Strategies that can attract and retain employees
We keep hearing in the media about the “great resignation”. Employees have had time during the pandemic to re-evaluate their work life balance and career while also considering whether their current employer provides them with the opportunities they are looking for in the future. Many people have also returned to education; to retrain, improve their skills and have a change of career.
Here are some approaches to consider on preventing current employees from quitting their jobs and attracting new employees to join your workplace: -
1) Culture and Values – Workplace culture creates an environment where everyone in the workplace shares the same values, beliefs, and attitudes. It is created over a period of time and is influenced by the organizational strategy, leadership team and employees in the organization. A positive culture helps improve productivity, morale, engagement, and collaborative teamwork which results in improved retention of employees.
2) Communication – Every organization believes it communicates with their employees effectively; however, usually this is far from the truth. It is important for workplaces to share information, and to be transparent and honest while allowing all the employees to have a voice. If employees have an opportunity to share ideas and be part of collaborative decision making, they feel more connected to an organization.
3) Learning and Development – This area can really make a workplace stand out from their competitors by offering learning and development opportunities. Training can be expensive and therefore, the key to the success of the training strategy is to identify the individual training needs which are linked to the company’s objectives and the company succession plan.
4) Total Compensation Strategy – With higher inflation, organizations should compare salaries against their competitors to see what they are paying as compensation is becoming a key factor of consideration in response to talent shortages and remote work opportunities. Valued benefits can help a workplace stay competitive during these difficult times. Employees should be asked what their expectations are and the employer needs to be creative with solutions. For example, some considerations include mental health benefits, work-life balance, on-demand fitness classes, stress management, and resilience support.
5) Work Life Balance – Flexibility and being adaptable in the workplace can produce great positive outcomes and increase employee productivity which leads to the overall achievement of the company objectives. Providing a work life balance approach can lead to higher employee morale, improved employee engagement and a greater loyalty and commitment because individuals feel that their needs matter to the organization.
By staying on top of what your competitors are doing, coming up with a retention plan and collaborating with your employees to ensure you know their needs and wants will go along way to help retain your current employees. Turnover can have a negative impact on performance and achievement of company objectives, as well as increasing the time, stress, and cost of hiring and the training of new recruits.
Remember employees are an organizations’ greatest and most costly asset, so treat them fairly, if you care for them, they will then in turn care about the company they work for !!!