In business, we talk a lot about the need to develop loyal relationships with customer bases. After all, selling to evangelists is significantly easier, and cheaper, than constantly having to put out the feelers for new and potentially non-lucrative business prospects. What we give less consideration to is the fact that loyalty is actually even more important when it comes to the employees selling our products in the first place. After all, who could love your brand if your own team doesn’t consist of converts?
More worryingly, even, than the sales pulling power of the people working for you is the fact that unhappy employees are way more likely to jump ship, and cost you a significant amount as they do so (an average 33% of their annual salary, in fact!) Yet, with job hopping becoming a mark of the upcoming millennial workforce, this is a very pressing and prevalent issue across industries right now. To keep their heads above the water, managers need to make time to consider employee retention with as much energy as they’ve previously exerted to customer loyalty.
But, what happens if, despite your best efforts, employees seem to leave your enterprise mere months after joining? It’s a frustrating reality, but the good news is that you’re not too late to turn things around. You simply need to consider the following reasons why retention has never worked for you before now.
# 1 – Problems with your work environment
We all know that millennials care about the environment, but it’s also important to note that young workers are way more aware of the impact their working environments can have.This is especially true after over a year of working in tailor-made home offices for many, a benefit which has left countless employees realizing just how poorly designed some office spaces are, and actively seeking new employment as a result. Environmental omissions that especially do damage to employee happiness overall include a lack of natural lighting, poor air quality, overcrowded workspaces, and a complete lack of privacy. Retention moving forward relies on your ability to meet these pain points with sometimes expansive office overhauls or relocations that make way for a bigger, brighter workspace complete with individual private offices, meeting rooms, and even commercial air purification services that freshen things up, and keep everyone smiling. Pair these basics with the right color palette and inspirational quotes, and you might just find people sticking around after all.
# 2 – What’s work progression, anyway?
A lack of progression can both stop you from attracting top talent, and from keeping hold of the employees that you do manage to bring on board. Worse, a total lack of consideration for things like training and promotion could see you becoming a springboard for employees looking to secure top spots with your competitors. Obviously, this is best avoided, and that’s easy enough to do by simply giving your employees a more reason to stick with you instead. At the most basic level, opportunities for in-house training courses that are fully paid for and included in the working day offer an ideal way to show employees that you care about their advancement, making them 20% more likely to stick around. Equally, keeping the doors open for promotion, or even creating new positions for employees who impress you, can keep those careers rolling along nicely without leaving room for your competitors to look like more appealing prospects.
# 3 – Give your benefits package a boost
Speaking of leaving room for your competitors, benefits packages that lack competitive clout are another prime cause for high retention rates, and again leave the doors wide open for other companies to swoop in. Failing to provide priorities like healthcare, flexible work, and vacation can especially see your employees looking elsewhere, or jumping ship as soon as a better offer comes along. To pick up this slack, it’s first essential that you improve your payroll, but you also need to remember that money isn’t the be-all and end-all. For millennials, especially, priorities like the ability to maintain work-life balance actually tend to have more sway, meaning that you need to make sure you know what your employees want, and how you can meet those needs without compromising on output before your competitors can realize all of this and retain your top talent for themselves.
In many ways, employee retention is the pulling power for competitive advantage that reaps real results. The question is, are any of these mistakes standing in your way of finding true success at last?