Once upon a time, it was not uncommon to stay in the same job, with the same employer, for your entire working career. However, thanks in no small part to the impacts of the COVID-19 pandemic, today’s workforce trends have shifted significantly. Perhaps no other singular event in recent history has had a more profound impact on our working lives. This era of broad ‘reconsideration of work’ has even earned itself a nickname in the American media – the great resignation.
For employers, this shift has resulted in a highly competitive job market as employees pursue a new vision of work-life balance, juggle shifting priorities and make important career decisions. For modern employers to attract, engage and retain staff, it will become increasingly essential to invest in quality HR practices and services that keep employees engaged and clearly define their company’s value proposition to current and prospective workers.
So we’ve put together some of our top tips and ideas for employee retention strategies as we approach 2022 – and a new era in the working world.
Gone are the days of a one-size-fits-all approach to employee engagement and job satisfaction. By the time you’re conducting the ‘exit interview,’ it’s already too late – so why not conduct more ‘stay interviews’ instead?
Every employee will be motivated by different things, so make sure you set aside time for regular check-ins with your team to discuss what’s working, what’s not, and what they would need to love their job even more. You may also want to consider bringing in outside HR support to conduct interviews, so employees feel free to be candid in their responses.
Review Your Compensation Structure with an HR Expert
Money is not the only thing that matters to the modern employee; purpose, work-life balance, and workplace culture are often equally, if not more important.
However, to remain competitive, it’s essential you understand industry benchmarks and best practices. A high turnover rate will ultimately cost your business far more than proper compensation packages, so make sure you’re working with an expert to evaluate whether your pay structures are appropriate to attract and retain the staff that best support your organization’s operational need, goals and culture.
Encourage a Healthy Work/Life Balance
The blurring of the lines between work and home has brought the concept of work/life balance into a new and sharper focus, but what does work/life balance really mean? The truth is, it will likely look different for every employee, depending on their individual circumstances. Employers will need to get creative in their approach and examine what is feasible for their business. For example, can you offer more flex days? A policy for unpaid leave or sabbatical opportunities? Lunch ‘n’ Learn activities that offer non-work-related skills development like meditation or time management? Could you bring in onsite recreation activities like lunchtime yoga or provide onsite childcare? There are many affordable options for encouraging better work/life balance that can lead to creating and sustaining more engaged and productive individuals and teams.
Give Your Team More Autonomy
Autonomy is one of the most critical factors between an engaged employee vs. an employee with one foot out the door. Involve employees in setting their own goals, examining how their goals align with those of the organization, and defining what success in the company looks like for them. If feasible, implement the 10% rule – allow your staff to spend 10% of their working time on a project of their choosing. Whether that’s testing an idea, developing new skills or organizing team-building activities, individuals will be more engaged when they’re empowered to set and achieve some of their own objectives.
Give Your Team Purpose
Similar to having autonomy, employees also want to feel that their work has purpose. A company culture built on lived values will keep your workforce inspired and invested. A robust Corporate Social Responsibility program, volunteer opportunities or sponsoring community events are all examples of ways you can give your team the opportunity to be part of something bigger. Employees who believe in their company and its values are far more likely to stick around.
As we head into 2022, attracting, engaging, and retaining talent will continue to be a challenge for businesses across sectors. The expert team at Cenera offers flexible, custom solutions that can help your business create great workplaces, whether you’re working remotely, in the office or a hybrid.
Stay ahead of your employee retention goals, and reach out to us today to learn more about how we can help.
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