Putting your people first is Key to Employee Retention
Losing staff is a costly business, but there are ways of winning loyalty through engaging employees who then give their best.
The opposite of employee retention is churn, and it's a big problem for many companies. A normal rate of churn is just part of business. A high rate, on the other hand, presents a number of challenges. Replacements — if you're lucky enough to find them in the middle of a widening, cross-industry skills gap — aren't cheap.
The first question is: Can this be managed? The answer is almost certainly yes. It's not an accident that some companies succeed in minimizing churn. The next question, then, is how?
It would be a mistake to suggest that a single factor is responsible for employee retention, but there are crucial elements that every company should be aware of. At the top of that list is the degree to which they are people-focused.
Creating the right environment for retention
Organisations that want to minimise churn need to build an environment that people want to be, and stay, a part of. The simple fact that employees are unique individuals, each of whom has their own needs, goals and dreams, cannot be overlooked. Modern workers increasingly want their employers to respect them on a holistic level that takes all these aspects into account.
One turnkey and cost effective solution we offer to cater to the uniqueness of employees is our 1 year wellbeing program. This program consists of hosting one workshop per month for 12 months where each session focuses on a different wellbeing topic. Companies can choose from over 30 different workshops, and each session comes with marketing materials to make this super easy to launch. We design your wellbeing calendar for the year, and help you with an engagement strategy.
Companies with high retention are typically those which offer value to employees beyond pay and benefits, and a well planned wellbeing program is certainly high on the list.
Communication
Whether in creating a cultural strategy for a start up or attempting to revamp an existing, problematic culture, effective communication should be at the core. Employees need reliable ways to be heard across departments and throughout hierarchies without any fear of being marginalized.
Winning teams are created when everyone involved feels capable of expressing their ideas and perspectives freely and in a way that is best for them without being shut down or disregarded. This can mean rethinking the way meetings are held or the gates through which communication must pass, and it's up to leadership to make it happen. Our Mental Health Awareness training for managers offers actionable insights on creating a psychologically safe working environment.
Flexibility
Clearly, employees want flexibility on an individual level, and offering it can help reduce churn. It could take the form of flexible working hours, autonomous goal-setting or substantial parental leave options (preferably all of the above). However, embracing flexibility as a cultural principle in the workplace is also key to retention. Approaching problems with a one-size-fits-all mindset tends to stifle innovation and snuff out consensus before the building process even begins.
Creating a company where employees never want to leave is certainly not easy, but it is possible.