employee retention

3 Employee Retention Strategies That Work in Competitive Markets

 

When companies see high employee turnover, most leaders immediately assume it’s cause for concern. But high attrition isn’t always a bad sign. 

For example, as companies scale, they can outgrow the people they hired early on. The senior accountant who was great when you only had 50 employees may not fare as well when you’ve grown to a team of 500. 

Employees know when a role no longer suits them, and they’ll often quit on their own if their responsibilities are too far outside their skill sets. That can be a gift to you, because their leaving opens the door to new talent. That’s a challenging, but necessary transition as your business evolves. 

However, if your high turnover rate isn’t due to natural growth, it’s time to look at your retention strategies. Employees primarily leave because they’re disengaged, so your retention tactics must revolve around engagement, opportunities, and interpersonal connection. Here are three ways to keep your team members happy and committed.

Get to Know Your Team on a Personal Level

When was the last time you asked your employees what they did over the weekend and genuinely listened to their responses? Too often, people ask questions like that as a courtesy but barely stand still long enough to hear the answers. 

 

“Higher employee engagement leads to better productivity, so you want to create a dynamic interpersonal environment. “

 

Learn about your employees’ hobbies and interests so you can connect with them on topics other than work. Great relationships are not forged over spreadsheets, so find ways to bond that feel more organic and meaningful.

Learning who your team members are outside of work tells them that you value them as complete persons, not just worker drones. They’ll feel more engaged at work knowing they can connect with the people around them at a deeper level. Higher employee engagement leads to better productivity, so you want to create a dynamic interpersonal environment. 

Ask Them About Their Career Goals – And Check In On Their Progress

No matter how close someone feels to their colleagues, they will still leave if they don’t see opportunities for career advancement. Find out what employees’ career goals are and review their progress periodically. 

You might have monthly one-on-one check-ins and discuss their goals at six-month intervals. What matters is that you follow up on these conversations and help them understand the opportunities that exist internally so they don’t look elsewhere for new challenges. 

Ask whether they feel challenged in their current positions and if there are any particular types of projects they’d like to work on. When possible, assign them tasks that allow them to develop new skills, and educate them on what it will take to be promoted through the company. 

Create Team-Building Opportunities

As important as it is for executives to connect with employees, they also need to bond with one another. People are not satisfied if they come to work and barely know their colleagues. 

Schedule regular off-site activities such as team lunches or retreats, and give people a chance to get to know each other. Invite everyone out to shoot a game of pool or arrange a company-wide ping pong tournament. 

 

“Employee engagement doesn’t have to be complicated. Ultimately, it comes down to investing in your people and creating an environment in which they feel respected and welcome.”

 

Make a point of celebrating holidays and birthdays, which are great ways to bring people together. As employees find common ground through these activities, they’ll feel more relaxed and comfortable at work. Their increased job satisfaction overall will motivate them to perform even better. 

Employee engagement doesn’t have to be complicated. Ultimately, it comes down to investing in your people and creating an environment in which they feel respected and welcome. Knowing their personalities and their goals enables you to manage more effectively because you’re not just handing down work. 

You’re actively helping them become better professionals and enhancing their overall quality of life by creating a supportive work environment. Do this, and your unwanted attrition rates will rapidly decline. 

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