Employee retention

Before looking at what you can do to keep your employees, take a good look at the image above, as this is some of the benefits you can archive if you invest in your employees.

I will be focussing on 9 aspects that is not salary related (not saying this is not important), but companies investing in some/all of the points mentioned in this article, can compensate to a high extend for not paying the highest salary I believe.

Onboarding

The first impression is extremely important, why every new hire should be set up for success from the start. Your onboarding process should teach new employees not only about the job but also about the company culture and how they can contribute to and thrive in it. The training and support you provide from day one, whether in person or virtually, can set the tone for the employee’s entire tenure at your firm.

Mentoring

Pairing a new employee with a mentor is a great component to add to your extended onboarding process, especially in todays remote work environment. Mentors can welcome newcomers into the company, offer guidance and be a sounding board. And last but not least it’s a win-win: new team members learn from experienced employees, and in return they offer a fresh view to their mentors.

But don’t limit mentorship opportunities only to new employees. Your existing staff and your overall employee retention outlook and team’s job satisfaction can significantly benefit from mentor-mentee relationships as well.

Communication

With the shift to hybrid and remote work, the importance of good workplace communication is underestimated. Your direct reports, whether they work on-site or remotely, should feel they can come to you with ideas, questions and concerns at any time. And as a leader, you need to make sure you’re doing your part to help promote timely, constructive and positive communication across the entire team. Make sure you proactively connect with each team member on a regular basis too, to get a sense of their workload and job satisfaction.

Performance feedback

During the performance feedback sessions you are having (annually, quarterly or just regular 1:1), it’s important to talk with your employees about their short and long term professional goals, deliver constructive feedback, and help them visualize their future with the company. While you should never make promises you can’t keep, talk through potential career advancement scenarios together and lay out a realistic plan for reaching those goals.

Personal Development

As part of providing continuous feedback on performance, you can help employees identify areas for professional growth, such as the need to learn new skills. Upskilling your employees is especially important today, as technology continues to change how we work. When people upskill, they gain new abilities and competencies as business requirements evolve.

Make it a priority to invest in your workers’ professional development. Give them time to attend virtual conferences, provide tuition reimbursement or pay for continuing education.

Recognition & awards

Every person wants to feel appreciated for the work they do. In today’s remote ways of working an employer’s gratitude can make an especially big impact. So be sure to thank your direct reports who go the extra mile, and explain how their hard work helps the organization. Some companies even set up formal rewards systems to incentivize great ideas and innovation, what is your company doing?

Work-life balance

What message is your time management sending to employees? Do you expect staff to be available 24/7? A healthy work-life balance is essential to job satisfaction. Employees need to know that their managers understand they have a life outside of work, and recognize that maintaining balance can be even more challenging when working from home. It’s therefore even more important to encourage employees to set boundaries and take their vacation time. And if late nights are necessary to wrap up a project, consider giving them extra time off to compensate.

Think team

You should encourage all your employees, not just star players, to contribute ideas and solutions. Promote teamwork by creating opportunities for collaboration, accommodating individuals’ work styles and giving everyone the latitude to make decisions and course corrections if needed.

Celebrations

A final tip for promoting employee retention is to shine a light on notable achievements. Whether your team finishes ahead of the deadline on a major project or a worker reaches a five-year work anniversary, seize the opportunity to mark the milestone together. Even if you need to celebrate virtually, it can be a meaningful and memorable moment for everyone.

What do you think??