Human Capital Management
Employee Retention Strategies in Q4
Now that we’re in fourth quarter, it’s time to begin thinking about employee performance reviews- bearing in mind we’re amidst what many refer to as The Great Resignation. Over the last year, more and more employees are rethinking what their ideal workplace is, questioning everything about how, when, and where they’d like to work going forward. The pandemic has given employees the opportunity to evaluate their current jobs, and as it winds down many are deciding they’re ready for something new.
Performance reviews are important for recognizing an employee’s professional value, giving honest feedback, and conducting a transparent conversation about expectations for both the executive and employee alike. Discussions like this are what keep companies alive and what align organizational goals with those of each team member, and this year’s have become even more important because it will now revolve heavily around why employees should stay with your company. So how can you increase your employee retention going into the new year? Here’s a few ideas to strengthen the appeal of your company:
1. Benefits
Employee benefits are a crucial deciding factor when workers are considering new jobs, and with the changed professional climate post Covid-19 it may be time to readjust yours. Consider things such as offering a hybrid or even fully remote work environment and working to permit flexible schedules for those that need them. In addition to these, take a look at your paid parental leave program and make sure that your salary offerings are still competitive. Keeping benefit’s up-to-date is one way to avoid employees from even considering looking elsewhere.
2. Communication
Having an open-line of communication with employees is a sure-way to know whether or not your company is satisfying their expectations. By scheduling more frequent reviews and responding to both positive and negative feedback in a timely way ensures that your team feels that their voices are heard. This is also a great opportunity to strengthen your DEI program and have your company as a whole benefit from valuable discussions about equality and inclusion for all.
3. Training and Development
There is never a reason for employees to stop learning, so why not take this a step further and drive them to expand their professional development? By offering opportunities to improve professional worth and to qualify for higher-paying jobs, you’re not only strengthening your own workforce but you’re also giving your workers a reason to stay and grow with your company instead of growing out of it. Many companies also consider offering tuition reimbursement which is a great way to show your employees how invested you are in their futures- not to mention this is a sure way to attract others.
4. Employee Engagement
Employees are looking for more than just a 9-5 job, they’re looking for a community to be a part of where they feel valued and know that the work they are doing is meaningful. The more engaged your employees are within their roles the more invested they’ll be in your company, promoting a strong work environment for them and showing new hires that your company is the type that people want to stay with. Engaged employees are also more likely to benefit from collaboration with others and increase the overall productivity and success of your company
Don’t know where to start with strengthening your retention strategy? We’re here to help. Talk with one of our experts today about building a plan- whether it be to switch up your employee benefits or get started with leadership training, we’ve got you covered.
