Finding the right employees to round out your team may be tough, but enticing them to stick around for the long term has recently become even tougher.
According to HR services leader, Randstad:
- 36% of blue-collar workers and 21% of white-collar workers in Canada have changed jobs within the last 12 months
- 16% of blue and white-collar workers anticipate changing jobs in the upcoming 12 months
- 21% of a position’s current salary is what you can expect to pay in new hire costs
With this level of job migration, prioritizing retention is crucial. Here are 5 employee retention strategies you should be using to hang onto great talent.
1. Create a positive work environment
A positive work culture highlights employee well-being while encouraging trust, support, and respect.
To create an environment where employees feel motivated to come to work, focus on:
- Developing an uplifting, affirming leadership style that demonstrates passion for your vision and brand
- Clarifying the connection between personal work and company values, goals, and priorities
- Embracing transparent communication with and among your team members
Setting clear expectations—and then appreciating and rewarding great work—can be especially effective for boosting morale and retention.
2. Establish a meaningful EVP (employee value proposition)
What do employees value? In most cases, it’s some combination of fair pay, flexibility, and prospects for personal growth.
In addition to speaking with staff about their needs, consider making your EVP more relevant by:
- Ensuring compensation structures are in line with industry standards
- Offering a flexible (remote or hybrid) work schedule, 4-day work week, and/or generous vacation days
- Prioritizing employee growth (by offering opportunities to lead highly visible projects, for example)
As retention challenges increase, it’s important to both establish a meaningful EVP and uphold it once onboarding’s complete.
3. Show staff you’re invested in their future
The easier you make it for employees to see how they fit into your company’s future, the more engaged and committed they’re likely to feel.
Be proactive about helping staff:
- Plan their path forward (by exploring career options within your organization)
- Set viable growth goals (these should align their current role with their desired role)
- Avoid getting stuck (by delivering programs, tools, or financial resources that encourage continuous learning)
You should also outline this strategy to prospective new hires to show you’re committed to investing in their potential.
4. Offer regular feedback and guidance
According to recent statistics, 75% of employees believe feedback is valuable and impacts their performance—and 65% want more of it on a regular basis.
To ramp up your feedback process:
- Hold weekly one-on-one meetings to review where employees are thriving and where they could benefit from additional guidance
- Ensure performance assessments are designed to help employees track their goals
- Consider providing access to an in-house or outsourced professional development manager for advancement advice
Your employees might also appreciate an opportunity to team up and keep one another accountable as they pursue their performance objectives.
5. Update your employer brand
You’ll have more success retaining employees if you attract best-fit talent in the first place. Keeping your employer brand up to date will ensure your messaging reaches the right candidates.
- Check that your website’s company or careers page accurately reflects your employment approach (if you support remote work, for example, point this out)
- Be transparent about communicating your compensation policies, work culture, and social initiatives over public channels (don’t forget to encourage existing employees to share their positive workplace experiences online and in content you publish)
- Monitor online reviews, social media, and employment websites for insight into what it’s like to work for your company (you can even set up Google Alerts for brand mentions)
Remember: the best way to fix retention problems and prevent new ones is with a range of strategies aimed at boosting employee satisfaction.
