As businesses navigate the post-pandemic job market, employee retention is one of their biggest challenges. In a recent Gartner survey, 54% of CEOs said hiring and keeping workers was their biggest challenge. A contemporary survey by Inc. reported that 45% of workers were actively looking for a new job, and a whopping 36% said they left their positions in the last six months without having another lined up.

These statistics are eye-popping. As the backbone of any business, employees play a crucial role in its success. Businesses’ efficiency, productivity, and customer satisfaction (to name a few) depend on loyal and skilled employees. If you are an owner, an executive, a manager, or an HR professional in a business, it’s important that you proactively work to retain employees in today’s fast-paced job market.

But how can you create a workplace that employees will want to stay in?

Employee Retention – Think Beyond Compensation

If you think competitive pay and benefits will keep employees loyal, think again. Especially since the pandemic, many employee priorities have changed, and they increasingly seek forward-thinking companies whose values align with their priorities. Employee retention requires strategies that go beyond compensation packages.

Open the lines of communication.

Employee retention starts with understanding what your employees need and want. While employee surveys can give valuable insights into what your workers are looking for in a job, taking a human-centric approach by opening communication and introducing regular opportunities for feedback will benefit you and your employees. Giving feedback and taking the time to listen to employees shows that you care, makes people feel safe and secure, and gives them a sense of power. It can also clue you in on what employees like and don’t like about working for your company and what could be improved to keep employees loyal and motivated.

Remind employees why they are essential to the business.

Don’t assume your staff understands how they directly contribute to your business’s success as individual contributors. Take time to draw a clear line between their roles and functions to your company’s successes. And be sure to remind them often and let them know that you recognize the importance of their efforts and impact.

Build a positive, open work culture.

A solid, supportive culture is essential to retaining employees. Encouraging teamwork, promoting work satisfaction, and offering recognition and appreciation can create a validating and enjoyable environment. Providing a healthy work-life balance is also crucial, as employees seek an employer that understands and supports their needs.

Provide training and development opportunities.

Investing in training and development can help employees feel that you value them. Encourage professional development, offer training programs, and suggest options for skill-building. When you support employees in achieving their goals and help them grow in their careers, they are more likely to stay with your company rather than bolt to another.

Offer mentorships.

Mentoring valuable team members present them with additional opportunities to grow. While you might only mentor a few people personally, consider enlisting the help of mentors from other departments who can provide business perspective and context. Mentoring helps employees do their jobs better and promotes the idea that you are a talent catalyst for your people.

When Skilled Team Members Exit

While a robust strategy to ensure employee retention can go a long way in keeping your staff happy and loyal, employee turnover is an inevitable part of the business. When you need help quickly replacing highly-technical and skilled employees, Vernovis can help.

We offer flexible engagement models designed to provide you with the talent you need, when and how you need it. Whether it’s helping with expertise for a specific project or providing contract and direct hires, we’ve worked with a broad range of midwestern companies from the utility industry, Fintech, real estate, and more, using a flexible model that empowers our clients to meet their ever-changing needs alongside their existing processes.

Employee Retention – Final Thoughts

When it comes to employee retention, providing competitive compensation and benefits will only go so far. By taking the time to understand what your employees need, promoting a positive work culture, and investing in them through training and mentoring, you can create a workplace that employees will want to be a part of for years to come.