Employee turnover is at an all-time high in the modern workforce. Employees are demanding more and more freedom (thanks millennials) and the number of remote workers has nearly doubled in the last few years. What all this means for companies is that it is harder and harder to stand out in every moving workplace. The trends are shifting from candidates attempting to stand out to businesses needed to sell themselves to candidates in order to succeed. So, what are the things that help employee retention? How can employers capture their target audience? Here is a list of things that motivate employees to stay at their companies:
#1 It’s Not Money – Employee Engagement
In a recent Harvard Business Study, it was found that the number one reason that employees remain at their jobs is that they are engaged. Employee engagement matters! This is the era of options. Gone are the days of slogging through the snow uphill to work, both ways. Now if an employee is not engaged money is not enough to retain them because someone else will pay them. Skilled labor is readily available and so are job positions. Employee engagement is now more pressing than the number on the direct deposit slip, and according to another recent study, only 32% of the modern workforce is engaged.
How to Have High Employee Engagement?
Invest, invest, invest. We aren’t talking about just buying ping-pong tables and stocking the breakroom (still not a bad idea). Invest in your employee’s future. Train them to be better at their jobs, provide them with a pathway to success, and make sure that your companies values tie in with their personal values and vision. A company without values is like a chicken with its head cut-off. Employees need to buy in to the vision in order to be engaged and find success in their work.
#2 Still Not Money – Feeling Valued
Guess what? People want to feel valued and recognized. That should not be a shock to any HR team in any section of the world. Employee’s wanting to feel respected for their work and know that their managers and teammates appreciate them. Employees who receive this kind of daily peer-to-peer recognition are more likely to not only be engaged but also to feel appreciated. Employee recognition is one of the hardest things for companies to implement and maintain at a healthy level.
How to Set Up a Good Employee Recognition Program?
Let the experts handle it. Lots of companies have tried using things like post-it notes, marbles in a jar, redeemable tickets at work, and other ways to show appreciation. Most programs like this are either under-utilized or ineffective. There are lots of options for employee recognition platforms. Nectar HR is one of these. It is a free employee engagement program that works for recognition, perks, rewards, and employee feedback. Finding a cost-effective way to engage employees is key to creating a great workplace culture and retaining employees.
#3 Work-life integration
This is one of the latest company culture buzzwords. It used to be a matter of finding the appropriate work-life balance, but more and more employees are wanting to feel that they are known and appreciated on a personal level. Treating employees on a personal level encourages an emotional connection between employees and company. This promotes employee retention and employee engagement. By establishing an emotional connection between employee and company you provide a powerful reason beyond monetary compensation for remaining at a company rather than look for a better situation.
The old strategies of spot bonuses and employee of the month are quickly losing their effectiveness as far as recognition goes. High employee turnover can be very costly and time consuming to try and replace people. Taking advantage of employee engagement programs builds loyalty and retention in the workplace.
Money is a secondary cause of employees staying. In order to have a high retention rate companies need the following three things:
With these three things in place employee retention will spike and turnover will drop. Creating a company culture doesn’t have to be difficult. With programs like Nectar HR it is easy to set up a quick recognition program that allows for peer-to-peer recognition and more traditional top-down recognition. Boost your employee retention in this new environment of quick turnover. Moving away from traditional methods is the key to surviving and saving money in this new age of business.