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January 3, 2018

Facing Employee Retention Challenges in 2018

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Employee retentionThe U.S. unemployment rate is low, and companies are cranking up recruiting efforts. Organizations will face a challenge in the year ahead to keep current employees from being lured away by companies offering attractive benefits and innovative perks. Businesses can attract and keep employees by improving digital efficiency, providing relevant feedback and matching people with their passions for improved job satisfaction.

Intentionally Endorse Culture

When employees believe in what their organization stands for, they are more loyal and engaged. Make creating a positive culture top priority when it comes to employee retention. Define the values most important to your brand and seek ways to communicate and practice those ideals throughout your organization.

Analyze and tweak every step of onboarding to highlight those values in company policies and practices. Make sure training gives specific steps for how to incorporate them in workplace interactions, not just with outside clients.

Develop Leadership

Supervisors often obtain their position because they were effective as lower-level employees. While they might have been the strongest member of their team, they don’t necessarily have the skills to be effective management.

One of the biggest reasons employees leave their job is because of conflict with a supervisor. Offer leadership training to provide the communication skills necessary to effective relationships with employees.

Prioritize Growth

Some employees change jobs because they see another company as an opportunity to get ahead. If your staff feels stuck in their current positions, they are likely to experience frustration and defeat. Instead of losing your talent to the competition, keep them when you do the following:

  • Offer performance-based bonuses or other perks to top performers.
  • Provide training and staff development that gives employees skills they need to be promoted.
  • Let staff members know the career opportunities available and the ways your company can help them reach their goals.
  • Allow employees to cross-train so they learn a wide range of skills.
Make Your Offer Better

Money isn’t everything, but employees are lured away when they can make more with your competitor. Make your compensation package as attractive as possible. Salaries and bonuses are a major part of what attracts talent, but other factors can be just as important. Health insurance, flexible scheduling, vacation time and retirement packages also play into an employee’s decision to stay with your organization or go somewhere else.

Know what the competition offers so your staff isn’t lured away by a few dollars. When Glassdoor analyzed job transitions, they found base pay that is 10 percent higher makes it 1.5 percent less likely employees will leave.

Invest in retaining your current workforce by creating a positive place in which they thrive. The productive work environment that results will improve your bottom line and attract top talent to add to your team.

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