Employee retention is currently top of mind for many employers in today’s labor climate. With qualified talent in high demand and short supply, the cost of turnover is hitting all-time highs. To help you reduce employee churn, I’ve searched the web for some of the best advice, guidance, and information about retaining top talent.
#1: Continue to offer remote work options
In 2020, the pandemic forced most companies to explore new working arrangements for their personnel. Although many employees are back in the office, flexible remote work options continue to be a top priority for many employees. A recent survey from FlexJobs revealed that 65 percent of workers want to be full-time remote employees post-pandemic, and 31 percent want a hybrid remote work environment. All told, that’s 96 percent who want some form of remote work. And according to a June 2021 article by Bloomberg, about 39 percent of employees would consider quitting rather than give up working from home.
#2: Recognize retention begins with recruiting
According to the experts at CIO, “retention starts right from the beginning, from the application process to screening applicants to choosing who to interview.” They offer several strategies on quelling retention early in the recruitment stage by seeking out candidates who share your company’s outlook and identifying which ones are likely to stick with you long-term.
#3: Pay your employees well
This infographic from Ohio University is packed with valuable insight into employee retention and modern ways to keep employees engaged. Their research found that job dissatisfaction varied, but the top reason for turnover was a low salary. In addition, 48 percent of employees said they would be encouraged to stay if their employer offered them a raise or bonus. For additional information, check out this article on the effects of salary on job retention.
#4: Provide quality management
Insight from The Balance Careers states that “people leave companies because of managers and supervisors more often than they leave because of their actual jobs.” Providing quality management or supervision and clear expectations helps to provide a healthy, low-stress work environment where employees feel supported and empowered to succeed.
#5: Promote better communication
According to an article from Paycor, lack of communication is at the root of many employee frustrations. To foster communication, organizations should look for ways to facilitate more meaningful conversations among their people. They suggest creating channels for honest, specific feedback to and from your employees and taking advantage of ways to provide praise and constructive criticism in real-time.
Need help boosting employee retention? Contact Stackrock Talent Founder & Talent Strategist Cammas Freeman at cammas@stackrocktalent.com.
