Business leaders are waking up to a new set of challenges in what’s been called the turnover tsunami. According to Bankrate, over 50% of Americans will choose to leave their jobs for greener pastures in the next year making employee retention more crucial than ever.
Remote work has made it easier to find new jobs as geographical barriers come down. Additionally, the trauma accompanying the pandemic has sparked a new interest in people being involved in something they’re genuinely passionate about. Employees now realize just how important they are to businesses’ operations, and they want to feel more valued.
Businesses that fail to implement meaningful retention strategies are losing their most valuable assets. The cost of employee turnover is crippling. According to the Work Institute, replacing an employee can cost as much as one-third of their total annual salary.
Engage employees with your company values
Creating a positive culture in the workplace begins with determining your organization’s core values. For young professionals, the heart of the company should center around a commitment to inclusiveness and community.
In this regard, communication is vital. Ask employees what they want and expect from the workplace, then build a strategy to implement it. Incorporating the values nearest and dearest to your employees is the most effective, if not the only, way to keep them engaged.
This might mean a commitment to cutting carbon emissions and making a move to green energy sources. It could involve championing equal employment opportunities and increasing diversity in the workplace. It might include supporting the local community through volunteer work or fundraising.
Create unique opportunities for your employees
Make working at your business a unique and exciting experience. It doesn’t have to translate into expensive, exotic company retreats, as there are plenty of inexpensive ways to make your workplace fun and exciting.
For example, you can team up with other local businesses to provide unique experiences within the city, like ax-throwing or pizza-making classes. Even with remote workers, it’s possible to create memorable experiences: arrange for cocktail ingredients to be sent to workers’ homes, run a remote bartending class with drinks or participate in a virtual escape room.
These types of initiatives will create a sense of community and boost morale. They also provide opportunities for impromptu conversations outside the workplace, often a source of innovation and knowledge-sharing.
Provide opportunities for career development
Employees want to feel like they’re moving forward. A sense of stagnation is one of the principal reasons people leave a workplace. Solving this issue doesn’t necessarily mean handing out promotions. There are numerous ways to promote, track, and reward growth.
It’s essential to provide employees with structured steps to achieve their career goals, with milestones they can use to monitor their progress and remain on track. Begin with a conversation about what your employees would like to achieve at work. You might be surprised by the diversity of answers. However, most of them are probably looking to learn new things, make new connections, and master their craft.
There are a few ways to meet these needs. Career coaching can be incredibly empowering for employees and highly beneficial for employers. Recommending or providing this kind of service to employees shows your commitment to helping them grow and takes a lot of the pressure off management.
Stay up to date on how employees are progressing and provide opportunities for learning and networking.
Champion greater flexibility, accessibility, and inclusivity
Work-life balance is changing. Once-clear divisions have blurred with remote working, with more workers calling for greater flexibility, inclusivity, and accessibility. Research on Millennial Branding found that 45 percent of millennials would choose a flexible workplace over an employer that provided higher wages.
So how can businesses be more flexible? Speak directly to your employees to find out what kind of environment would work best for them. This might include less rigid hours, greater flexibility with holiday time, and more opportunities to work from home or in the office.
As for accessibility and inclusivity (two values millennials hold in high regard), the secret, once again, is to communicate. Find out what your employees need to do their job based on their circumstances.
Would a significant portion of your employees benefit from in-office childcare? Do people have everything they need to work from home? Are the company values representative of your employees’ diversity? These are the kinds of factors that can make or break an employee relationship.
Be future focused
The pandemic brought new challenges for business leaders, including the turnover tsunami. Taking steps today can ensure your most valuable assets, talent, don’t get swept away.
Developing company values that resonate with employees is a key first step. More than ever, people want to feel like they can be proud of their company and that they have a place there.
Unique experiences will help build a sense of community and provide a well-needed distraction from the rigors of work. Championing career growth shows employees you care about and are willing to help them meet their goals.
Finally, greater flexibility, accessibility, and inclusivity help ensure your particular workforce’s needs are met.
CareerPoint can help support your team’s growth. Learn more about how we can help increase retention rates and shape your team members into top talent.