Your company might be a good place to work, but is it phenomenal? If you notice your star employee quits without warning or an increased turnover rate, you should probably be worried.
So why do employees leave?
While other factors might contribute, in a general sense, it all comes down to job satisfaction. Several reasons contribute to employee discontentment, such as:
- Poor compensation
- No opportunities for advancement
- Burnt out
- Better work-life balance
- Poor management team
- Unhappy with company culture
- Feeling undervalued or underappreciated
All employees have their own professional and personal needs, and if your company can’t satisfy these needs, they will look for employment elsewhere. If you really want to get to the bottom of it, conduct an exit interview. Most likely, many of the concerns you will hear are already listed above. While an exit interview isn’t required, it can help you understand how to improve work-life for your current and future employees. At the end of the day, not every employee can stick around forever, but you want your employees to leave with a positive experience.
Benefits of employee retention:
- Cost reduction
- Improved morale
- Better productivity
- Better work culture
- Experienced employees
10 ways to improve job satisfaction and employee retention
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Onboarding:
Your retention strategy needs to start from day one, so don’t skimp on the onboarding process.
How they are onboarded and trained will set the tone for the rest of their time with the company. Employees should feel supported and equipped for success.
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Flexible work arrangements
While the pandemic forced many people into their homes, many liked and actually thrived from this arrangement. 62% of Canadians want to continue remote work at least part-time, even long after the pandemic. Full-time remote work is not always an option, but alternatives can look like a hybrid work style, condensed workweek or flex time.
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Employee recognition and reward programs
Everyone likes to feel appreciated for a job well done, and your employees are no different. It can be easy for employees to get lost in the shuffle and feel forgotten in big companies especially. Even a simple shoutout at the next team meeting can go a long way and boost employee morale. If your company doesn’t already have one, consider setting up a formal recognition program. Any company, big or small, can run an effective reward system regardless of budget.
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Continuous feedback
Scrap the annual performance reviews and opt for more frequent meetings with staff members. Consistently providing feedback will help employees improve and eventually increase confidence. These meetings can also be used to work with your employees on their short-term and long-term career goals.
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Professional Development
Provide your employees with a clear path to advancement. Employees, especially those amongst in the Millennial and Gen-Z cohort, desire career and professional development. Recent studies suggest 80% of those in this age group are willing to leave a company that doesn’t offer opportunities for career development.
Investing in your employees’ career development lets them feel valued and empowered. Plus, as a company, you want individuals who are constantly trying to better themselves!
There are many ways this can be done:
- Promoting from within
- Tuition reimbursement programs
- Paying for continuing education
- Time off to attend conferences
- Succession planning
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Communication
Keep an open line of communication. Your employees should feel comfortable coming to you with any questions, concerns or ideas they might have. As a leader, you set the tone for healthy communication within the team. Stay proactive by regularly meeting with each team member to keep tabs on job satisfaction and act as support when needed.
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Keep employees in the loop
If big changes are happening in the company, whether good or bad, keep your employees in the know. The pandemic caused many companies to undergo major changes (many of which were bad), and employees still feel this anxiety. Keep your staff informed on any significant shifts to eliminate some of this anxiety and build trust within the team.
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Create a desired work culture
According to Glassdoor, 77% of professionals consider a company’s culture before they even apply. Companies like to talk the talk and say they are “the best place to work,” but can they walk the walk? Everyone should feel welcomed at their workplace, and this starts with its company’s leaders. Stand behind your company’s values and reward those who consistently demonstrate these values.
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Promote employee wellness
Physical and mental wellness is something many employees have made a priority. Even if you have an excellent benefits package, is wellness actually being promoted? Do managers encourage lunch breaks, logging off at appropriate times, or using vacation time? Do you encourage boundaries and work-life balance? We all have lives outside of the office, and employees want to feel like they are more than a cog in the machine.
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Competitive compensation packages
While money isn’t always the driving force for employee departure, it’s still essential for companies to fairly compensate their employees. Be sure to evaluate and adjust compensation accordingly regularly. If your business can’t afford to increase wages, compensation can also take the form of extra days off, bonuses or paid time off.
About Live Assets | IT Staffing Solutions
Live Assets is a boutique IT Staffing/Recruiting firm specializing exclusively in building IT teams of excellence for the Information Technology sector.
We are a small, but productive team that works closely together and has had a 96% success rate for the past number of years!
We have a diverse number of clients and industries and focus on both full-time and contract I.T. opportunities.
You can find out more about our company on LinkedIn – Twitter – Facebook –Youtube – Glassdoor