U.S. companies are struggling to manage their workforces, especially now that more employees are filing for resignation. Conference Board’s survey revealed that 28% of companies are finding it very difficult to keep their professional workforce, and about 49% of businesses are struggling to retain their industry and manual services workers. Employees are on the lookout for companies that offer better work-life balance and wages, which is why the survey reflects that even large U.S. companies are having trouble with employee retention.
As a result, more companies are trying to improve their talent retention strategy by offering fair wages and better working schedules. But if you want to further increase your employees’ retention rate, you shouldn’t stop at that. Try to address their needs by improving these overlooked work elements:
The onboarding process is usually the first step that workers undergo in every company, so it sets the tone for the rest of their employee experience.
HR consulting firm Brandon Hall Group points out that organizations can increase their new hire retention by 82% through a strong onboarding process. From the very start, organizations need to lay down what employees need to know about their work responsibilities, their department, and even the company culture. You’ll need to be upfront about their role in the company to prevent new hires from getting frustrated once they start.
Clear Career Paths
Apart from making sure that they’re settling in well, you can retain your workforce by showing them that they have a future in your company.
Research conducted by Culture Amp showed that the lack of career growth and development opportunities are the top reason why employees choose to exit from their companies. So if you want your employees to stay in your company, it’s recommended that you show them concrete and achievable career paths. Try to take note of your employees' career aspirations, which can help in aligning them towards related opportunities within the organization.
Senior leaders are expected to be more skilled and knowledgeable than the rest of the workforce. As such, employees often look up to them for support.
Though employees need the support of their leaders, a poll conducted by LHH revealed that 41% of professionals feel like their organizational leaders aren’t willing to coach them and develop their skills. So before launching any talent retention program, it’s important to start by involving your organization’s senior leaders in providing help and resources for each employee’s career development. Through their involvement, your employees will feel that the company is truly invested in their professional growth.
Worker unions may not always see eye-to-eye with companies. However, they can actually open up advantages for both the employees and the employers.
In fact, our article entitled ‘Worker Unions Benefits Employees and Employers’ highlights how unions allow workers to get better wages and benefits, which are both main factors that drive employee retention. This may seem like a downside for some employers, but the article points out that a successful negotiation between two parties can actually improve your worker-employer relationship. On top of that, employees are more productive and more likely to stay when their opinions are heard.
Your employees will stay, especially if you create a welcoming work environment. Paying attention to their needs and wants is one way your organization can keep employees satisfied, and stop them from looking for outside opportunities.