5 Employee Retention Strategies for Retention and Productivity
Experienced human resource professionals pay close attention to trends that help them develop and improve employee management strategies and policies. That includes recent periods known as the Great Resignation, the Quiet Quitting, and the Quiet Firing. Most trends relate to prevailing economic conditions and perceptions by employees in evaluating their needs and opportunities.
It’s helpful to embrace flexible strategies that are responsive to the company finances and employee perceptions. Here are a few suggestions that may be helpful as you fine tune your plan. A key goal is to reward and retain your top employees while making sure the overall productivity remain high.
- Importance of Solid Employee Relationships. Knowing the “why” for underperformance or unhappiness is just as important as celebrating high performance and accomplishments. This goes to the heart of knowing the motivation of each employee. Factors include time, money, promotion, growth opportunities, travel, etc. What about a 4-day work week (10 hours per day) as an option for individual employee or work team?
- Focus on Total Wellbeing. The most important thing to remember is that the morale and attitude of an employee does not occur in vacuum. It’s not just about the work environment or the relationship between the employee, their supervisor, and other managers. It can also be influenced by other factors such as inflation, politics, pandemics, natural disasters, climate change, various forms of conflict, etc. Develop a holistic approach focusing on all the factors that can impact on the mental, physical, and emotional health of your employees.
- Delegate Responsibility. Micromanaging may be helpful during training, but it can also be the source of stress and the disempowerment of employees eager to demonstrate their competence and value. Be willing to work with new approaches that help to empower employees to take greater responsibility. Time Tracking, which allows employees to manage their own time more, is a good example. Absence Requests for PTO or sick leave can be stressful and create feelings of guilt. Consider simplifying the process and being more open to supporting employees with the need to address various responsibilities away from the office including sick time for themselves or for their loved ones. Naturally, this involves a balanced approach, but being more open to time off can build loyalty.
- Growth, Development, and Recognition. From the moment someone is hired, there should be a clean and open pathway for them to be encouraged to grow and develop, and to be recognized for their progress. If starting a growth and development program fresh, make sure to have a clean definition of the company’s goals and mission. Create a positive company culture that encourages coaching and learning. Pathways to success should be clear and easily defined for employees looking to step up and grow in their careers.
- Employee Compensation: Creative compensation plans may be the difference between an organization attracting and keeping top talent vs losing them to the competition. Offering 401(k) plans, health and wellness plans, competitive and equal pay, accelerated leadership pathways, flexible workplace, smart paid leave plans, or discounts with organizational partners and vendors (rental cars, hotels, home improvement stores, etc.) can give a business an advantage over the competition who is trying to hire the same talent.
All these strategies are important, but keep in mind that the overall company culture is the most important aspect of retention. If an organization has a positive, inclusive, and competitive culture, that will make the implementation of fresh ideas easier to accept.