In the time of the Great Resignation wave that started in 2021 and continued relentlessly in 2022, with millions of employees leaving their jobs seeking better opportunities, you need to make employee retention your top priority.
Every effort to keep your employees happy and satisfied with their jobs is employee retention. And high retention rates boost staff productivity and morale, and their tendency to keep up the good work.
On the other hand, if your company is facing higher turnover rates, it may affect employees still working for your company. They may wonder what’s wrong with your workplace if other team members are leaving massively. Higher turnover can cause a domino effect with devastating effects on your productivity and brand reputation alike in the long run.
More importantly, when workers leave, they are taking their skills and knowledge with them, leaving you with a skill gap that is costly to bridge. Apart from investing in the hiring process, you’ll have to invest in training and onboarding newcomers to your time. Some studies estimate onboarding costs to be around $4,100. Furthermore, to replace an employee in a mid-level position, you may have to spend 20% of their annual salary.
Now that you have a clear understanding of how important it is to keep your employee retention rates high, let’s identify the most effective strategies that’ll help keep your top talent satisfied and your business successful.
Companies that create inclusive and supportive work environments won’t have problems with high turnover rates. If you want to retain top talent, go above and beyond to create a psychologically safe, trustful workplace where employees feel safe, heard, and appreciated.
Designing such a work environment in the post-Covid era involves work flexibility and autonomy.
If you empower employees to decide when, where, and how they want to work, you’ll boost their confidence, engagement, and overall satisfaction, motivating them to grow personally and professionally.
If you want to attract and retain the right candidates, include your company culture in the recruiting process. In this way, you’ll attract candidates who will know what to expect from the workplace and may create meaningful relationships with other team members and share the common vision and goals much easier.
One of the lessons most business leaders learned from the Covid era is that hybrid and remote work isn’t just wishful thinking that won’t work in practice. Quite the contrary, remote work offers much-needed flexibility and provides employees autonomy to choose when, where, and how to work keeping productivity levels high.
For all these reasons flexible work opportunities are high on the list of employees’ demands when it comes to choosing a workplace.
So if you want to stand out from the competition, you should embrace the remote or hybrid work concept, adjusting your workplace to support remote or hybrid teams. One of the apps you should include in your tech stack is monitoring software for employees, offering you a detailed insight into your workers' activities.
This advanced app will run in the background without disrupting employees’ workflow and give you real-time information on their time and attendance, productivity flow, websites and tools usage among many other things.
In this way, you can rest assured that employees are productive without having to micromanage them and shatter their focus needed for creative work.
The era of sparse, vague, and rare employee performance evaluations are long gone. Millennials, who are the dominant demographic in the workforce nowadays, want to get detailed feedback on their performance. So that they can celebrate their achievements or work on improvements.
More importantly, managers who offer actionable feedback frequently show that they care about their employees. They are ready to recognize stellar achievements and also offer support and guidance to employees to overcome potential issues and boost their performance.
You can use employee monitoring data to see how employee performance fluctuates daily, weekly, and monthly. This information can help you identify workers’ strengths as well as the weak spots they need to work on.
Recognition and rewards are outstanding motivators and can drive employee productivity and performance. So never miss an opportunity to recognize stellar performance whenever you get a chance.
Employees love being appreciated and rewarded. So verbal appreciation and recognition can go a long way when it comes to employee retention, besides pay raises and promotions.
So if you want your employees to feel appreciated, dedicate a Slack channel where you’ll celebrate co-workers’ milestones and successes.
