Your Guide To Driving Employee Retention
Employers are finding it harder and harder to retain employees. Right now the length of time that someone stays at a company on average is 2-3 years then they are on to the next one. The reasons for this come down to a whole plethora of things. Pay, culture, no sense of purpose, and being in a position that does not create fulfillment for the employee. How did we get to this point? What has caused this drastic shift in the workforce? One thing is for sure, people are done feeling that their lives revolve around work.
It is time to acknowledge that things that were important to employees 10,20,30,40 years ago don't matter to them now. This guide will help you navigate retention and create a culture that defines what the workspace is looking for in their next opportunity.
Work Life Balance
Work life balance is an absolute necessity in one's ability to perform at their highest level. It creates a happiness outside of the work space that they bring into your business. It shows them that you value their time away from the business. Companies should not demand or expect an employee to engulf their lives with their work. You can't tell employees that your business is all about work life balance and your actions say the opposite.
Giving your team time to unwind and detache is critical in retention and the mental well being of your employees. Let them have their vacations without interruption, let them spend time with their families, and if they want to go to their daughters first recital, let them go.
Give Them A Sense Of Purpose
Having a sense of purpose, a role in the companies bigger picture is an unwavering need for an employee. It is no different than having a sense of purpose in your personal life. You want to feel like you matter and that you can and will make a difference. Why should your employees not feel the same way when they come into work?
Making sure you continuously address the importance of their role with the company will create a natural performance boost, an unforced reason to perform. When someone feels that they matter, they will do everything they can to continue to create that feeling. Every position in your company has a purpose, part of the bigger picture. From your entry level positions all the way to the top, your company can not function to its fullest capability without those who fill them.
Invest Into Your Team
People go to college to get an education right? Why not continue that education with your team? As everything around us changes, from processes, new business models, how people buy, ect. Why wouldn't you want to stay ahead of the curve?
Investing in your team to continue their personal and professional growth shows your team that you are concerned with their personal and professional growth. One thing you have to remember, the more you help your team grow, the more your business grows. Continuing team education creates top talent within your respective field. You grow your talent from within, you create a culture that thrives under your guidance.
Create A Path For Growth
Having a sense of purpose and getting the training is great, but what does it lead to? How are you laying out paths for your team to advance? You need to create a path, a goal for your employee to try to achieve. Setting goals that lead to increased pay or promotions shows your team that you believe they have the abilities to become better and to take on more responsibility.
When you set a path of growth for your team it causes them to shoot for something, to perform willingly to achieve the desired result. When you built your business, achieved an executive position, you had a path that motivated you, something that you could put your sights on. Your employees need the same thing, they need something to focus on that helps them take the next step. Not all people function the same so not all paths are the same. Each path should be based on each individual and tailored to how they perform, but give them the path.
Give Them The Tools
It is easy to give someone the path, but do they have the tools? Whether it's equipment, software, or you, yes you are a tool in someone's success, does your team have everything they need to perform?
Without the proper tools to perform at their highest levels your employees will get frustrated. Having the proper tools is not just vital to employee performance but drives fluidity of how your business operates. If your business is not running on all cylinders it starts affecting your customer experience, your employee happiness, and your profitability. You could really put this into investing into your team but education and tools work hand in hand. You can have all the knowledge in the world but without the tools to perform, that knowledge doesn't amount to anything.
Pizza parties are great but really showing you care goes well beyond pizza. Appreciation shows your employees that you really are paying attention to what they are doing for you. How can you expect someone to continually elevate themselves if you can't recognize the amount of work they put it?
Showing appreciation leads to a few different things, increased performance, happier work environment, team unity, and opens up communications. Yes, appreciation affects all of those things. When your team achieves their goals or exceeds them, show your appreciation. Tie goals to vacations, dinners out with the team and invite their spouses, or even make paid time off a benefit of reaching their goals. Invest in showing your appreciation and I promise, the performance that comes after will outweigh the cost.
Following this simple guide will increase your retention, create a happier environment, and increase your team and individual performances.
Retention is more than just keeping an employee, it is about how the business operates, about how you as a leader lead. Providing a process that focuses on growth in and outside of the workspace, you will create an environment that is desired by all.