Hiring the right talent is difficult enough. But retaining them presents an even greater challenge. One of the very first indicators of an employee considering leaving a job is disengagement. Creating a highly engaged workplace begins with having a competent employee retention strategy in place.

2021 welcomed a strongly led candidate market, and gone are the days when the employers held all the cards. Employees no longer feel compelled to serve companies that do not serve them beyond a salary. Thus, understanding employee retention is the key to retaining those top performers.

So, what is employee retention?

Quite simply, employee retention is the overall effort taken by an organisation to preserve its most prized asset – their talent! Moreover, a low or high employee retention rate directly impacts the company’s overall business.

It is essential to know how to manage your company’s employee turnover rate if you want to grow your operations, with 77% of companies now focusing on employee experience to increase retention.

It is crucial to implement a data-backed staff retention strategy rather than simply ticking off a HR checklist. The employee retention rate should be monitored on an ongoing basis, either quarterly or bi-annually, to ensure any issues or concerns are raised before disengaging your workforce.

Employee retention and employee engagement are interrelated to each other. Employees who receive growth and exposure feel motivated. They feel motivated and satisfied with their work and thus remain with the company.

So, what are the main drivers of employee retention?

Deciding to leave a job is a difficult decision for almost everyone. It takes a lot of thinking and weighing of options before taking the leap.

The reasons why employees quit their jobs may be personal or professional, however, there are a number of critical drivers of employee retention that could make the difference in your employees’ consideration to stay:

• Healthy work environment
• Rewards & recognition
• Flexibility
• Opportunities for growth and development
• Healthy relationships with management
• Competitive compensation

By monitoring the causes of losing employees, you can implement your best employee retention strategies.

Innovative employee retention strategies for the post-Covid work world

As we step into the aftermath of the Covid-19 crisis, the corporate world has gone through a complete culture reset, particularly in the vast increase in the number of remote opportunities. Companies that provide the option for remote work have a 25% lower employee turnover.

Retaining your people post-pandemic might not be possible with your pre-pandemic measures. You will need to constantly review and implement retention strategies to keep ahead of your competition, especially post-pandemic.

To help you through this war of talent, we have noted some of the fundamental considerations on how to retain employees.

Hiring for Cultural Fit

Employees can develop their skills and expertise, however, when considering hiring someone, keep your cultural values in mind which will result in more loyal and engaged employees. New hires can blend in with the team quicker. They feel comfortable and can contribute faster.

80% of employee turnover is due to bad hiring decisions. Asking questions that are related to your company values or demonstrating the role correlation with the values will help provide candidates with a more in-depth perspective of their fit with the company.

At Corvus, our recruitment solution Corvus Assured ensures the most accurate fit to your organisation through a methodology assessing management alignment, behavioural insights and full profiling.

Hybrid Workplaces

Flexible working arrangements have become one of the top things that people look for in a new job. It has become an expectation rather than a benefit. Hybrid workplaces have become a hot topic since the beginning of the pandemic with businesses having to reassess their working methods. The option to work in the office or remotely has presented an opportunity for employees to obtain a greater balance between their professional and personal lives, without impacting on their ability to perform to the same, if not improved standards.

However, not all employers have been entirely convinced with the idea of a semi-virtual workforce, which in return is driving employees to look at competitors, and even new industries.

Employees save time and money on daily commutes, improve their work-life balance and experience fewer distractions whilst, employers can save infrastructure costs, overhead costs, avoid office politics and reduce absenteeism.

The biggest benefit to employers, however, is that there is no longer a geographical constraint in hiring people, resulting in access to a bigger pool of talent.

Employee Well-being

Particularly after the Covid-19 outbreak, health is the top priority for everyone, as both our physical and mental health had been tested amidst the global lockdown.

You can give your employees more than just sick leaves and free health check-ups. Recently, LinkedIn gave its employees a mental week off to cope with burnout. A study in the Employee Engagement Series conducted by Kronos Incorporated and Future Workplace found that 95% of human resource leaders admit employee burnout is sabotaging workforce retention.

Maintaining a positive work-life balance is fundamental to your employee wellbeing, with 11% of workers having refused a new job due to a lack of good work-life balance opportunities, as having considerable family time is dominating as a priority.

To take pressure off employees, ensure their workload is of an acceptable level, allow work from home, and practice flexitime.

Discussions surrounding a 4-day work week have gained huge traction over the past few months. Typically, people who work extra-long hours or leave the office last are seen to be more dedicated and productive. Let’s look at two scenarios.

Rewarding Efforts, and Not Just Results

It is easier to measure results than the effort taken to get that result.

Things don’t always go to plan, meaning companies must empathise with the ground reality and recognise the efforts of their employees and reward hard work rather than just appreciating results!Employees whose managers consistently acknowledge them for good work can reduce turnover up to 31%.

Every employee wants acknowledgement and recognition for their work. Appreciating your employees for their efforts and achievements goes a long way in making them feel valued, and when employees feel a sense of belonging, they tend to be more loyal.

Sometimes, your employees expect more than a thank you or a pat on the back. When they fulfil their goals, rewarding them to congratulate their efforts is important. Some ways to reward your employees and employee recognition are corporate gifts, point-based reward systems, performance awards, etc.

These factors motivate and encourage an employee to contribute and excel, which not only helps them along with their career but essentially helps improve your bottom line.

Shaping their Growth and Development

Helping employees achieve their short-term and long-term goals is one of the most crucial employee retention strategies. It demonstrates that you are invested in their future just as they are invested in your organisation, with a number of candidates now choosing a job with lower pay if they see development opportunities.

70% of staff members would leave their current organisations for a job with one known for investing in employee development and learning, therefore, designing in-house training programs for employees can not only retain your top talent, but advance their professional development. Other methods include encouraging them to attend conferences, industry events, etc. which can improve your employee retention strategies.

Encouraging Open Communication

You can create a workplace where employees aren’t afraid to express their opinions. In other words, a workplace where they can freely express their views and voice their concerns.

An “open-door policy” is an effective way to establish a culture of open communication, showing that you’re always available to listen to their views.

Practising a feedback culture, can help you stay connected with your employees. Covid-19 had different levels of impact for everyone with some struggling to keep their work and personal life separate, whilst others experienced workplace loneliness, anxiety, and stress.

During these difficult times, it is important to empathise with your workers and keep a check on them, ensuring you get the pulse of your workforce. Engaging and communicating as frequently as possible will ascertain the challenges or struggles your team are facing, whereby you can strengthen your rapport with them, thus increasing their loyalty and trust in your leadership and company.

Employees who don’t believe their company will act on their feedback are 7x more likely to be disengaged than those who do.

Bonding with Employees

We all know that employees don’t leave jobs but their managers. A good manager works continuously to nurture their relationship with the team members. Above all, bonding with employees outside work is as important as inside the office.

Team lunches, group treks, corporate social responsibility initiatives, excursions are some methods to celebrate employees, which in turn will deepen your bond, and strengthen your team loyalty.

Providing Benefits

One of the primary reasons that make employees quit is quite simply the lack of compensation. To avoid this, give fair and just appraisals to all employees as and when possible, as your workforce would likely be demotivated if they do not receive the proper benefits, or that to which your competitors offer.

Thus, leaders should build a competitive benefits package such as:

• Salary hikes
• Incentives
• Bonus
• Health benefits

There are alternatives to solely financial incentives. According to a survey conducted by Glassdoor, 35% of employees said that they will quit a job for better compensation.

Team days and staff lunches are nice supplementary perks, but you must think beyond these short-lived delights. It shows that you are invested in your employees’ growth as much as your company’s growth.

So, if you are a small to medium-sized organization, you can consider giving virtual rewards to your employees. Some of them are online gift cards, Spotify, or Netflix subscriptions, wellbeing apps, etc.

Initiating a Mentor/Buddy Culture

Most people don’t like to be micro-managed. Most people don’t like to be managed at all!

More importantly than managing, is ensuring you are leading your team in a style of leadership that helps, encourages, and supports their employees. Assigning a mentor or a buddy to a new employee is also a great onboarding idea. The newcomer can learn about their work and the existing techniques from their mentor. Employees who undergo an effective onboarding process can reduce new hire retention by 82%.

Moreover, a new employee can offer a fresh take on things. As a result, this will help generate creative and innovative ideas.

Engaging in CSR Programs

Reports show that millennials and Gen-Z workers in particular are more inclined towards social responsibility. They believe in giving back to the community. Especially in times like this, people value empathy.

Contributing to society and helping those in need are feel-good factors. It inspires loyalty and engagement in your people and demonstrates that you care about more than just the bottom line. A CSR initiative where the workers can contribute their participation is an excellent employee retention idea. It will go a long way in creating effective employee engagement.

Whilst the pandemic has brought restrictions, the post-pandemic world will hopefully offer a new opportunity to add CSR activities into your business strategy. There are also some activities which you can do individually, remotely or virtually, fostering a sense of fulfilment and team bonding.

Working in a virtual environment has proven to be difficult for some employees. You might think that working from home or other remote locations would appeal to all workers, however, the ability to work virtually like in an office setting is not for everyone.

As a result, most remote employees feel isolated from their co-workers. They can’t fully immerse themselves in the company’s culture. Thus, virtual team building becomes necessary, and it often plays an important role in talent retention.

These activities should be carried out by management to improve group processes and interactions, increase employee engagement and morale. It also develops better working relationships between employees.

Conducting Exit interviews

Sometimes losing an employee is inevitable, but with the average employee exit costing 16% to 213% of their annual salary depending on their pay, conducting exit interviews are crucial.

It is, however, equally important to back up such an interview with a list of effective exit interview questions.

An exit interview is asking a departing employee about his experience at the company. This process can help throw light into things like toxic management practices, departmental conflicts, etc. or more preferably, the successes and positive experiences that employees have experienced.

Concluding Thoughts

The past 18 months have been difficult for both employees and employers. Employers had to let go of their valuable employees and many people lost jobs.

With the increase of remote jobs, attracting the right talent has become more difficult than ever. People now have the option to work anywhere from the comfort of their homes.

With the job market regaining its momentum, there will inevitably be a resurgence within the latest market standards and best practices.

It is imperative to re-evaluate your employee retention strategies periodically. Take regular feedback and suggestions from your employees.

If you currently have a vacancy, you need help recruiting for, or would like a consultation of Corvus Assured® to see the full process, please get in touch today on 028 9091 8529 or hello@corvus.jobs

Attracting the right people to your company isn’t easy.  It’s dependent on how you are perceived by the market. If you are seen as an employer of choice,  – especially at executive level, attracting the right talent will be easier.  

Top talent is always in high demand, but in a candidate short market, it takes a much more sustained commitment from organisations to communicate their employer value proposition to prospective new business leaders and functional specialists.  

When you need great people, and you need them to perform immediately, how do you secure this in-demand talent in the face of vast competition? 

These specialised professionals are fully aware of their market value and know that they’re sought after to add value, so will always ask “What’s in it for me?”. 

Remuneration, rewards, and perks all contribute to the decision-making process, but in recent years, so too does the perception of the organisation. How does it compare to the competition? Is there potential for growth? What focus is given to the organisational culture?  

Being an employer of choice is fast becoming the swaying factor, with 76% of candidates explicitly looking for what makes a company an attractive place to work (CISM). There needs to be an onus on building an employer brand that is data-driven and talent-led. An employer brand that is designed around your people and your business goals. An employer brand that helps you and your employees thrive. 

What is Employer Branding? 

Employer branding is the process of defining and positioning who you are, as the employer of choice, to target potential candidates. It requires defining your unique employee value proposition and identifying the unique benefits (beyond the bare minimum) which are offered to employees in order to attract them to your business.  

Within candidate attraction, your employer brand refers to the perception your potential employees have of your company, whereby each interaction you have from initial contact, will contribute to establishing your company’s values, work culture, and personality to ensure they are aligned with your ideal candidates’ aspirations.  

While there may be a positive impression during the initial awareness phase of research online or through networks, a poor interview experience (lack of feedback, delays) could negatively influence initial good perceptions. Make sure that all interactions with your brand are consistent and accurate – whether it’s your online presence, leadership team, HR etc. 

As potential new employees make decisions about joining your company based on these impressions, the requirement for a definitive strategy to ensure your key messages are being presented and received to candidates. 80% of talent acquisition managers believe employer branding has a significant impact on the ability to hire top talent (LinkedIn). 

Implementing an employer branding strategy is an intricate process with considerations from HR, marketing, and senior business leadership required for consideration. 

Check out our key recommendations to attract and retain top executive talent through employer branding. 

Who Are You? 

Before implementing any form of branding strategy, you will need to determine whether you are genuinely considered an employer of choice by your existing leadership team. Existing and previous employees are your greatest brand ambassadors, and if they have had poor experiences or are not conveying a positive message, it’s important to find out why not. Initiating employee satisfaction surveys and monitoring reviews of your organisation online (e.g. Glassdoor) are critical methods of understanding your company perception amongst your employees.  
  

Define Culture and Aims

Why have your existing employees remained with your company? What is it that keeps your employees engaged? What differentiates you from your competitors? These are the questions potential candidates will also be asking, so the answers will provide the reasons why people would want to work for you. Whether your reputation of continual improvement with enviable training opportunities or simply a friendly, collaborative environment, understanding these qualities will enable you to communicate these as indicators of your company as an employer of choice.  
  

Communicate To Specific Audiences

Ensure the message, tone, and content that you are delivering to specialist and critical candidates are tailored appropriately, whilst adhering to the encompassing aims and purpose of the organisation. “59% of companies leverage their career website for communicating their employer brand” (Employer Brand International). It is imperative that everyone involved in conveying your employer brand is informed of the right message and provided with the appropriate information to do so.  
  

Embrace Leadership

People want to work with other industry leaders who define new parameters and encourage change – the top talent consolidated in one arena. Promote the skills and capabilities of your current leadership team by demonstrating their innovation and how your company culture and environment encourages this sort of talent. If you are looking to develop an area of the business or new business opportunities, the focus should be on potential employees and prospects to affect chance and shift culture. 
  

Consider Your Online Presence

Online interaction will influence the perception of your company and employer brand, with 79% of candidates using social media in their job search (Glassdoor). Companies need to consider the quality, consistency and relevancy of information included on the corporate website, the level of research and insight that an organisation releases, and even the LinkedIn profiles of the leadership team, which are all monitored by potential new employees. 

Through Corvus Assured, we support businesses to protect & improve their employer brand by ensuring all candidates have a positive experience. We also support businesses by creating applicant information packs & bespoke, tailored adverts which are designed to explain to the audience “what’s in it for them”. The process leads to above industry rates of new employee retention which also feeds into building employer brands.

Check out Corvus Assured to find out how we could help your recruitment process.

Unsurprisingly, the happier your employees, the more successful your company.

Happy employees are more creative, innovative, and dedicated than their unhappy counterparts, not to mention, they’re more likely to stick around long-term. Many workplace studies have demonstrated a direct correlation between employee happiness and your business’s bottom line.

We all know that stress kills creativity. According to research, if a person is happy they will exude higher energy and creativity levels. In the past, employee happiness has not always been such a priority, with businesses tending to focus solely on keeping their customers and clients happy. The effects of Covid-19 and the ‘new normal’ working environment, employee satisfaction, and even happiness has become a primary concern for most companies.

Employee productivity and engagement are signs of a healthy work environment, and there is a direct correlation between the level of employee happiness and your bottom line. When you couple the benefits of having a happy workplace with the overall improvement to your co-workers’ lives, making conscious upgrades to your culture is nothing short of a necessity.

If you want your company’s profits to increase, there are a number of small steps you need to take to ensure the happiness of your employees. This does not always mean money! There are various other practices that may be used to reach out to your employees. Employees want more than just a salary. They want to be happy in the place where they spend 70% of their waking hours.

So, here are some changes that you can bring about immediately to increase the happiness level in your employees and improve your bottom-line: 

Make Work/Life Balance a Priority

The concept of work/life balance has become a priority for most workplaces. Employees need to have a clear understanding that you value them as a loyal member of the team and as a person who has a life outside of work that is equally as important.

Many businesses have made it known that work/life balance is a priority by offering WFH or hybrid working models, unlimited vacation days, discounts on surrounding health and wellness programs, or childcare options. Offering incentives that improve an employee’s overall quality of life show that you care about their wellbeing.

If you’re struggling with what to come up with to instil the importance of work/life balance, think about what makes you happy outside of work and what perks you personally would want. Your team members probably want the same exact things.

Encourage Workplace Wellness

With an emphasis on “living our best life” becoming amalgamated into people’s daily lives, working professionals are no longer just hoping, but expecting, their employers to provide wellness practices in the workplace. Whether through food, physical exercise or mindfulness tactics, incentivising wellness is a brilliant idea.

Many new programs have been developed specifically to improve the work environment so it’s easier for employees to adopt and maintain healthy behaviours.

There are a number of options available to endorse a culture of wellness by implementing these strategies:

• Prepare and distribute a list of healthy dining options near the office
• Arrange for bike racks and provide “cycle to work” promotional materials
• Negotiate corporate discounts for gyms/ health club memberships
• Hire a yoga instructor or mindfulness specialist to come into the office once a week or month to reduce team members’ stress

Showing your employees you want them to live happy, healthy lifestyles is another way of showing them how important they are to your company.

Deliver Genuine Recognition

Engaged employees will always strive to go beyond the call of duty. They take ownership of their duties and often complete them before the deadlines. But, to keep the motivation levels high, you need to genuinely appreciate their hard work.

Always recognise tasks that are done well and give due credit. A positive feedback loop will ensure that your engaged employees stay that way.

Many organisations offer bonuses and incentives, but money isn’t everything. The best motivator is public recognition, in which the employee enjoys an elevated social status and the joy of being praised. There are many ways in which you can appreciate your employees’ hard work.

Feeling underappreciated is one of the top reasons for employees quitting their job in 2021, ahead of needing a better work-life balance and career advancement. A simple gesture of appreciation can alleviate a sense of employees feeling undervalued and contribute to overall company morale. If a team member deserves to be recognized for outstanding work, tell them right away: Don’t wait for their “review.” The days of annual reviews are ancient history.

Provide Growth Opportunities

Talented employees want the opportunity to learn and develop their knowledge. The desire to progress and improve their work is one of the main driving forces behind employee motivation.

When leading a team of employees who are completely engaged, undertaking monotonous tasks on repeat will impact on motivation and sense of achievement. Instead, offer them tasks that require productivity and allow them to grow professionally.

Some of the ways in which you can promote professional growth is by offering them to study further, attending conferences and letting them participate in internal mentorship programs. Investing in your employees’ professional growth not only benefits your business but also makes them feel worthwhile and appreciated. This feeling of gratitude and satisfaction will motivate your employees to work to their maximum capabilities to increase your bottom line.

Refrain from Micromanaging

Employees who feel trusted and supported, without being hovered over, are undoubtedly more relaxed and confident in the job they do.

It’s safe to say that no one likes to be micromanaged. If employees feel like they are constantly being monitored, they will not perform the same way they normally would, and will begin to resent their job.

Give your team the trust and creative freedom that they deserve by setting clear expectations and fair boundaries. Offering your team autonomy and trusting that they will make the right decisions will maintain their confidence, further contributing to the success of your business.

Independence in remote work conditions means giving them the freedom to work however and whenever they like — within reason of course. It also encourages them to share their opinions and feedback.

Provide consistent feedback

Employees want you to notice their hard work and expect feedback from management. Understanding what their strengths and weaknesses are, and how they can improve to perform even better is fundamental to both individual and company progression.

Offering consistent feedback regularly to your employees will open communication barriers between you and your team. It can present constructive criticism and positive recognition, clears the air of confusion, and communicates how an employee’s behaviour aligns with company results.

Feedback, however, is only effective when it is delivered objectively and with complete fairness. Always use it as a tool of instruction rather than a means of punishment.

Launch an Individual Development Plan

An individual development plan can assist employees in career and personal development. Its primary purpose is to help employees reach short and long-term goals and improve current job performance.

You can use an individual development plan to develop a better understanding of your team’s professional and personal goals including their strengths and areas they want to improve on. This shows your team that you are serious about investing in them as individuals and ensures everyone is accountable for reaching their customised goals.

Most leaders agree with the fact that employee attitude plays a great role in a company’s success. If your employees are motivated or frustrated, it largely depends on you. To keep your team engaged and happy, make sure you incorporate these tips in your leadership every day. To ensure these implementations are long-lived, practice them daily and remind your team often that they are an integral part of the company.

Happy employees are engaged employees! Let your employees prosper and help them grow professionally and watch your bottom-line increase.

If you need help ensuring you are finding the right cultural fit for your business, check out Corvus Assured.