Increased turnover in the workplace is on the rise. The demand for quality candidates and the availability of open positions throughout many industries is inspiring (otherwise loyal) employees to pursue a new career, a promotion, start a new business of their own, or make a quality of life move. Regardless of the motivation, retaining your top talent is a strategy every business should pay great attention to while also building long-term loyalty.
For your business to succeed, it is essential to keep employees engaged and inspire loyalty while also making it easier to attract and hire new team members.
In this BLOG, we have some ideas for prioritizing current employees and attracting new ones.
- Be Responsive
The paycheck may not be the only reason people choose to work for one employer versus another. Your employees are loyal because there’s something in it for them besides money. The job is useful and knowing why it’s useful enables you to keep them satisfied and make their jobs even more appealing.
- Prioritize Development
An environment where people gain knowledge, learn new skills and advance increases loyalty because people like working where they can grow and develop. A recent report published by LinkedIn concluded that those business that “excel at internal mobility are able to retain employees nearly twice as long as companies that struggle with it.”
- Employee Empowerment & Success
Empowering employees to make decisions about how things are done and where the organization is headed makes people feel more engaged because they see themselves in it. The more empowered and engaged employees are, the more decisions will bring real change and progress.
And if you want to see more of this, reward it. Make it meaningful and reward frequently. The positive reinforcement will encourage more engagement and reinforce your company’s commitment to employee empowerment.
- Work – Life Balance
Employees are looking for flexibility and a better balance between work and life. Give employees the time to attend to their commitments or purse something that is life-enriching. By supporting a life outside of work, you’ll get more from them while on the job. Options may include remote or hybrid work, paid time off, flex hours, four-day work weeks, alternative schedules, and reducing workload. Be responsive to requests for time off and ensure your company has the appropriate polices and procedures in place to facilitate these options.
- Stay Interviews
Talk to employees regularly about what’s going well, what’s not going well and what can be done to take their job to the next level. Stay interviews enable you to address problems quickly and before a valued employee decides to resign.