It’s one of the most fundamental questions in HR – How do we keep our talented employees from leaving?
The benefits of having good employees who stay with your organisation long-term is priceless. They help contribute toward positive team dynamics, stability, knowledge retention, company culture, innovation and even build-up a more competitive employer brand.
But unfortunately, the reality is many employees are leaving their organisations in droves.
Money talks, and that’s why it’s number one on our list. Regularly benchmark industry salary standards and adjust employee salaries to be competitive. You can use Stribe to gather feedback on compensation satisfaction and identify areas for improvement. You may also uncover ways to offer non-financial incentives and benefits that your employees will find valuable.
The power of employee recognition should never be underestimated – more than 80% of employees agree that recognition approves their engagement and motivation. Implement a peer-to-peer recognition program with Stribe’s recognition tool, allowing employees to acknowledge and celebrate each other’s accomplishments. Managers and leaders should also get onboard.
Flexibility is fast becoming one of the most important things top talent look for when applying for new roles – and that’s because leading companies realise people have lives beyond work. Give employees the opportunity to choose flexible hours or work remotely when suitable. With clear guidelines in place, research has shown productivity is proven to increase, and you will undoubtably enhance work-life balance and job satisfaction.
Managers should work with their team members to create career progression plans and regularly discuss career aspirations. Because when you empower your employees to enhance their skills and progress in their careers within your company, you will increase their satisfaction and fulfilment, too.
Onboarding is so important because you are setting the tone for an employee’s experience at your organisation. Survey your staff to understand what did and didn’t work for them when they were integrated into the company. From the insights, develop an onboarding checklist that will guide new hires through company culture, policies, and introductions to team members.
Exit interviews can be difficult, but it’s important to have those farewell chats to gather genuine feedback. Take the insights and tackle issues that keep popping up. Your departing team members’ insights are golden nuggets for shaping a better workplace for all.
Employees are more likely to stay with a company that prioritises their wellbeing and takes tangible steps to address potential burnout. Leverage surveys to keep an eye on your team’s stress levels and identify burnout indicators. When you spot colleagues on the radar, swiftly provide the support and resources they need. This proactive approach contributes to employee retention by creating a supportive environment where individuals feel valued and understood.
People are so much more than just their jobs – so make a big deal about their personal milestones too! Did someone just graduate university? Did they buy their first house? Maybe they’re learning a new hobby you could shout-out about. By making people feel seen you will build a compassionate and thoughtful culture.
By staying ahead in technology adoption, you showcase a forward thinking approach that contributes to employees’ long-term engagement and retention. Collect insights from your teams about the tools that work best for them, and the ones that don’t. Ask what brings value and where enhancements might be needed. By doing so, you’ll simultaneously create a tech-savvy work environment and show your commitment to providing employees with the tools they need to accomplish goals.
A strong leadership foundation becomes a cornerstone for a workforce that remains motivated, committed, and fulfilled. Empower your leaders with robust leadership development programs. When leaders are well-equipped to lead, employees experience better support, clearer communication, and a more positive work environment. This, in turn, builds loyalty and engagement, as employees are more likely to stay in a workplace where leadership is invested in their success and wellbeing.
Beyond simply making better choices, employee inclusivity in decisionmaking has a profound impact on employee retention. When employees feel heard and see their input shaping the direction of the company, it creates a sense of ownership and belonging. This empowerment not only boosts morale but also strengthens the emotional connection between employees and the organisation – giving them more reason to stay.
Regularly communicate the greater purpose behind the work your employees do, emphasising the meaningful impact each task has on your organisation’s broader goals. When individuals understand how their daily contributions contribute to the overall mission, it instils a sense of significance and fulfilment. This can be a powerful motivator for long-term commitment and retention. Employees who connect with the purpose of their work are not just contributors – they become advocates for your company’s mission.
There’s plenty of research to show the drivers of employee retention – what works and what doesn’t. But at the end of the day, your employees are unique, your company’s mission is unique and your retention strategy will be too. So – simply ask your team what will make them stay. Using an anonymous survey tool like Stribe, you can gather authentic insights into what is most important to your people and how to best keep them around.
A stay interview is a one-on-one conversation that focuses on what keeps employees in their job, and what might cause them to leave.
Read MoreExample questions to use in your next employee onboarding survey for new hires, to ensure they have a smooth and positive start at work.
Read MoreExit interview question examples that encourage open and honest conversations. Free PDF download of Stribe’s employee exit survey.
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