6 Key Strategies To Improve Retention

6 Key Strategies To Improve Retention

Employers across the land are facing a harsh reality – 61% are having difficulty retaining employees. And this mass exodus is hitting companies right in the wallet. It’s estimated that the cost to employers for turnover is equivalent to a staggering 1-2 times the salary of that vanished employee.

As talent rolls out the door, it leaves behind it a trail of expenses from recruitment, hiring, training and compromised productivity during role transitions. So what’s behind this retention crisis that’s battering employers from all sides? Ask the employees themselves, and a clear message emerges – it’s not me, it’s you.

The truth is, today’s workforce is reassessing their priorities and needs from an employer, and companies seen as failing to provide purpose, growth, flexibility and other key needs are being swapped faster than last year’s iPhone.

With this in mind, let’s take a look at six key strategies that you can employ to keep your top talent on your side.

Show Employees the Money

Okay, as much as we’d all love to waltz merrily into the office each morning simply for the thrill of the spreadsheet, the sad truth is we work to get paid. Yet, too many organizations rest on legacy pay scales, assuming the salary structures that once attracted talent will continue enticing teams to stay for the long-term. This is false.

The recent resignation surge shows outdated compensation no longer cuts it as employees seek higher salaries elsewhere – especially as many countries continue to struggle with an ongoing cost of living crisis.

The solution is a proactive approach to pay benchmarking using regular market analyses, equitable ranges unbound by outdated corporate bands, and performance raises rewarding standout contributors. Yes, this demands effort including consistent monitoring to ensure salaries remain competitive.

The math is straightforward: placing premium value on your top talent today pays off in spades through greater loyalty tomorrow. Is an all-star employee delivering strong results month over month? It may be time for a promotion or merit raise before a competitor makes them an offer. Keep standing out performers incentivized through constant attention to fair pay calibrated to their impact.

Bring Out the Perks

So you’ve established competitive compensation. Check. But today’s employees evaluate more than salary sums when considering loyalty. This is where comprehensive perks enter the scene. Consider offerings like robust health plans, retirement fund matching, ample PTO and other advantages that elevate the workplace.

While fair pay provides the cornerstone, perks add appeal and incentive to seal the deal. Tactics like flexible location policies give more autonomy to your workers. Investing in career development shows you prioritize their professional trajectories and have faith in their futures, rather than viewing them as merely billable resources

Gone are the days when bare minimum benefits sufficed. Now is the time to go the extra mile with wellness initiatives, learning stipends and empathy around life’s demands outside office walls. This full-service approach communicates that your company is a destination worth committing to for the long haul.

Cultivating an Engaging Company Culture

Company culture conjures images of buzzword bingo like “collaborative synergy” and “innovative disruption.” But strip away the jargon and what remains is basic human wiring for purpose and belonging. Employees want to feel their work and values align beyond collecting a paycheck.

This means continually nurturing inclusive environments where all employee perspectives are welcomed and amplified. Where policies bend to meet the multidimensional priorities of the modern worker – perhaps with flexible schedules for new parents or hybrid options benefiting families and productivity alike.

When corporate character resonates with personal priorities, retention soars as employees find meaning beyond mandates. People stick with companies that stick up for their non-work identity too.

Growing Skills, Possibilities and Careers

As noted earlier when we discussed stellar perks, today’s talent places huge stock in expanding their abilities, possibilities and mobility in lockstep with organizational objectives. Prioritizing their growth through elements like career coaching and upskilling programs shows them they’re valued as more than just disposable labor.

We’re talking nurturing potential through mentorships, upskilling courses, career mapping and more workplace learning options that spur momentum in roles. This progression keeps talent engaged, challenged and incentivized to stick around seeing what their tomorrow could hold in partnership with you as their launchpad.

Wellness Wins: Investing in Health and Well-Being

The robots haven’t defeated us yet, which means human needs still rule the day. Smart leaders realize well-oiled productivity depends on wellness first. Hence the revolution supporting mental and physical health blossoming in workplaces nationwide.

As such, make sure you give plenty of PTO allowances (and encourage them to use it). Open up access to counseling or mindfulness breaks. Show empathy for caregiver responsibilities outside the corporate walls.

You need to show clear signals that employee well-being and life balance take priority. This rising tide of leaders implementing supportive policies is no coincidence, but rather informed self-interest. Do right by your people, reduce burnout risks, and loyalty levels rise.

Listen Up: Acting on Employee Feedback

So you’ve opened your doors and hearts to employee wellbeing. Bravo. But retention success requires listening too. Fostering open channels where workers feel safe surfacing honest opinions without fear of retaliation.

Think anonymous surveys, accessible suggestion boxes, brainstorming digital channels and regular town halls demonstrating leaders care what employees think. Remember, it’s vital to close feedback loops. The goal is not just amassing data, but showing concerns raised have kick-started real change. This cycle of input and action kindles “they really hear me” revelation, bonding staff to employers who amplify their voices into outcomes that matter.

Wrapping Up

So there you have it — the inside line on transforming from an organization plagued by retention into a destination employer with queues of loyal talent. It requires embracing compensation, culture and policies purpose-built for today’s reshaped priorities.

Will this journey demand effort? Absolutely. But considering the large financial sinkhole of replacing each departed employee, dedication to these retention tips will likely result in handsome dividends down the line.