Good talent always has opportunities available. Employers are willing to pay more, provide sign on bonuses and other incentives to attract both new and experienced talent. In fact, even during the recent pandemic, companies continued to hire talent and a number of those that laid off employees have reinitiated the hiring process.
What does this mean for you? Simple. It means that if you have good talent, do everything in your power hold on to them.
If you feel you are at risk of losing key talent, act quickly to strengthen your employee retention strategy. Here are five opportunities where taking purposeful action can improve employee experience and help you retain great employees.
1. Welcome Onboarding Experience
The onboarding experience is an early opportunity to set a team member up for success. This process should strive to create a welcoming experience, inform and guide them on the Company culture and ways of working in addition to the actual job itself. The support provided through a standardised onboarding experience is often the make or break of an employees’s tenure with the Company i.e. it sets the tone for the entire duration of employment with your Company.
2. Flexible Work Arrangements
Employees’ value flexible options allowing them to have more control over their work life balance. Flexible scheduling, remote work alternatives, parental leave to attend to children are rewards that many professionals place a high value on and can influence the decision of choosing a different employer.
3. Ease of Communication
The pandemic helped underscore the importance of good workplace communication. Your direct subordinates should feel they can come to you with ideas, questions and concerns at any time. As a leader, you must ensure that you are doing everything you can to promote timely, constructive, and good communication among your whole team, including on-site and remote workers. To obtain a feel of each team member’s workload and job happiness, make sure you communicate with them on a frequent basis through weekly team meetings, regular scheduled structured one-to.one meetings, well-being check-ins etc.
4. Competitive Compensation
In order to remain competitive, look at compensation holistically. This means that compensation is more than just a monthly salary. A review of current market practices will reveal the preferred inclusions in the Total Reward and companies should structure their compensation packages accordingly. In addition to a monthly salary, compensation can include additional paid time off, enhanced health insurance benefits, performance-related rewards, access to local promotions and offers, support for personal development or continuing education, etc.
5. Timely Feedback
In lieu of more frequent interactions with team members, many employers are transitioning out of the annual performance review. Talk to your employees about their short- and long-term professional goals in regular structured one-on-one conversations and help them envision their future with the company. While you should never make promises you can’t keep, discuss possible job progression situations with your partner and devise a realistic plan for achieving your objectives.
At S&K Consulting, we work with Start-Ups and SMEs who strive to impact and consciously affect their employee retention by designing the employment experience to encourage employees to grow their careers with the Company. We invite you to reach out to us to understand how we can help you to create positive employment experiences within your business through firstname.lastname@example.org