“The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.” - Bill Gates Introduction
The business landscape is getting more competitive and evolving at high speed, which has made the retention of top talent one major area of concern for all organisations that intend to enjoy long-term success. Interestingly, as workers are becoming more and more unique in their preferences, employers have to also reassess what makes their company attractive. If you see a likelihood of losing some of your talent clusters or have already been experiencing one, then it is time to take into action the most efficient techniques of employee retention.
In this blog, we will list down some of the employment practices for 2024, with an emphasis on fresh approaches that could address the issues of retaining employees. Our mission is to give away some workable strategies to organisations aimed at enhancing the job satisfaction level of their employees that will further stabilise the workforce in dealing with future challenges.
Develop a strong onboarding process
“Human Resources isn't a thing we do. It's the thing that runs our business." – Steve Wynn, Wynn Las Vegas.
It is very much visible when one person starts a new job and feels unsure and all over the place. These times require an onboarding process which can help form the first impression that support is given regardless of any condition. Placing a priority on the creation of an onboarding process is a forthright necessity for any company. The program may incorporate creating a strategy, providing adequate training, working with the team, learning about the company´s culture, incorporating targets, and appreciating the achievements of the members.
For example, we have Google – being a huge company with over 80 thousand employees globally succeeds in its onboarding by fostering trust in its workforce. It creates an environment where corporate standards are upheld alongside a friendly atmosphere. Their onboarding process involves:
Making sure everyone knows what their job entails right from the start.
Pairing new employees with colleagues.
Encouraging social connections at work.
Having regular meetings with new hires throughout their first year.
Keeping communication open with an open-door policy.
Offer Professional development opportunities
Coming from the employee engagement perspective, professional development training serves as a critical tool in building the connection between performance, personal development, and loyalty towards the organisation. It is shown that as many as 94% of employees who currently work for their employer will not resign as long as their future skills development is getting support.
A company that's doing exactly this is Microsoft, it provides different programs to help new employees grow in their careers at the company. These include mentorship programs, training to improve skills, and chances to connect with others in the field. It's all aimed at supporting new employees as they develop professionally within Microsoft. Formal skills and training in today's society are excellent ways to train employees for their current positions and build a solid foundation for future positions.
Prioritise Recognition & Rewards
Another thing that makes employees stay is building an effective reward and recognition system aimed at creating a culture where it is clear that employees are shown the appreciation they deserve. Studies say that when new employees get recognised for their work within the first 30 days of joining a company, there is a whopping 89% drop in the chances of them leaving the job. A financial incentive is a form of positive reinforcement.
However, developing creative and non-material rewarding ways mostly brings the actual transformation. For instance, recognising and celebrating staff is core to Disney's culture. They have many initiatives like the prestigious Walt Disney Legacy Award and peer-to-peer recognition. The #CastCompliment allows shoutouts to be sent to senior leadership. Disney's comprehensive approach to employee recognition is a key factor in its award-winning workplace culture. Appreciation, however big or small, in team meetings, written thank-you notes, or special spotlights on internal communication media is a good technique for making people feel respected.
Have Flexible Work Options
Since the pandemic, remote as well as hybrid work has hit every employee's preference list. The option for flexible work models as a competent approach to employee engagement activities and retention is one of the strategies implemented by many companies like Dell that offers flexible and remote working options, keeping in mind the shifting work scene and the demand for a better work-life balance. In one survey, 87% of employees attested that they would take up a flexible work mode if given a chance. Moreover, it was also revealed that people consider having flexibility as a key driver for searching for a job. Not to forget, with remote work, people not only match their needs for a work-life balance but have expanded the market for companies to go beyond geographical borders.Focus on Workplace Wellbeing
“Good health is good business” – Paul Drechsler, CEO, Wates Group Limited. Through routine counselling sessions, employee wellness programmes, and providing a workplace that is comfortable and safe, employees will feel cared for and will be more willing to stay longer. Correspondingly, the described aspects combine and form the situation whereby the employees not only feel satisfied but always demonstrate their loyalty to the company.
You can take inspiration from Unilever which has a wellness programme called Lamplighter in place that cares for the physical and mental health of its employees. They collaborate with local teams like occupational health and human resources to implement the programme effectively. By acknowledging the contribution of these factors and the effort to reinforce them, you can conceive a workforce around which employees select to stay, prosper, contribute and lead your company to victory.
Create Strong Leadership
“Leadership is about giving people a platform for spreading ideas that work.” - Seth Godin. Leadership inside an organisation influences multiple dimensions of the work environment and employee engagement and retention are one of them. An important aspect in this regard is leadership development training of the individuals in the top positions who in addition to greatly empowering others can also serve to motivate, guide and support their team members. For example, Rolls-Royce, known for its precise engineering and aerospace advancement, shows innovative leadership. The company's leaders promote a culture of always getting better and pushing forward with new technology.
Additionally, a coping structure of an organisation with competent and strong administrative officials translates mainly into engaged, motivated as well as encouraged teams of people to remain working there for a long period.
Get Regular Feedback
It becomes difficult to retain employees when the employer has no idea or is too late in discovering what issues employees face, how they perceive the workplace, whether or not they require any special assistance, and so on. For instance, a brand that has already used these to make its authorial position clear is Quora, an established question-and-answer website that has a very didactic and knowledge-spreading intent. They might seem to be cruising by just letting things evolve naturally, but actually, they always give internal feedback a priority and learn continuously using this feedback. They consider themselves as an organisation which is key to providing an environment where employees can always be learning.
That is why, the obsolete annual or semi-annual feedback no longer aids the cause, especially with today's youth, who not only want to express their ideas immediately but also expect quick turnarounds on the input they offer. This is where weekly one-on-one meetings, focusing on the feedback and questionnaires may help. This feedback process acts as a powerful tool for improving employee retention and morale.
Bottom Line
Companies, unfortunately, get into the difficult part of employee engagement in HR and retention at some stage. This is why maintaining employee retention is among the major obstacles for HR experts. Nowadays, employees seek qualities in their jobs that go beyond just financial incentives. Merely offering higher pay is no longer sufficient for retaining them. That is why, it becomes crucial to develop a robust retention strategy that not only attracts and motivates employees but also resonates with the mission and objectives of the organisation.
