Attracting and onboarding talent is half the battle, the other half is being able to engage and retain them. In this ebb and flow of the job market, it can feel as though many employees and companies are keeping their cards close to their chests due to “quiet quitting/ firing,” and the overall tumultuous work environment.
People are rethinking their concept of work post-pandemic as many are finding it easier to leave and grow versus stay stagnant. This further inspires job transitions, favoring a job purely based on the work environment (on-site, hybrid, or remote), and prioritizing a work-life balance. This article will cover the importance of employee retention and offer insights into building a culture of engagement.
Merely creating and maintaining a culture does not achieve employee retention, instead, it has to prioritize fostering an environment of belonging and purpose. Jobvite found that 88% of job seekers consider a healthy work culture vital for success. Demonstrating that candidates are not only looking for a successful company, they are looking for a healthy work culture to propel the overall success. Impactful companies do not only attract top talent, they also work to retain them. Further showing their dedication to investing in their current employees rather than finding and training replacements. Retaining employees is a significant element of a company’s success as the Washington Post noted employee retention improves productivity, reduces cost, improves morale and team collaboration, enhances customer experience, and improves employee engagement. Your company’s potential for future success heightens when employee retention is established by the culture built.
The buzzword “company culture” can get overused, diluting its impact and meaning. Workplace cultures are unique and are not the same for every company. Even when values and missions sound similar across industries and companies, the implementation and execution vary.
Think about what culture means to you. We hold many subcultures such as our family, the society we surround ourselves in, and the institutions we attend all form ideologies that create our social norms within a culture. However, workplace cultures are unlike others since you can make the culture you want. Altering family, societal, and institutional dynamics is unrealistic, whereas, transforming company cultures is. They are even celebrated when developing the culture to be better and more inclusive. Cultures that promote employee engagement consist of four attributes:
- Transparent Communication: On a macro level, communicating transparently and clearly will help employees align with the company’s purpose and goals. This can inspire feeling more connected and committed to their work. Another suggestion is to encourage a communication system to bubble up ideas or constructive feedback from the employees to the C-Suites, to avoid one-way communication paths. This helps promote the concept of valuing the employee’s opinion and voice. Utilizing resources such as regular surveys, suggestion boxes, and Town Hall Meetings can aid in creating a culture of open, transparent communication.
- Appreciation and Recognition: Make time to celebrate milestones, achievements, and successes publicly as hard work should not go unrecognized. This is not exclusive to management as employees should acknowledge colleagues, further promoting collaboration and team building. Employees are encouraged to feel valued and appreciated, enhancing motivation and morale. A collaborative way of doing this is holding a monthly meeting for 30 minutes to allow employees and managers to verbally shout out other colleagues. Additionally, regular incentives and acknowledging individual efforts could make employees feel valued and appreciated, resulting in satisfaction and dedication to the company.
- Professional Development: Concentrating on career development, not promotion, shows employees the investment in their ability to reach their full potential. Avoid focusing solely on “promotion” as it can narrow the learning path, minimizing skill growth and development. Instead, when prioritizing professional development, it inspires confidence in their capabilities to perform their role responsibilities and their potential growth within the organization. Starting conversations of professional growth internally and externally could include training programs, workshops, educational programs, and opportunities to take on more responsibilities.
- Work-Life Balance: Finding the perfect balance between the personal and professional is challenging, especially when working remotely. This further blurs the line between personal and work life, so it is a priority to communicate that your company places importance on putting people first. Provide resources and support for managing stress to show your company cares about employee’s well-being. Consider implementing more flexible schedules and encouraging employees to leave work at work. When the balance between life and work is supported, they are more likely to feel understood and satisfied with their roles.
- DEIB: Diversity, Equity, Inclusion, and Belonging, should be at the forefront of every organization's efforts to cultivate an inclusive culture. It's not just a checkbox on a list of elements; it's a fundamental part of a company's lifeline. To build a culture that truly feels diverse and inclusive, consider implementing initiatives such as employee resource groups (ERGs), quarterly education and training sessions, and ensuring diverse representation within leadership roles. These actions demonstrate a commitment to fostering an environment where every individual feels valued, respected, and included. It's important to recognize that promoting DEIB requires significant effort from leadership, employees, and stakeholders at all levels. However, the benefits of fostering a diverse and inclusive culture are well worth the investment. Not only does it lead to increased innovation and employee engagement, but it also enhances business performance and strengthens organizational resilience.
Actions speak louder than words, so make sure to follow through with your verbal and contractional commitments to employees.
