values, and investing in CSR can help achieve that.
Another way to help boost culture is to recognize wins, both big and small, along the way. According to the Society for Human Resource Management, two-thirds of HR professionals agree that recognition positively affects retention. Taking the time to tell employees that their contributions are valuable and appreciated can help encourage them and improve their retention rate.
When it comes to talent retention, there’s no one-size-fits-all plan. But by taking steps, from investing in onboarding to creating clear paths for advancement, you can help build a workforce that’s dedicated to their company and sees a future there.
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