One of the many keys to a successful business is hiring and retaining talented employees–and, at the same time, is becoming one of the big issues with organizations around the nation. According to a recent Gallup survey, “93% of U.S. adults say that the last time they changed roles, they left their employer to do so. Fewer than one in 10 (7%) say they took a new position within the same company.” Furthermore, the survey found that “roughly one in three (31%) say they changed jobs in the past three years.” This is not only costly for the employer’s bottom line, but can hurt team morale, company culture and future leadership.
As the new year unfolds, it’s important for organizations to focus on employee retention so critical business aspects don’t suffer. Below are four ways for organizations to keep their talented employees happy at work.
First and foremost, employee retention goes hand in hand with engagement. As a company, work with employees on an individual level to help them gain engagement in their work with career growth plans and expanding their skillset. If employees are not happy with their work, find different opportunities to expand and grow their current job position.
Also, allow employees to come together to brainstorm new employee engagement ideas and activities that add to your unique company culture. Employees will be more invested in a corporate culture that they have a part in creating or continually adding to.
- Value the individual
In a recent podcast, Dr. Marcie LePine, an Associate Professor at Arizona State University, discussed the big shift in what Millennials and Gen Xers want from their current and future jobs. 15 years ago, Millennials valued a challenging job, where as today, Millennials want to be valued as a person and for the organization to recognize what individual skills they bring to the table. As for Gen Xers, along with individual value, they want enjoyment in their job and to create meaningful work. Dr. LePine explains, “To attract both Millennials and Gen Xers, you need to learn about and know your potential employees and current employees as a person.” As an organization, work to build personal relationships with all employees and cater to what they value most in their careers.
- Focus on accessible leadership
In addition to focusing on the individual, organizations need to take a step back and examine their current leadership. What is (and isn’t) working? Leaders have a lot of affect on employee morale and engagement, so much so that researchers found that employee satisfaction can be directly influenced by interactions with management. The best way for leaders to influence better employee engagement and retention is to be a type of leader that is not only committed to their team and employee career growth, but available for employees to lean on. This, in turn, helps develop a trusting relationship.
- Look to add flexibility to the work environment
Whether it’s telecommuting or flexible time off/vacation programs, flexible work environments are growing in popularity within organizations. According to GlobalWorkplaceAnalytics.com, 3.7 million employees (2.5% of the workforce) now work from home at least half the time. How does this relate to employee retention? A study published by Stanford University found that “by offering remote work options, it reduced employee turnover and job attrition rates fell by over 50 percent.” Look to see if your organization can add flexibility within your company culture and workplace environment. Plus, it’s a simple way to instill additional trust with employees by eliminating rigid workplace rules.
Remember these four tips as you start the new year to keep your highly talented employees happy and thriving in their work.