In recent years, the workforce has changed dramatically from long-term careers to job-hopping on a regular basis. Most millennials only expect to stay at their job for about 3 years. This new generation of workers values a career they love over the typical 9 to 5 job, making it increasingly difficult for employers to find high-quality, long-term employees. So, what can today’s businesses do to keep their employees satisfied? Studies have shown that companies with a high level of employee engagement are more likely to retain their employees. Today, more than ever, employee engagement is necessary in order to survive and thrive in the 21st-century workforce. In this increasingly competitive business world, retaining top talent is critical. Here are a few tips that will ensure your employees stick around for many years.
Create a Positive Work Culture
Talented employees want to work for a company that has a positive work culture. In fact, 88% of today’s workers report that they consider positive work culture to be a top priority in looking for the perfect job. It could be as simple as casual Fridays, monthly outings, or even snacks in the office, but these little gestures go a long way in making employees feel valued and excited about coming to work.
Provide Coaching and Training
In addition to creating a fun and happy work environment, it is equally important to create a culture that fosters continuous development. Not only does this help workers improve the skills needed to do their jobs, but it also communicates to your employees that you are invested in their future. The more an employee feels like the company is investing in their future, the more engaged and productive they become. Continuing education programs and training seminars are a great way to supply employees with the tools needed to succeed while also keeping them up to date on industry trends.
Effective leaders understand the importance of communicating regularly with their employees. Managers should make sure they effectively communicate goals and expectations to their team members. They should also make it a priority to give individual attention to each team member through regular meetings and feedback. In addition to providing feedback as a manager, it should also be encouraged for employees to provide feedback of their own. Whether it’s through employee surveys, performance conversations, or simply speaking up in a meeting, it’s important for managers to cultivate an environment where employees are encouraged to share their ideas and express their concerns.
Recognize and Celebrate Success
Everyone appreciates a pat on the back every now and then and employee praise and recognition can go a long way in increasing engagement and retention. Managers need to publicly and verbally praise their employees for a job well done and organizations need to celebrate these successes. All too often managers get so caught up in the busyness of their daily affairs that they forget to celebrate small successes along the way. Things like work anniversaries, soaring sales, and new hires should all be recognized. Recognition could be in the form of a catered lunch or a special bonus, but it could also be as simple as a congratulatory email or a fun bulletin board display.
Although it’s not always easy to come up with the highest salaries when budgets are tight, offering your employees a competitive salary is a great way to attract and retain top talent. While it may seem like an expense at first, it can be far more costly to replace employees and retrain them. Employees often leave one company for the next due to an increase in salary, so you encourage employees to stay by paying them well.