Leading a successful company isn’t just about employing talented people — it’s about keeping them!
Employee retention statistics in 2022 show three to over four million people quit their jobs each month in the U.S. With turnover rates rising in recent years, it’s essential to foster a positive growth-oriented culture so your employees stay.
Working on your employee retention will boost morale, maintain a fantastic customer experience and reduce your overall costs. We’ll look into the top 10 reasons employees opt to stay at a company to help you create a happier and more productive workplace.
1. Learning and Career Development
Your employees are always learning, but what they learn is also up to you! Career growth and development opportunities play a significant role in retaining employees. A survey found that 94% of employees would stay at a company if it invested in their long-term learning.
Offering continual training opportunities for your employees demonstrates to them that you care. Your employees will feel prioritized and enjoy the resources that help them reach their personal and professional goals.
Providing growth opportunities also motivates your employees to learn more and take your company to new heights. With increased skill development across your organization, you’ll have the edge over your competition.
2. Work-Life Balance
In recent years, work-life balance has grown to mean something different, with technological advancements and lifestyle changes impacting how we work. Overall, work-life balance implies job flexibility, where employees can work the hours they desire or clock in from any location.
Some prefer scheduling their work around childcare, while others search for remote opportunities so that they can work wherever they please. Work-life balance shouldn’t be confused with the desire to work less, however — in most cases, employees with better flexibility work more!
Giving employees the power of autonomy over their work schedules will also make them feel more committed to your company and culture.
3. Integrity
A company that incorporates values into its culture builds a solid framework for attracting and retaining clients and talented employees.
When integrity and trust are consistently high, you can expect improved morale and performance. Employees will strive to exemplify your company’s values and help build a solid foundation for positive change.
You might display your company’s integrity by:
- Recognizing team members.
- Consistently displaying your values.
- Incorporating your values into performance reviews.
4. Sense of Purpose
Talented employees succeed in environments where their work has purpose and meaning. Your employees will flourish when leadership values their hard work and consistently defines why they’re doing it. Purpose is the company’s soul and spirit — it’s the reason behind your strategies and successes. A fantastic company answers essential questions like:
- Why does this organization exist?
- What problems will this organization solve?
- Who’s lives will this company touch through its work?
By explaining the reasons behind your company’s values and offering learning opportunities to better understand its purpose, you can create an innovative workplace employees are proud to be part of. They’ll strive to make changes and influence lives for the better. They’ll drive the company ahead of the competition and work hard to achieve your company’s goals.
5. Fantastic Culture
When a company maintains a stress-free, empowering culture, it attracts talented employees that stay. You’ll drive engagement and keep the hard work flowing when you successfully convey your company’s personality and character.
Once implemented by leadership, a positive culture works as an excellent business strategy and an effective tool for employee retention. Employees will interact more with your organization and display their strengths confidently. While it requires ongoing efforts, maintaining a positive culture is enriching for all.
6. Emotional Investment
When an employee’s passion for their work and the company’s vision intersect, those workers are bound to stick around. A genuine emotional connection exists between those who believe in what their company stands for. This connection makes the employee’s work so much more important and the company’s values worth fighting for.
Work becomes a place to coast when an employee isn’t emotionally invested in your message. At that point, it wouldn’t matter where the work was done. Employees will stay when they sincerely believe in their work and their company’s values.
7. Trust in Leadership
A successful leader fosters an environment of trust. When employees can rely on a solid mentor, they know their efforts aren’t in vain. Maintaining any kind of long-term relationship involves work and fairness. Leaders should care for their employees and always have their backs.
Employees should also trust that leadership will make intelligent decisions for the company and get things back on course if problems arise. The benefits of a high-trust relationship between leadership and employees include:
- Higher productivity.
- Fewer sick days.
- More engagement.
- Less burnout.
8. Encouragement and Recognition
All humans appreciate recognition. Recognition brings a rush of good feelings and encourages us to repeat those rewarding behaviors. Any type of meaningful reward or encouragement for employees goes a long way in a company.
You can create reward and recognition patterns to increase your employees’ successes and keep them with you for the long haul. Examples of employee appreciation might include:
- Happy hours.
- Care packages.
- Personal calls.
- Employee shout-outs.
9. Involvement and Belonging
Science has always shown human beings as community-minded in nature. We band together for safety and to feel a sense of belonging. A company can employ these same tactics to make employees safe and comfortable.
When employees feel supported in your community, performance levels soar. You can appreciate the benefits of a tightly knit company by scheduling team activities or asking for employee referrals. You’re bound to find talented candidates whose values align with your company’s.
10. Fair Compensation and Benefits
While money matters to most employees, if you implement solid values and a positive culture, several aspects go well beyond a paycheck and benefits. For instance, it’s not unusual to hear candidates say they chose one company over another for their culture rather than pay.
And before you make an offer, consider fairness — hard work deserves fair pay and benefits. To keep your talent, always ensure communication about performance is open and honest.
Consult With Exude to Retain Talented Employees
Ultimately, creating an environment of trust, acceptance and growth is the way to retain talented employees. By keeping your employees’ needs in mind and maintaining a positive culture, you’ll have a more successful company.
When you’re ready to redesign your culture, trust Exude for solutions. Our approach incorporates your specific company goals to help you work on areas like employee benefits, diversity and inclusion and leadership development. We’ll help you boost your employee and customer experiences to generate better business results.
To learn more, complete the below form to talk with one of our consultants today!
