As an HR consulting firm with years of experience, we’ve learned some of the main points that influence employee retention in modern organizations, and tackle your staff’s key needs: Loyalty and StabilityMillennials are constantly accused of job hopping, with the average Millennial holding 2.29 jobs in the past 5 years. But, 89% of this generation would happily stay with their employer for 10 or more years if just two of the following criteria were met:
People aren’t going to stay at the same company if they don’t get rewarded for their loyalty with more opportunities to advance their career and move up the ladder in an organization – along with a regular salary increase. In essence, employee retention is easier when you invest in your employees. Give them the added stability of career growth and a growing salary, and this inspires loyalty in them. Invest in them, and they’ll invest in you. Company Vision & Their PurposeOnly 40% of Millennials feel connected to their employer’s mission. A sizeable 67% feel more engaged at work when they “strongly agree” that their company’s mission makes them feel like their job is important. As an employer, you can help things by:
A big part of retaining top talent is aligning your employees with the company vision and giving them a clear purpose while they work. Positive Social AtmosphereIf you create happiness in the workspace, it creates meaningful connections between coworkers. There are a few ways to can promote this positive social atmosphere:
89% of Millennials want to work in social workplaces. So, if you focus on this, then employee retention increases as they’re happy at work and enjoy coming in every day. Ongoing Training60% of Millennials want to learn and grow on the job, and 79% want their boss to serve as more of a mentor to them. If you don’t provide this ongoing training, then your employees are highly likely to leave. Take action by:
Frequent FeedbackFeedback is a top priority for many Millennials. 74% don’t feel like they’re getting enough feedback, which makes them feel ‘in the dark’ about their performance. You need to keep the satisfaction levels high if you’re serious about retaining top talent. So, try these steps:
A Health-Conscious Workplace & Comprehensive Benefits PackageThe modern worker doesn’t want a job that disrupts their daily healthy habits. They don’t want to feel chained to a desk from 9-5 every day. Similarly, the benefits package matters as 35% will turn down a job because they’re not happy with the insurance offerings. What can you do about this? Well, start by:
If your workplace becomes more health-conscious, then retaining top talent isn’t as difficult. Retirement Investment OptionsMillennials start making retirement contributions at 24. As such, you need to offer some good retirement investment options as part of your benefits package. This helps retain your top talent by giving them something very valuable. Take these steps to do that:
Work/Life BalanceThe majority of workers feel more productive in a flexible working environment. They will likely stay with a company if there’s an emphasis on the work/life balance. Otherwise, employees feel overworked and undervalued. You can improve employee retention by merely addressing the work/life balance in the following ways:
Family-Friendly PoliciesA massive 83% of Millennials would happily leave their job for one with better family/lifestyle benefits. This is one of the easiest ways to improve employee retention as you just need to provide some more family-friendly policies. Here are a few ideas outside of the typical maternity leave offering:
Student Loan RepaymentThe majority of the current workforce went to college and got a degree. As a consequence, they’re struggling with student debt and loan repayments. 86% of employees say they’d commit to a company for five years if they had help paying back their student loan. So, offer some, and your employee retention will improve. Retaining Top Talent: A SummaryWe can summarize everything by breaking it down into these five points:
To really supercharge your employee retention, it pays to have da HR consulting firm on-board at all times. Contact EnformHR today, and we can help you manage your workforce and address all these key points. Give us a call or complete one of the forms on our site, and we look forward to hearing from you soon! The post How to Retain Top Talent? appeared first on EnformHR, LLC. via EnformHR, LLC http://bit.ly/2RgMN4D
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July 2023
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