As one year comes to an end and another begins, employee retention is a hot topic as some businesses struggle to retain their employees. Unfortunately, towards the end of the year, many employees begin to look for new opportunities, allowing time to get their year-end bonus (if there is one), and start fresh in a new organization at the beginning of the year.
Research shows that the #1 reason an employee looks for a new job is the inability to learn and grow, while some of the other reasons include things such as unhealthy work environment, working too hard or too much, amount of travel time, inability to get promoted, not getting an adequate raise, and so forth. While pay and benefits are some of the most important aspects of retaining great employees, it’s definitely a comprehensive package of things that determines the overall retention. So what can businesses do to increase retention of quality employees?
- Build a positive company culture
Building a positive company culture can help employees feel safe, empowered, and have a sense of purpose. Simon Sinek, popular author and motivational speaker, said, “The role of a leader is not to come up with all the great ideas. The role of a leader is to create an environment in which great ideas can happen.” Great and high quality employees want a positive space where they can put their talents and skills to work, and feel valued while doing so.
- Hire the right people from the start
Retaining employees can go all the way back to the beginning. Simon Sinek said, “Great companies don’t hire skilled people and motivate them, they hire already motivated people and inspire them.” Hiring the right people with the right mindsets that are aligned with the company culture can help employees feel like they are part of something bigger, where they belong to the company and its culture. Hiring the right people also means hiring the people with similar personal value, where it’s more enjoyable for the employees to adapt to the company’s culture, and easier for them to be ingrained with the culture as well.
- Help employees find a personal sense of meaning in their work
Each person has their own personal goals and purpose for life. In a Harvard Business Review, Kristi Hedges said, “What workers really need, to feel engaged in and satisfied by their jobs, is an inner sense of purpose.” When we help employees find personal sense of meaning and purpose in their work, they will treat their work more seriously, and with passion, where they can expand their talents, skills, and dedication towards the company’s mission.
- Celebrate together
What feels better than being celebrated? Celebrating employees is a good way to show them how important they are for you and for your business. Quality employees want to feel their work is worth celebrating, and that they are an important part of the community. Celebrating small victories can increase employees’ confidence to keep doing good work.
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