The workforce has changed immensely in the past few years. As 2021 begins to come to an end, employee retention is still one of the biggest issues many employers are facing right now, all across the country. If you think the Great Resignation or the Turnover Tsunami impacts your business, consider these employee retention strategies.
Recognition is big in the workplace, no matter which field you may be in. But software engineers might not appreciate a simple acknowledgment of a job well done. Then again, financial incentives alone do little to distinguish you from other employers who are willing to offer just a little bit more. If your engineers don’t feel recognized and valued, you are missing out on a huge opportunity. Recognition has a considerable part to play in that satisfaction and confidence in career path and long-term success. So even though you think you may be providing the organizational structure and tools needed to support professional development, make sure that individual recognition is also a part of your employee retention strategy.
Nothing is more disheartening than failing to be recognized for the hard work that goes into a project or deliverable. That recognition may not need to be more than a simple statement of thanks, but the long-term value is often immeasurable. Employee engagement is built and supported by both recognition and compensation. Too many employers forget that recognition is as much a part of the equation. Don’t let your staff feel like they are working a thankless job. Instead, boosting morale with on-the-spot recognition is a budget-friendly and moral boosting leadership strategy.
Mentorship is another valuable tool for supporting your employee’s career growth and overall feelings of being valued and recognized. Sometimes an organization can’t recognize individuals regularly. But having a mentor provides the support and validation many employees crave at the right moment. Providing the support and sharing the insider knowledge that helped get you where you are today will help your staff prepare for the next step in their career. That understanding and appreciation of the actual work being done daily can be critical to long-term retention.
Encourage and Nurture Career Growth via Professional Development
In a recent Randstad US Survey, it was revealed that the number one reason employees leave their jobs is the lack of a career path. Think about that for a moment, because it’s a huge problem. A lack of an individualized career path for employees shows a lack of commitment to long-term staff, and those employees who leave know it. Companies must reevaluate their long-term retention strategies to include the kinds of succession paths and career growth opportunities that encourage and engage workers. Suppose an employee feels the company is committed to their success as an individual and supports their long-term growth. In that case, they are more likely to feel satisfied on the job and motivated to do their best work daily.
Employees are motivated to do their best work when they learn the new skills and technologies that will make them more effective. Employers who invest in the ongoing education of their staff are likely to see employees more committed and loyal to their companies in the long term. It can be a real challenge to stay on top of all the latest trends and processes needed to stay ahead of the competitors, but that doesn’t mean that they’re not interested in staying up to date. The support and investment of their employers will go a long way to employees empowering themselves to keep learning.
Employee retention is also an important consideration for employers considering investing in professional development programs for their employees. It’s challenging to hire new employees, and it’s much more effective to retain and even retrain the employees you have already invested in. Professional development is critical to employee retention because industry leaders want to work for invested employers in their future. Particularly for younger generations, employees are ready to move to a different job if the opportunity arises. Hiring managers need to address that issue upfront with a clear and effective professional development strategy.
Last but certainly not least, traditional financial incentives or other forms of recognition are always well received. Gift cards for outstanding performance are lovely to receive. Performance-based bonuses are almost expected in some industries. The fact of the matter is that most people work for a living, and receiving recognition in dollar form can be the quickest and easiest way to call out high performers to show them how much they mean to you.
If you still need more people for your team, connect with the team at Bergman Brothers to get back on the right track!