Three Simple Ways to Solve Employee Retention Challenges
Date Published: Aug 31, 2022
Employee turnover has always been a challenge for businesses. When an employee leaves, a cascade of problems ensues. There is the time and costs associated with recruiting, hiring, onboarding and training a new hire. Skills gaps can arise, other employees may pick up additional responsibilities, company culture can be affected and employee morale may suffer.
What has historically been a struggle to retain employees has escalated into a crisis in today’s market. The pandemic has shifted how and where employees work, and altered attitudes and values about employment.
To avoid the pitfalls of employee turnover and maintain a strong workforce, below we examine three core employee retention challenges and easy, cost-effective solutions to overcome them.
1. Create a Culture of Recognition and Appreciation
Studies show that companies that build a recognition-rich culture have much lower voluntary turnover rates - sometimes as much as 30 percent lower. Appreciation in the workplace is all about providing recognition in a way that is:
● Visible to other employees, and
● Aligned with company culture and goals.
Recognition should be provided in the moment to employees when they have made a contribution. This is the greatest potential for positive impact. The window for recognition to be optimally impactful on an employee closes as time passes.
The frequency of positive feedback is another key element. Too often the feedback employees receive is disproportionately corrective or negative in nature. A recognized team is one that is more likely to stay onboard with your company, and also be higher performing. Studies suggest that to get the most out of employees, they should receive about 5 positive comments for every negative one given to them.
Another aspect of recognition is specificity. Rather than generally say an employee has done a good job, communicate what and why their work is appreciated. This encourages the employee to repeat their behavior. When the specific recognition is communicated in front of others, the visibility has the added benefit of giving other staff members a model to emulate.
Finally, demonstrate to employees how their contributions tie into the organization's goals and culture. This bolsters a sense of personal purpose, and how everybody’s contribution drives the team and organization in the right direction.
When fostering a culture of recognition in your company, also consider creating a contribution-focused model of appreciation. Many organizations create a tenure-based model, or one that values how long an employee has been at a company. While on the surface this encourages employee retention, it runs counter to valuing contributions, which is at the heart of authentic recognition.
2. Achieve a Work-Life Balance and Workload Balance
Employee wellness plans benefit individual workers and the team as a whole. By developing an employee wellbeing program that helps your staff achieve a healthy work-life balance, your organization will be stronger. There are a wide array of issues that affect work-life balance, including but not limited to:
● Boundaries around working hours
● Encouraging vacation time
● Allowing time off for life events, and
● Offering flexible work times and remote working opportunities.
A well-thought out employee wellness plan will do wonders in augmenting employee productivity and combating employee retention challenges.
Work-life balance programs are intended to assist employees in reaching a synchronicity between their personal and professional lives; however, there is also a balance that needs to be reached during work. Employers should ensure an equitable distribution of assignments among employees.
Often the most competent and high achieving employees are given more work because they have the capacity for it. To get the best from team members, review work loads regularly and avoid overloading anyone, especially your most valued workers. Conversely, employees that are not challenged enough with a consistent workload can feel disengaged. Keep everyone content by striking the right work distribution balance within your team.
3. Invest in Training and Development
Employee training and development programs were once perks provided by some organizations. Now these are mandatory benefits employers must offer just to withstand the growing number of employee retention challenges.
With fierce competition over talent playing out in every sector of the economy, and with technological advancements altering workflows in virtually every industry, training employees for successes within your organization is a must.
Employees overwhelmingly report in surveys that they would stay at a company longer if it was invested in their learning and growth. In particular, the largest group in the workforce - Gen Z and Gen Y - list learning as the number one factor for workplace happiness.
New digital technologies and innovations are transforming the workplace to the point that many work environments are unrecognizable compared to just a few years ago. Upskilling employees, or teaching new skills or enhancing a current skill set, ensures employees' abilities stay apace with evolving workplace demands. Besides ensuring your employees have the competencies to perform their job as expected, upskilling and other types of training show your people you care about their careers and their future.
In short, informal and formal employee training pays dividends. This is one initiative that your
company can undertake that can accomplish a number of feats, such as:
● Keeping the workforce content
● Attracting and retaining talent
● Leveling up the skills of all employees for improved productivity
● Positioning workers for advancement within the company
● Increasing employee morale
Develop and Implement an Employee Retention Plan Today
Keep your talent in-house with a proactive employee retention plan. Incorporate these three tactics as part of an overarching strategy that overcomes employee retention challenges and keeps your business running smoothly. You have worked hard to develop a strong workforce, now you have to work even harder to keep them challenged, content and working at their best not just for anyone… but for you.
Priority Management is a worldwide training company with 55 offices in 15 countries. We have successfully trained more than two million graduates in Priority workshops. Our programs help companies and people be more effective and manage their workflow in and out of the office by providing tools, processes and discipline. Simply put - A Better Way To Work! Clients range from Fortune 500 companies, small-to-medium businesses and government/military employees.
Click Here to learn more about how Priority can help you and your team WorkSm@rt, develop essential management skills and the competencies to....make life and work better and happier!