In our experience as Human Resource Professionals, we often speak about employee experience, and as an organization; the goal is to hire the best person with distinctive skills and abilities to perform the job.
In a similar vein, it is equally important to hire someone passionate about his or her work. Employees who are passionate about their job and engaged are typically high achievers and top performers who can positively influence your company’s culture and growth. However, the question is how do you know which candidate will bring these important traits to the company?
According to the United States’ working population, over 4 million people quit their jobs on August 1, 2021, and almost half (48%) of them are actively searching for a job. Thus, employee retention is critical to a company’s long-term success because employees of today do not just crave competitive compensation. They also crave flexibility, professional guidance, and practical tools for bolstering their well-being. Similarly, attached below are ways organizations can practically enhance employee retention at the workplace.
The first is to re-evaluate compensation and benefits to show employees you value their work and provide them equitable, competitive compensation. Make sure your company’s compensation plans are at par with your industry, competitors, and the cost of living where your employees are located. You could slightly increase employees’ base salary, provide bonuses for meeting certain targets, or expand their benefits. In addition, organizations can expand professional development opportunities for employees. According to the 2020 Retention Report from Work Institute, 20% of employees leave their jobs for career development. When employees do not have enough professional development support at work, they may end up feeling stagnant and unmotivated. Therefore, there is the need to grant employees opportunities to advance their careers and expand their skills to keep them engaged and excited as measures that cannot be underestimated. Ensure this by being transparent about the company’s promotion opportunities, salary increases, various paths to leadership, and what employees need to do to move up the ladder.
Again, comprehensive internal training programs do not just help employees gain confidence and competence in their current roles but also give chance to adopt new skills.
Appropriateness and prioritization of employee well-being and work-life balance are also key in ensuring employees’ job satisfaction. Focusing on employees’ overall well-being through better work-life balance can help reduce stress and prevent burnout, in turn making employees happier and healthier. For instance, when employees are less anxious and experiencing less stress, they can thrive right in terms of productivity and output. On the contrary, if your employees are regularly overwhelmed, try redistributing assignments, adjusting shifts, or outsourcing some of the tasks. Moreover, you can consider a benefits package that supports holistic health such as fitness subscriptions, mental wellness platforms, and access to mental health counseling.
Furthermore, organizations can offer flexible working options. Offering greater flexibility in where and how often employees work is key to raising employee satisfaction and happiness. Retention increases when employees have more flexibility over their work schedules and locations. Considering a hybrid work model or remote work if need be are great ways of ensuring flexibility at work. For instance, giving employees the option to work from home even one day a week can help boost their morale and productivity.
At SKAIK Consulting, we have learned that the best performing businesses are those gaining impressive premiums in value creation because they have implemented the secrets of leveraging their company’s most essential resource, which is the talent to enhance business performance and growth.