As we head into 2023, many workers are confident about their options in the current job market. For employers, this means top performers walk out the door with a focus on employee retention strategies. Employee retention is highly dependent on understanding what causes employee satisfaction. So now is the time to make sure your company is doing the right things to support the retention of valuable talent.
First, you need to understand why your employees may be looking for a new opportunity—and consider why some team members may already be leaving. Exit interviews can provide valuable insight from your company’s employees’ perspectives and help determine if your employee retention strategy needs improvement. There are certain common reasons for employees exiting any organization. Some of them are listed here.
- Unsatisfactory salary
- Insufficient perks and bonuses
- Overwork
- Improper career advancement
- Issues with management
- Less challenging
- No recognition
- The direction of the company
- Bad culture
- Better opportunities outside
You will never be able to keep all your employees from exiting. But some things can ensure employee retention.
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Onboarding
Proper onboarding processes enable you to make a good impression on the new joiners. Your onboarding process should teach new employees not only about the job but also about the company’s culture and how they can participate and grow within it. Don’t skimp on this important first step. The training and support you provide from day one, whether in person or virtually, can set the tone for an employee’s entire tenure with your company.
Mentorship
Pairing a new hire with a mentor is a great addition to your extended onboarding process, especially in a remote work environment. Mentors can welcome newcomers to the company, guide them and be a sounding board. And it’s a win-win for everyone. New team members learn from experienced employees, and in return, they enrich their mentors with experience. But don’t limit mentoring opportunities to new hires. Your current employees and your overall employee retention outlook and teamwork satisfaction can greatly benefit from the same relationship.
Wellness programs
Keeping your employees fit – mentally, physically, and financially – is just good business. Major employers have expanded and improved their wellness offerings during the pandemic to help employees support and prioritize their health. Stress management programs, retirement planning services, and fitness benefits are just a few considerations for this year.
Training and development
Employee training is especially important today when technology is constantly changing the way we work. As people develop their skills, they acquire new skills and know-how as business requirements evolve. Prioritize investment in the professional development of employees. Give them time to attend virtual conferences, pay tuition, or pay for continuing education. Don’t forget about succession planning, which can be a very effective way to promote professional development and develop leadership skills.
Flexible work
Many companies are realizing that even though offices are open again, some employees still want to work remotely at least part-time. The lack of this opportunity may even cause employees to leave. So, think about what you can offer employees when remote work is not permanently possible. You can start thinking about a compressed workweek, flexible office time, partial work, remote working, and much more. It helps reduce their stress and promote employee retention.
