Have you been impacted by “The Great Resignation?”
The departure of key employees can have cascading effects within the company. Since it’s more efficient to retain a talented employee than to recruit, onboard, and train a new one, an employee retention program can play a vital role in your business.
What strategies can your company use to attract and retain key employees during “The Great Resignation?”
Effective communication starts during recruiting. Make sure your interview process is consistent across your organization. Case in point? 69% of companies in a Glassdoor survey identified the quality of the interview process as having the greatest impact on the success of the hire.
A great onboarding experience is even more impactful, improving new hire retention by 82%. Set new employees up for success by communicating job expectations and explaining how they can be successful in the company. When you arm them with knowledge, new hires are more likely to stay.
2. Show Appreciation
Every employee wants to feel appreciated for the work they do. In the current remote work environment, workers may feel less connected, and a shout-out of appreciation can have a huge impact. Handwritten notes, telephone calls, or posts on the company communication network can make employees feel valued.
3. Encourage Engagement
Engaged employees are happier with their jobs, enjoy their work, and feel like they add value to the company. Create opportunities to engage employees and let them know that their work is valued, such as:
- Mentorship programs
- Team-building exercises
- Performance reviews
- Professional development opportunities
Employees who feel their career is important to their managers are more likely to continue their career path within the company.
4. Offer a Competitive Wage
Salary is not the biggest predictor of employee satisfaction, but employees who feel valued are more likely to remain loyal to the company. Evaluate and adjust compensation regularly. If raising pay isn’t possible, work on improving bonuses and benefits, such as flexible scheduling, retirement plans, or health coverage.
5. Bonus tactics
Work-life will continue to evolve as the world find a new “normal” after the COVID-19 pandemic. Priorities have shifted, and work/life balance has never been more dynamic. Consider these retention strategies in 2021:
- Embrace the hybrid workplace. It isn’t going away any time soon. Even if workers return to work in person, illnesses will still happen. Employees will get sick and need processes in place to work from home.
- Focus on employee wellbeing. The pandemic took more than a physical toll on many families. Employees need to feel that their work is valued, but they also need to feel valued as human beings.
- Give back to the community. Many workers, especially Gen Z and Millennials, feel that corporate social responsibility is a must. Giving back to the community, especially during tumultuous times like these, inspires loyalty and engagement in employees.
Many of these retention strategies have a common theme: put people first. Keep open lines of communication with employees and pay attention to their feedback. Valued employees are happy employees, and happy employees stick around.
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