Managers, what are you doing to foster a welcoming, collaborative, flexible, and rewarding environment that helps retain your top performers?
Several factors affect employee turnover, such as a lack of recognition for a job well done, little or no employee engagement, and more. Aside from attracting and employing talented professionals, a top priority for all managers should include taking measures to positively impact employee satisfaction.
We have highlighted 11 major areas that can help retain your best employees!
1. Compensation Package
It's challenging to attract and retain talent by offering a subpar salary and compensation package. Have you made comparisons to what your competitors or others in your market are offering? Have you had discussions with HR, and have they researched rates to ensure the salaries you're offering are at or above market trends? Do you provide a bonus structure? How do you compensate employees who go up and beyond, i.e., rewards, spot bonuses, etc.?
2. Evaluate and Expand Training and Development Offerings
When considering a job opportunity, a candidate's top picks include training and development, leadership, and the prospect of mentorship. These top criteria are also correlated to high job satisfaction. A study found that 91% of workers who have a mentor are satisfied with their jobs, which translates to an increased likeliness to stay at the company. Have you recently evaluated current training offerings? Contemplate the following ideas:
Leadership Development Program
Monthly or Quarterly Training Breakfasts or Lunches
Technical Training Licenses
Paying for Conferences
Formal Mentorship Program
3. Social Investment and Enhanced Culture
Studies have shown that employees who felt they worked in a creative, inclusive, and collaborative culture experience more satisfaction. Reports and statistics indicate, "Cultures that support unplugging have employees that are more engaged and more likely to report feeling that their employer cares about them as a person (64% to 43%) and that their job is important (73% to 57%)."
As such, a manager's fundamental job responsibility should include creating, fostering, and maintaining a positive, innovative, and collaborative culture. Invest time periodically to evaluate your team culture's state and identify one or more improvement opportunities. Seek and involve a few senior team members who are strong team contributors and invested in team success.
4. Create Steering Committees
People value teams and companies who consider their feedback and suggestions. Many of your best employees want to be part of the technical decision-making process and other improvement initiatives. Consider implementing a committee to seek, evaluate, and prioritize input.
5. Provide Play Time
Many companies are now offering employees playtime to spend a certain amount of work time or hours on pet projects, writing publications, and more.
6. Provide Time for Corporate Social Responsibility and Philanthropy
Purpose is a massive driver of job satisfaction, especially when employees feel strongly about the contributions they're making! Giving back to their community through volunteering is a significant motivator and contributor to their enhanced purpose. Do you offer time for employees to contribute to charitable initiatives? Do you have charitable-focused team buildings? Many companies offer one to five days of philanthropy time.
7. Establish Sandbox Environment
Especially for technical professionals, allowing them to play with new technologies or versions is a huge advantage of high interest and value.
8. Implement a Recognition Program
Celebrate accomplishments and milestones! Do you have a peer-to-peer recognition program or employee of the quarter? Where could you acknowledge them, i.e., a dedicated wall with a plaque, corporate newsletter, discussion board, big meetings, or your internal website? If you have a culture or team steering committee, task them with researching recognition programs, presenting a few recommendations, and rolling out a program.
9. Facility and Environment, Flexibility, and Work-Life Balance
An instant appeal is the facility's quality and the perks of working at that site, i.e., free snacks and drinks, gyms, patio areas, game rooms, whiteboard walls, etc. Many work environments have gone remote. Think about more flexible work schedules or consider condensed workweeks. Flexibility in this realm is a huge benefit and motivator. It's common for employees to want a flexible schedule and some remote work options. Recent attractions are firms that offer alternatives to those able to work remote. Try a hybrid approach for part-time in the office and part remote.
10. Sense of Meaning and Purpose
A feeling that an employee's work is making a difference is a significant motivator. Ensure employees understand the contributions their role is making. If their work is mundane, see about other empowering tasks for your employee to increase their overall purpose. Ensure the connection of how their efforts are making a positive impact on the organization, and its macro goals and initiatives, is clear.
Is your organization or team considered innovative, using newer technology stacks? In the technology world, working with contemporary approaches and technologies is imperative to retaining strong technical talent. Do a pulse check on what you're using and how you're doing it against trends and preferences. Then strategize on ways to add more innovation.
In summary, evaluate your team and your offerings. Determine ways you can increase satisfaction for your team members and have an effective strategy for continuously capturing their feedback and ideas.