The key to any great organization is hiring the best people and keeping them around. Without top talent, companies struggle in their industry and fall behind competitors. That being said, many employers question what the perfect formula is for keeping their best hires around for the long haul. To their surprise, it’s not all about the money. It’s true that competitive pay and great benefits factor into an employee’s decision to join an organization. But we’ve noticed that today’s workers are hunting for something more than just a good-sized paycheck. They are more progressive, open-minded and care more about their mental health and well-being in the workplace.
The most important thing to remember when developing different employee retention strategies is that your efforts should begin on a new hire’s first day on the job. Here, we outline 3 employee retention tactics that employers can implement to keep their best people.
1) Connect them to something bigger than a job title.
Engagement in the workplace can fade quickly if employers don’t provide their people with fulfilling work. Studies show that today’s employees want to be a part of an organization that looks beyond the profits and towards a purpose. And the responsibility falls on the leadership to connect their people to that purpose. Employers should make their mission clear and their goals known during a new hire’s onboarding process. Doing this early on can lead to overall job satisfaction, enhanced morale, and better quality work. After new hires settle in, employers should also continue to bring up company values during internal meetings and side conversations. The more your employees hear about what they’re a part of, the more engaged they’ll be in their work.
It may seem obvious, but the best way to make sure your people are connected to your mission is to talk to them. Developing and maintaining an open line of communication sends a message that you respect and value your employee’s input. This doesn’t mean you have to act on every thought or idea they bring to the table, but the simple act of listening can go a long way.
2) Offer more than a paycheck.
Money is simple and definitive, but it may not be all that your best people are looking at. While pay is an important factor when attracting the best hires, it’s not always what keeps them in your organization. Some employers spend too much time setting salaries and not enough time addressing other issues that can lead to high turnover rates. When it comes to employee retention, a worker’s well-being and your company culture share the spotlight.
Promoting healthy habits and providing a wholesome working environment can show your employees that you view them as people, not robots. Implementing a workplace wellness program can be a simple way to do that. But there are several other things to consider about your employee’s well-being in the workplace. This is where your company culture should shine. Building an environment not only that individuals can be a part of, but that they look forward to working in, is essential for keeping top talent. Prioritize opportunities to relieve stress. Some activities to consider include: office yoga, daily walks, meditation time, standing desks and group activities. An average person typically spends 1/3 of their life at work. That time should be spent in a healthy and well-balanced environment.
3) Be progressive.
The nine-to-five era is slowly coming to an end. Companies around the globe are recognizing that many employees value a flexible working environment. This can involve benefits such as: flexible working hours, increased or unlimited PTO, and telecommuting. Employers are being challenged to rethink how work is done. The topic caught national attention when Congress was introduced to the Workflex in the 21st Century Act last year. More information about that bill can be found here.
The bottom line is, forward-thinking employers who are open minded when it comes to work flex programs or initiatives will gain better employees and keep them. With Millennials and Generation Z making up the majority of today’s workforce, these perks are no longer just desired, they are necessary for employers to offer if they want to hire the best.
We can help.
We’re here to help you keep your top people. It’s likely that your best employees are receiving other offers. You’re not the only one that thinks they’re winners. Employee retention and satisfaction should be high on your list of priorities to prevent employee turnover. Our team of HR experts can develop wellness packages, help facilitate your company culture, and foster better communication between you and your employees beginning with the onboarding process. We also keep up with all compliance laws and state regulations that affect your workplace, including these work flex bills. So, you don’t have to worry about failing behind. Success begins and ends with your people. And we’re here to help you keep your best ones.
At SourcePointe, we utilize our industry-experience to provide you with a multitude of customizable HR services, support, and solutions. All so your business can do one thing – more business. We’ll provide tailor-made solutions that fit your company’s needs while providing a solid return on your investment that pays off immediately – and for many years after that.Back to Insights