Retention isn’t just about the numbers; it is about effective strategies to keep your talent in the organization.
Many variables make up an employee’s loyalty to the company. Payment doesn’t play the most important role, as most would think, but rather things like having a clear career path, gaining recognition, good employee-manager relations, overall job satisfaction, and the commitment of the organization to its employees.
These are the top five strategies for employee retention and what employees expect and value from a company:
- Professional development
Training and development should help employees grow not only professionally, but personally. We all join a new organization and position, putting our best efforts forth; therefore, we also expect to develop new skills that will provide us new and better opportunities within the organization.
- Benefits package
Gym or car allowance, health insurance, paid sick leave, performance bonuses, meals and snacks, a retirement plan, professional development; essentially anything that’s not a part of our salary but will make us feel good about the company, and ourselves, is highly appreciated.
- Open communication
Open door policies, open workspaces, and undivided attention are concepts companies are trying to implement. Companies understand that having good lines of communication is a key element in the success of a company’s collaboration, and to nurture a more creative workforce.
- Meaningful Work
It’s generally understood that we don’t want to be like Homer Simpson outsourcing tasks to a chicken or a monkey. When you see you can easily be replaced, you begin to wonder if you are actually an asset to the company, and it can be detrimental to your personal motivation.
- Match expectations, responsibilities, and rewards
When employees feel their efforts are not being recognized or rewarded, or that their work is not contributing to the bigger picture, dissatisfaction sets in. Everyone on the team should know what is expected of them, how they will contribute to the company, and also be appreciated when they meet those expectations.
It is important that we develop strategies that align with employee’s expectations and help them achieve the work-life balance we all strive for. In the end, the cost of turnover is more expensive than keeping your existing employees satisfied and committed.
TEAM International strives to keep their employees happy and motivated and it shows in their 91% retention rate throughout our global offices.