New Employee Retention Techniques In Year 2023. An employer’s ability to retain employees is no longer an aspect of being a “good” place to work.
Top performers are a LinkedIn message away from being snatched from the team you’ve worked so hard to build. Employees aren’t staying in positions for decades. New Employee Retention Techniques In Year 2023.
Ilana Gershon, Associate Professor of Anthropology at Indiana University, Bloomington, “Good jobs were ones with a good salary and benefits. Now, it’s one that prepares you for your next job.”
New Employee Retention Techniques In Year 2023. Employee turnover is costly. Turnover affects the performance of an organization. It becomes increasingly difficult to manage as the competition for skilled employees continues to increase.
If your organization shares this struggle, it’s time to re-evaluate your retention strategy. Below, we dive into essential employee retention factors most modern employers ignore.
New Employee Retention Techniques In Year 2022
(What factors affect employee retention?)
83 % of employers believe it’s becoming more challenging attracting and retaining talent (Allegis Group)
66 % of millennials expect to leave their organization by 2025. (Glassdoor)
The top reasons given by employees for leaving their jobs include
- lack of career development (22%),
- lack of support with work-life balance (12%),
- their management’s behavior (11%),
- unsatisfactory compensation and benefits (9%),
- and poor well-being (9%). (Work Institute)
Among HR professionals who claim difficulty in retaining older workers,
- 47 %cite work location inflexibility as the biggest challenge,
- career inflexibility (45%),
- and work hours inflexibility (44%). (SHRM)
78 % of employees said they would remain longer with their employer if they saw a career path within the current organization. (Mercer)
Employee Retention Factors
1. Work schedule flexibility
The way today’s workforce approaches “work” is different than past generations. Employers must prepare and accommodate for a new workforce’s sense of individualism.
Workers today value the flexibility to choose when and where they work. As the approach to work continues to change, the nature of work itself will evolve as well.
We don’t believe work flexibility should be mandatory for every company. But it must be a discussion employers are willing to have.
New parents or people dealing with family issues appreciate the flexibility to work remotely for parts of their week. And a position that offers such flexibility will play heavily into retaining them.
2. Employee Morale
In Human Resources, employee morale is defined as job satisfaction, outlook, and feelings of well-being an employee experiences in the workplace.
Employees are happy and more productive when employee morale is high. Likewise, low employee morale results in less productivity and low spirits.
Low employee morale is one of the major factors why an employee leaves an organization.
Employees don’t just simply quit their jobs. They do it when they are not happy with the organization’s work culture they work for.
3. Health and wellness benefits
When you think about workplace benefits, what comes to mind? For many of us, thoughts of subsidized food and free tea are often a part of the office perks.
Group Mediclaim or personal accident policy has become the standard rather than a notable differentiator when choosing whether or not to stay with an employer.
We spend almost 60% of our waking hours at work. That means our workplace has a huge impact on shaping employee lifestyle, eating habits, and overall health.
Are you making sure your employees are as healthy and supported in their efforts as they could be?
“Many companies face the challenge of determining what wellness means to the organization and within its cultural environment.
Most define wellness in the form of activities and events.”
Lack of health support for employees by employers has a huge impact on employee stress levels. The stress created by a lack of health support or stress management.
4. Lack of Career Development
Often employees are not content with their career path. Lack of proper training and development programs hinders their career growth.
Their skills become limited with time and they lose interest in what they do. Every employee has his/her talents.
It is an organization’s responsibility to show them the path where they can use these skills and give their career direction.
Every employee wants to excel in what they do and grows in the process. They need to know where their career is heading.
A sense of security is a must for every employee. Nobody wants to ride a boat without a rudder. Organizations often miss out on understanding this human perspective of their employees.
5. Top performer recognition and rewards
Failing to recognize performers goes viral in the market campaign. That reflects poor communication by an employer and is highly ineffective.
Modern employee recognition is powerful. Employee recognition is the open acknowledgment and expressed appreciation for employees’ contributions to the organization.
It could be one of the best performers, a special appreciation can be done during meetings or even incentives can be declared for meeting monthly targets.
Implementing the right kind of recognition program is a critical factor in giving your business a competitive edge.
With that in mind, organizations are increasingly focusing on and restructuring recognition programs.
They’re powerful, and they can improve employee engagement, reduce turnover, increase productivity, boost morale, and build purpose when used correctly.
Employees want to be respected and valued in the organization for their contribution.
However, the management team often waits until the annual performance review to give feedback and show recognition.
It is highly recommended that employee recognition should be part of a company’s culture.
6. Employee-Manager Relationship
An employee-manager relationship is crucial. Employees expect good relationships in the workplace. It is important for the manager or any business leader to form an interpersonal connection with their employees.
For most of the employees, often good salary and benefits. Sometimes may not keep them engaged and happy if they can’t tolerate their managers.
When managers lack good management skills, they fail to form good work relationships with employees. This eventually leads to high employee turnover and the bottom line.
7. Personal development
Opportunities for personal development should be present and available for all employees. After all, when an employee learns and grows with their position, the business does better overall.
A lack of additional training or opportunities to grow skills could have top employees looking for other positions that will provide them with more experience.
A top salesperson may wish to incorporate new customer relationship management software into the sales process to increase efficiency, thus.
8. Compensation
The relationship between compensation and retention is not as straightforward as you may think: A top performer is cooking up an exit strategy. Throw more money at them!
It may surprise you, but cash isn’t the end-all-be-all for every employee. One may be unsatisfied with any single reason on this very list.
It is tricky to hit the sweet spot when it comes to compensation.
In other words, compensation is not the sole reason for employee turnover; it is coupled with another major factor such as work-life balance.
9. Work-life balance
As you’ve likely noticed, work-life balance has become a major focus in today’s workplace discussions.
There are countless ways employers can send a clear message that their employees and their lives outside of work are important.
The survey found that time absent from their spouse or partner was associated with lower satisfaction with their work-life balance.
As mentioned earlier, offering work flexibility is a great place to start in developing your employee retention strategy.
10. Onboarding
First impressions can have a lasting impact. The onboarding process of your organization is your opportunity to make a good first impression on your new employees.
This system should be about making the new person feel important, comfortable, respected, and prepared to succeed in their new position.
Successful onboarding is a strategic system designed to decrease manpower turnover by increasing staff engagement.
Poor onboarding can be many disastrous effects. A new staff can be set up for failure. Inhibit low productivity and change the employee’s viewpoint on your business. The result is a high manpower turnover.
It’s a crucial first step in getting involved and adjusting your new hire to both your job description and your company. It will also be a surefire way to make sure your new employee has a great few days.
11. Management and leadership team
Employees don’t quit because they don’t like their jobs. They quit because they can’t work with the ineffective management team and their leaders.
80% of turnover is driven due to management’s disrespect for their employees. The environment a manager creates for employees.
Start with communication. Feedback and open communication are essential for the improvement of any high-performing team.
For you
You cannot retain each one of your employees forever, sooner or later some of them are going to leave your organization. This is the bitter truth and you should never shy away from it.
All you can do is reinvent your employee retention strategies from time to time. Relevant in the business and adapt to the change.
The moment you are aware of these factors I talked about, you know the strategies your organization needs to come up with.
If you are yet to decide then take a step forward and retain your valuable employees with these Employee Retention strategies.
