It takes much more than a good salary and great benefits to keep good employees today. Similarly, you don’t always lose employees simply because another company is offering more dough and a better health plan.
The workforce today has become more complex. Millennials and Gen Z have grown up in a very different world compared to previous generations. A growing dependency on digital technology, a strong sense of social responsibility, a need to continuously learn and a desire for a healthy work-life balance means HR professionals need to rethink their retention strategy.
Three Surefire Ways To Lose Employees
Want to hear a frightening statistic? In a recent survey, career platform The Muse found that 58% of its primarily millennial user base planned to switch jobs that year. Employee loyalty is a challenge that employers need to be prepared to address, and there are a few red flags to be aware of that can sabotage your retention efforts.
1. A Negative Onboarding Experience
According to Gallup, only 12% of employees strongly agree that their organization does a great job with onboarding. Organizations must step up to improve the onboarding process.
Sitting around and tapping your toes for eight hours while the IT guy tries to figure out why your computer or login credentials aren’t working is a common blunder. But onboarding is about more than just making sure the tech is working — it’s about creating an engaging experience and beginning to nurture a meaningful connection with the new hire.
A lack of continuous check-ins (beyond day or week one), no sharing of the company employee value propositions or communication about their impact, no mentoring or buddy program and lackluster feedback during the onboarding program can send that newly hired talent running for the door.
2. Poor Employee Engagement
It’s just human nature to want to be a part of the tribe. If you’re failing to make your people feel engaged, you’re missing out on an opportunity to leverage that basic tribal need.
Red flags that indicate poor engagement usually stem from a lack of interaction and communication. Again, regular check-ins are vital, but make sure it isn’t just done through email. Personal interaction is absolutely key. Building strong relationships, recognizing accomplishments with words and rewards, and making sure your employees have access to the best collaborative technology all contribute to building engagement.
3. A Lack Of Investment In New Technology (And Not Getting Rid Of The Old)
In today’s social media and technology-driven society, the lines between work and personal life are blurred. Today’s younger workforce needs to work in an environment that feels like Facebook, Twitter, Instagram, Snapchat or the social media flavor of the day. That means investment in technologies that don’t chain you to a desktop computer and allow you to work from mobile devices and cloud-based solutions.
As importantly, legacy applications and technologies that are outdated and difficult to use will quickly sour new generations of employees who have become accustomed to user-friendly digital tools. Besides the obvious business reasons for digital transformation, moving away from lackluster legacy tech can help you retain valued talent.
Three Surefire Ways To Keep Your Employees
What makes employees happy? That’s a tough question to answer, but one study by Dr. Paul Zak of the Center for Neuroeconomics Studies points to trust as a key factor. The research showed that 76% of participants felt more engaged, and 50% were more loyal at companies considered to be high-trust. There are many ways to instill trust, improve engagement and make employees happy, but here are three solid paths:
1. Make Them Feel Like They’re A Part Of Something Special
A positive workplace is important, but this goes beyond culture. Culture is how we behave, what we do. Being part of something special enables us to drive a more human emotional connection to our work, which is where we spend most of our time.
Some employees highly value work that delivers some social good and makes a difference in the world. Others want to feel like their role is having a direct and positive impact on the business. Feeling like they’re part of something special creates a connection and strong “stickiness” that can boost employee loyalty.
2. Foster Continuous Learning
Helping facilitate whole-person growth where your employees can develop personally and professionally can instill trust and engagement with employees. Providing plenty of opportunities for continuous learning is like the new pension benefit today.
Continuous learning is surely going to grow in importance. Your ability to continuously upskill and reskill your people is critical to whether they stay or go. So, it's imperative to invest in continuous learning and equip your talent with the skills for today and tomorrow.
3. Provide Plenty Of Opportunities For Sustainable Well-Being
In a world where we're surrounded by the rise of robots, AI and technologies, how do we ensure that we don’t lose our hearts? From an employer perspective, that existential question has more to do with providing extended well-being benefits.
Discounts to the local gym or yoga studio used to be enough, but well-being benefits that are much more comprehensive and holistic are highly valued today. At my company, for example, we offer monies that can be used for vacations, transportation, housecleaning services or pretty much anything else that makes life easier or more enjoyable. Any broad and extended benefits that offer physical, mental and financial well-being perks create a sustainable work environment that enables individuals to flourish and want to stay.
Avoiding employee turnover and retaining valued talent is about creating an HR program focused on thoughtfulness and purpose. It’s less about activity and more about impact. And to have an impact, you must take a step back and take time to understand the reasons why people leave and stay. With that understanding, your team can avoid pitfalls and optimize retention.
