Employee retention is a huge issue. Much has been said and done, but the issue still seems somewhat vague. Businesses are different and so are people, so it is only to be expected that the same approaches will render different results in various environments.
That, however, doesn’t mean that there are no universal tips on how to get started. The chief prerequisite for devising a successful employee retention strategy is to understand what drives employees to leave companies (and vice versa — why they opt to stay).
Coming to Terms With the Fact That Some Employees Will Leave No Matter What You May Offer
Before we start, keep in mind that even when a business manages to pinpoint causes of employee dissatisfaction, some employees will still leave. Some will get a better job offer, others will choose different paths in life, and some will earn sufficient amounts of money so that they won’t need to work anymore.
It is important to understand that people and circumstances change and that no matter how great your company is, it simply cannot affect people’s personalities. Only when you have come to terms with that will you be able to come up with a truly successful employee retention strategy.
Tips:
In a sense, the first tip is: to direct the strategy towards expected outcomes, even when they are detrimental. For example, company mergers often result in an involuntary turnover. Rather than brooding over it, devise a strategic intervention that will give the affected employees the opportunity to transition smoothly. You can talk with them about their career paths and connect them with leaders that can help them reach their goals.
In a similar fashion, you can brainstorm ideas for expected situations: expected raises and promotions and training opportunities, to name the most common ones.
Generally speaking, the majority of employees will stay with the company as long as they are satisfied with the salary, advancement opportunities, positive company culture, and good working conditions. Note that all these are subject to change. E.g., when employees’ circumstances change, their definition of beneficial working conditions may change.
Add to that the rise of remote work and you may well start considering offering a hybrid work model if you already aren’t.
Setting Up the Hybrid Work Model That Works Best
With the rapid (and drastic) changes in the work environment and with the increasing pace of modernization, some kind of flexible work has to be offered.
The transition doesn’t have to be fast or painful and it may easily take everyone’s wishes into consideration.
Consider different models for hybrid work:
- Partially remote work, with flexible office space – no permanent offices; rented flex space used for periodic collaboration (but not connectivity)
- Almost entirely on-premises – limited remote work, large office space the majority of managers and workers
- Partially remote work, multiple hubs – multiple offices with the workforce dispersed among them
- Partially remote work, large office space – the majority of managers and workers spend most, but not all, of their time at the office
- Almost entirely off-premises – mostly remote work with no office space
- Multiple micro hubs – management and employees are dispersed across small micro hubs located in different cities (or countries, depending on the scope of your business operations)
By choosing the optimum model, your business will be able to accommodate both the employees who fear change and those who are looking forward to adventures (digital nomadism, for example).
Understanding Paths to Turnover
As mentioned above, employee retention has been discussed far and wide, with various initiatives surfacing along.
Studies show that there are four primary paths to turnover as follows:
Employee Dissatisfaction
This is the first and most obvious pattern that can be triggered by literally anything. It is always a good idea to set up regular anonymous feedback sessions to keep an eye on potential issues. Address the drivers of turnover as soon as you notice them.
Planned Changes
Some employees work until they manage to reach their predetermined goal. E.g., employees may be waiting to get accepted into a degree program or start a family or get a better job opportunity. In some cases, they won’t change their mind once their goal has been reached, but in others, a business may triumph. Simply offer rewards they’re looking for: an advancement opportunity or a flexible schedule for soon-to-be-parents and students, e.g.
Better Alternatives
The best way to ensure employees won’t leave your company due to better opportunities is to offer the best opportunity possible. I.e., make sure to keep your business competitive and to offer advancement opportunities.
Negative Experiences
Lastly, negative experiences may trigger impulsive reactions. There are cases when employees leave without having any future plans. This often happens when there are difficulties with managers and supervisors or when employees realize their efforts aren’t being valued. The best way to prevent it is to develop support mechanisms (employee assistance programs and conflict resolution procedures, for example).
Using Anonymous Feedback
Anonymous feedback is a precious tool in boosting employee retention (and in many other aspects as well). Assemble a professional HR team that will be able to analyze paths to turnover. Devise a reward system. Offer flexible working schedules. Offer hybrid work models. Don’t be shy to ask the employees for input. There’s nothing wrong with offering different paths to different people; after all, we are all different.
Last But Not Least
Lastly, make sure to establish proper communication channels. Train your employees to use them and listen to their suggestions. It is extremely important that communication is uninterrupted so that all teams can cooperate smoothly.
Additionally, offer opportunities for continued learning so that your team members can always be expanding their knowledge. With eLearning so prominent these days, you can even explore some out-of-the-box methods, such as gamification and Augmented Reality.
If you’re hiring both office workers and remote workers, find ways to integrate your processes. No one must be left behind or feel undervalued. If your remote teams enjoy the advantages of the latest tech so must your frontline workers.
Most importantly, don’t get discouraged when some employees leave. As already clarified, some people will leave no matter what you do. People have different goals and different paths in life. That’s what life is, so focus on the possibilities!
