Is your company currently challenged with retaining your employees, especially the high-performing ones?
In the past two years, employees in the millions representing various sectors took part in a global exodus from their workplace, tagged as the infamous “Great Resignation.” Analysts have said that the Great Resignation was largely caused by low salaries, limited career progression, the lack of work-life balance, and dissatisfaction with management, among many other reasons.
This phenomenon has made employee retention all the more challenging for many employers and hiring managers. Indeed, today’s labor market is now largely driven not by employers but by job candidates.
According to research firm Gartner Consulting, U.S. employee annual voluntary turnover rose past 20 percent in 2022, with 37.4 million employees quitting their jobs last year.
As employees take over the labor market, employers and hiring managers find themselves assessing what makes their company an ideal place to work at. If you are one of those employers at risk of losing top talent or have already started losing the top-performing ones, it’s time to consider some employee retention strategies.
Employee Retention and the Quality of Your Hires
As employers and hiring managers face more challenges when in employee retention, they are now seeing the connection between employee retention and the quality of hires. Could it be possible that a company is losing its employees simply because they were never a great fit in the first place?
As early as 2016, many employers had already prioritized the quality of their hires as a top contributor to the company’s success. 40 percent of big companies and 45 percent of startups consider this as a top indicator of a company’s success. Many hiring managers felt this way—the recruitment process is only as successful as the quality of a new hire.
When a new hire can add value to the company, you may call it a successful hire. However, how do you ensure that an employee who adds value to the company also has staying power and will not be part of the Great Resignation?
Let’s look at it this way. How does your company add value to your employees—new hires or seasoned ones—such that top-performing employees also have longevity and continue to create value for the company in the long term?
The Might in Hiring Right
Minimize your employee retention worries by maximizing the chances of hiring the right candidate for the job from the get-go! Here are some ways how you can hire right:
Offer Flexible Working Options Including Remote Work.
In this candidate-driven job market, employers and hiring managers need to be sensitive to the preferences and priorities of the post-pandemic workforce.
A recent survey revealed that 91 percent of respondents preferred working remotely¹. This preference for greater flexibility in the workplace is very hard to ignore if you are hell-bent on retaining your employees.
There is no resisting flexibility in the workplace. Just like digital migration, it is unstoppable. This is something that you need to accept as an employer.
Consider tweaking your schedule to give flexibility a chance. Do all your employees really need to begin their work at the same time, at the same place, five days a week? Can you give them an extra day off? Can some or all of your employees work from home on certain days?
If you wish to lessen employee turnover and increase retention rate, make flexibility a cornerstone of your company culture. Offer this option even to your new hires and watch the number of your job candidates grow!
Promote and Implement Work-Life Balance.
One of the priorities of the post-pandemic labor force is to finally have a good work-life balance. Somehow, the global public health crisis taught many employees to examine their priorities—to spend as much time as possible with families and loved ones, as well as hone individual interests and life passions.
As an employer who wants to attract the right people and keep them for the long haul, consider this a watershed moment. Your employees need to have a good work-life balance in the same way they need high salaries. If they can’t have the latter, they’re perfectly happy to get the former.
How do you achieve a good work-life balance?
- Implement certain days, or even just one day, when employees do not have meetings or major deadlines to meet.
- Set a time limit for meetings with employees.
- Provide sessions on mental health, stress management, and general well-being.
These are all excellent ways to make a satisfying work-life balance a salient part of your organization.
Recognize Your Employees’ Contributions and Reward Your Top Performer.
Your employees respond favorably to positive reinforcement. This is why you should improve the employee rewards system in your organization.
Having this in place is also an excellent way for you to attract top talent. Have your hiring managers discuss this with your job candidates and new hires when they are onboarded to your organization. Nothing beats setting a principle that meritocracy and a job well done are aptly rewarded in your company. This also promotes employee engagement and is an excellent retention strategy.
Create a Company Culture That Thrives on Diversity, Equality, and Inclusion.
An organization with an excellent company culture is a magnet for top talent. This is all the more reason to take your DEI policies seriously. Make your organization a truly open and accepting one especially to minority and marginalized groups. This is how you also encourage your employees to be their authentic selves while at work.
A company firmly committed to DEI is able to attract diverse talent. From the hiring process to the onboarding process, it is important to let the new hires know that you value the employee experience in your organization. This is a surefire way to increase employee satisfaction and boost your employee retention rate.
Offer Options for Professional Growth and Personal Development.
The right talent is usually ambitious and dedicated. They are concerned not only with what they can offer your organization but also with how they can grow and develop themselves further while working for your company.
In hiring employees, discuss with them their career trajectory and options for career development should they choose to work for your company. On top of providing them with remote work options or enumerating employee benefits, discuss with them as well a realistic path for professional development.
Surely, candidates who find themselves already with one foot in the door of your organization would want to commit themselves fully, if you show them that you are providing them with development opportunities.
NEED MORE HELP IN ATTRACTING TOP TALENT?
Let Strategic Systems help you achieve hiring success by bringing top talent to your doorstep. Hiring right only means partnering with the best staffing firm out there that can give you top talent at a time when you need them the most. Partner with us today!
References:
1 “State of Remote Work” Buffer.com, https://buffer.com/state-of-remote-work/2023
