The study also asked senior managers which retention strategies each employer currently uses. Below, I've outlined the top three strategies based on
The study also asked senior managers which retention strategies each employer currently uses. Below, I’ve outlined the top three strategies based on survey respondents, and how your team can tap into similar strategies to boost employee motivation and keep your team excited to come to work every day.
1. Increase communication and transparency with employees.
Nearly half (46 percent) of survey respondents indicated that they increase employee communication as a way to encourage retention. Some ways to do this include hosting town hall meetings and related gatherings when you can provide employees with the latest company updates.
On my team of over 200 employees, we host quarterly all-company town hall meetings. During these meetings, employees gain transparency into how the company has done in the past quarter and year to date, and what our plans are for the following quarter. Employees are also welcome to submit questions to the leadership team, which are then answered during the town hall.
Outside of our town hall meetings, my team also hosts weekly all-company huddles on Tuesday mornings. During this time, we run through key achievements from the previous week, what each team is working on this week and how we’re doing in relation to our quarterly and annual goals.
Having quarterly and weekly reminders of the latest updates and how the company is performing makes employees feel valued and as though we’re all working together toward a common goal. This ultimately motivates employees to put their best foot forward and do great work for our team.
Think of what you’re doing now when it comes to employee communication. Do all your employees have a clear idea of your company goals and how you’re tracking toward these goals? If not, it’s time to improve your communication efforts by running town hall meetings, being more proactive in your written company communication or taking similar actions. Without clear company communication, employee motivation will take a hit and you’ll risk losing top performers to other job opportunities.
2. Improve employee recognition programs.
If you don’t communicate feedback — either positive or negative — employees will have no way of knowing if they’re succeeding in their roles, which might make them want to look for a job elsewhere.
A study from Achievers, an employee recognition and rewards platform, found that 69 percent of respondents would stay with their current employers longer if they received rewards and recognition.
One way you can recognize employees is by highlighting success stories on your company’s career site or social media. You can also encourage employees to recognize their peers. For example, each week at my company, employees call out peers who have exemplified our core values during our all-company huddle mentioned above. These core value shout outs, as we call them, ultimately encourage our team to continue going above and beyond in their roles and living up to our core values.
3. Provide professional development.
The Robert Half survey found that nearly one in five (19 percent) of employees who are considering leaving would stay if they got a promotion. But in many cases, employees aren’t set up for success and career growth because they either don’t know what they need to achieve to get promoted or don’t have the resources to reach the next level.
To help employees grow in their careers, the first step you should take is encouraging managers to be more transparent with employees when it comes to their performance and career paths. And once employees have an understanding of what they’ll need to get promoted, make sure the training resources are available to help them grow.
Further, according to LinkedIn’s 2018 Workplace Learning Report, 93 percent of employees would stay at a company longer if it invested in their growth. Many employers make the mistake of thinking training stops with initial onboarding. But your team should have continuous training in place, so employees’ career growth doesn’t become stagnant.
Give employees options to attend recurring lunch-and-learn sessions, complete regular skills assessments, attend industry conferences, watch structured training videos, and complete certification courses, to name a few examples.
The competitive hiring market shows no signs of slowing down and your team can’t afford to lose top employees to outside roles. By being more proactive about keeping your team motivated and engaged, you can increase the likelihood of your best employees sticking around for the long haul.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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