As 2020 comes to a close, employers are looking ahead to the new year. One of the most critical issues employers are facing in the new year is employee retention. Not only can losing an employee cost a lot of money but losing an employee can have a lasting effect on the team. Team productivity, employee engagement, and morale can all suffer as a result of this.
If you don’t have a good retention strategy in place, it may be an excellent time to start thinking of one. So, what can you do to minimize the risk of losing your key players and increase retention rates in 2021? Here are the top four ways to attract and retain employees in the new year.
Hire the right people
Not only will you need to find candidates with the technical knowledge to do the job (or someone trainable), but you’ll need to find someone who fits well with the “culture” of your organization. According to Built In, “47% of active job seekers cite company culture as their driving reason for looking for work.” So, the first step to retain employees next year is to hire the right ones from the beginning.
Listen to your employees
One of the easiest ways to make your employees feel valued and heard is to listen to them. According to Business News Daily, the number one reason employees don’t step up and take the initiative at work is because their leaders or managers fail to get employee input before making decisions.
Compensation and benefits are competitive
Although pay isn’t the number one driving force for employees leaving, offering fair compensation will make employees feel more valued than those making less than market value. Plus, if they are making competitive wages, they will be less likely to get poached by another organization.
Celebrate the “wins”
Employees want to know that they’re doing a good job and that their employer appreciates their hard work. When celebrating these wins, you should not limit them to work-related events either. Personal milestones such as getting married, having a baby, or even an employee’s birthday, should be celebrated. We’re not talking parties for each of these things but having a team lunch or a verbal or written acknowledgment goes a long way!
As a recruiter, I like to know and understand my clients’ culture to find job seekers that fit that environment. I have conversations with candidates to see if their goals and values align well with one of my clients. We identify red flags early on with the tough conversations we have with candidates. If you need help implementing a strong retention strategy, let’s have a conversation!