We are a little over halfway through 2023 (crazy, right?) and retaining great talent remains a crucial aspect of managing a successful organization. Wondering how to retain your talented employees? Through research and decades of boots-on-the-ground HR executive leadership experience, we’ve generated a list of strategies you can implement to hold onto your organization’s most valuable asset – your people.
- Competitive compensation: Ensure your employees are fairly compensated based on market standards. While your company’s wages may seem more competitive in comparison to its past years, is it competitive when compared to your competitors? This includes industry competitors and other businesses in your geographical area (whether or not they are in your industry). If the answer is no, it’s time for a wage analysis.
- Growth opportunities: Offer opportunities for advancement, skill development, and continuous learning for your employees. 94% of US employees are willing to stay longer with employers that invest in their professional development (Research.com, 2023)!
- Work-life integration: Foster a culture enriched with work-life integration by promoting:
- Flexible work arrangements such as remote work or flexible hours. Need to have cheeks-in-seats? Consider allowing an early out day or a choose-your-own-schedule if a virtual environment isn’t do-able for your team.
- Taking breaks when employees need to versus scheduled breaks
- Requiring PTO or vacation time on a regular basis
- Showing understanding and support for personal and familial commitments. This often starts with us modeling good work/life balance, leaders.
- Recognition and rewards: Recognizing and appreciating employees’ achievements and contributions doesn’t have to be complicated. Verbal praise, performance-based bonuses, or non-monetary rewards (like vacation days or personalized perks) can go a long way. Check out our Creative Benefits for the New World of Work blog for more ideas!
- Positive work environment: A positive, inclusive work culture provides a workplace where employees feel valued, respected, and supported. Encourage open communication, provide regular feedback, and address any issues promptly. Promote teamwork, collaboration, and a sense of belonging for your team.
- Employee engagement: Engaged employees are happy employees. And happy employees stick with their employers. Involve employees in decision-making processes (especially when the decisions impact their jobs) and provide them with opportunities to contribute ideas and suggestions. Regularly solicit feedback through surveys or one-one-ones and make decisions based on that feedback.
- Workforce well-being: Employees want to feel like they are being cared for (who doesn’t?). Prioritize employee well-being by offering wellness programs and initiatives. These initiatives can include access to financial health resources, fitness facilities and programs, or employee assistance programs.
- Strong leadership: Leaders should inspire and motivate your employees. Invest in your leadership team by offering leadership coaching programs that can enhance managerial skills and promote effective communication and collaboration. Leaders should have the tools and resources they need to effectively manage and, more importantly, support their teams.
- Transparent communication: You value open and transparent communication, right? Well, so do your employees. Keep them informed about organizational changes, goals, and future plans. Share updates on how the company is performing, its vision, and its strategies; the good and the bad. Two-way communication should not only be encouraged, it should be expected.
- Meaningful work: Right person, right seat. Your employees want their work to be meaningful and aligned with their values and aspirations. Help them understand the impact of their contributions and provide opportunities for them to work on challenging and fulfilling projects.
Having an employee-centric approach to business is instrumental to the success of organizations. Retaining talent requires ongoing effort and a genuine commitment to employee satisfaction. Cooper People Group is here to help you with your retention efforts. From conducting a pay analysis, assessing your level of employee engagement, providing leadership coaching for your managers, and everything in between, we are your go-to HR partner. Give us a call today!
Sources:
https://research.com/careers/training-industry-statistics
