Employee retention strategies to maintain a resilient and thriving company

In today’s economic landscape, retention is often overlooked by business leaders who focus on productivity and revenue. However, employee retention should be a priority as it can determine all other aspects of the business, making the workplace more enjoyable and overall more successful. Simply put, employee retention refers to a business’s ability to ensure that workers will continue to stay at the company, reducing unwanted turnover. In a challenging hiring market, it can be a real struggle to find suitable candidates, and if a company doesn’t offer competitive incentives and a positive environment and culture, it will be very hard to hire top talent who will be willing to stay at the organisation for the long run. 

There are numerous reasons why employees decide to leave organisations which go beyond compensation. Besides money, emotional factors also seem to be an important consideration when deciding to stay with an employer. Doing enjoyable work, being respected and treated fairly, having job security, and feeling appreciated in the workplace all matter more than compensation for today’s employees. In today’s job market, it is more important than ever to reconsider what makes your company worth working for and ensure you will hold on to your best employees. Below are some of the best retention strategies to help your company thrive in the long run. 

Offer decreased workdays and flexible scheduling

Today’s employees want flexible work options, which will contribute to better retention within your company. Even before remote work became the norm after the COVID-19 pandemic, a 2019 study highlighted that around two-thirds of employees were more productive outside the office because of fewer distractions and interruptions and less commuting. Since it’s not possible to turn creativity on like a faucet, the best solution is to offer flexible hours to your team, which will encourage them to perform at their best as they can find the times when they are most productive and efficient. Besides flexible scheduling, it can also be a good idea to decrease the work week or workday hours, which can boost productivity and promote employee retention. 

In fact, according to a study from Standford University, productivity can considerably decline if an employee exceeds 50 hours of work weekly. So, reduced workdays may be exactly the change you need to implement in your company if you want employees to be more dedicated and efficient in the work they do.  

Recognize and reward your team members

Retaining employees in the long run becomes a lot easier when employees feel recognised at the workplace. Not only that, but they will also become more productive. Hence, it’s essential to take action and find ways to recognize and reward your employees, which can take the form of social recognition and money.  You can publicly praise employees for their results to let them know they are appreciated for the contribution they bring to the company and also offer perks such as gift cards or paid time off, which will definitely be welcomed by employees. And do you know what else works? Asking employees directly what kind of rewards they would like. 

Just make sure to recognize your team for results and efforts—even if numbers aren’t reached, it’s important to let employees know that what they do still matters and that you’re acknowledging how hard they are working towards accomplishing your company’s goals. This can make employees feel empowered and encourage them to continue putting in their effort for the next projects.  

Build a positive work culture

One of the most important things to focus on when retaining employees is creating a positive work culture. The truth is that an organisation's culture is an essential consideration for employees looking for a job and will also determine whether you can retain actual talent. In fact, around two-thirds of employees mention an excellent company culture as one primary reason why they decide not to leave. Building a thriving company culture may include implementing retention strategies outlined in this blog, such as rewarding employees for their results and efforts alike, establishing a meaningful company mission, and involving your team in creative decision-making regarding the present and the future of the company’s mission. Another element of a work culture employees want to be part of is diversity and inclusion, especially when It comes to the LGBTQ and BIPOC communities, who may struggle to find a workplace that makes them feel welcome and safe. 

A workplace that respects everyone, regardless of gender, race, background, and sexual orientation, will definitely be more appealing and will succeed in retaining a wider and better community of talent. There’s no need to mention that you should also put employees' well-being first, as this will ensure they will feel safe and won’t be in any danger at the workplace. It’s not uncommon for employees to claim compensation for work accidents, and this has long-lasting consequences for a company’s reputation.  So, make sure to keep your workplace safe and welcoming for employees, as this will translate into higher retention levels and long-term profitability for your business. 

Address employee burnout 

Speaking of employee wellness, a 2020 report has shown that 76% of workers experience job burnout, and while there’s a common assumption that overwork is the reason behind burnout and can be solved by decreasing work hours and taking days off, in fact, it has a lot to do with how workers experience their workload. When they feel engaged with their work, are rewarded for what they do, and are offered flexible schedules, they report higher well-being. 

So, one of the best strategies for employee retention is to reduce burnout in your company by building better engagement, providing clear communication, and consistent transparency and management, to name a few. Moreover, wellness offerings and other advantages can also make a difference when it comes to employee retention. 

Takeaway 

Employee retention is imperative if you want your business to be profitable in the long run. In this blog, we outlined a few strategies to create a thriving work environment that will appeal to employees and ensure they remain engaged and productive so that your company can run smoothly and achieve its goals.  

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