When it comes to attracting and retaining talent, businesses face a growing challenge. It’s estimated by Work Institute that 33% of employees will leave their jobs by 2020 to go work somewhere else. With the current demand for skilled employees exceeding the amount of available workers, keeping your team engaged is vital to a successful talent management strategy. To retain motivated and engaged employees, organizations are cultivating work environments that improve the overall experience.
Today’s workforce is looking for more than just an annual bonus. They seek purposeful work from value-driven companies with employee-centric work cultures. When it comes to employee performance and satisfaction, a common misconception among employers is that money is the strongest motivator, but workplaces that encourage flexibility, opportunity, recognition, community and enhanced experience are attracting and retaining top talent.
Flexibility is a requirement of today’s workplace. Businesses that haven’t adapted to this modern trend are losing talent to employers who have. According to Werk, the flexibility gap is impacting the workforce- its health and wellness, performance and productivity as well as our ability to care for others. Adjustable schedules and the ability to work from home occasionally are valuable company perks that don’t come at a high cost. Employers should listen to their employees and utilize engagement tools to consistently survey their needs.
Nothing is more rewarding than doing meaningful work that you enjoy. Giving employees the opportunity to work on projects that align with their passion keeps teams interested in the work they are completing. Ensuring proper management is in place to define career objectives and track goal progress, drives motivation and business initiatives. Mentorships, training and education opportunities should be a continuous part of employee development plans. When you invest in your people, your people invest in you.
Who doesn’t love a compliment? Positive feedback is essential to happiness and employees should be recognized for a job well-done. Every employee is different, so it’s important to understand the culture within your workplace and various departments. Much like communication patterns, employers should utilize various forms of praise to be most effective. Managers should get to know their teams and pay attention to how they like to be celebrated. Consider taking a deeper dive into motivating drives and needs of your employees through The Predictive Index Behavioral Assessment. Regardless of how you style the approach, recognition is a key component to engagement.
Modern employees are no longer building their careers with corporate ladders and longevity. For the most part, the job-jumping stigma is gone which means tenured employees can feel out of reach to many employers. Embracing a people-centric culture and promoting a sense of community within the workplace boosts loyalty and retention. Collaborative office design encourages cross-functional team building and creative thinking. Staying connected means being inclusive, so it’s important to share, embrace, learn and grow with your business and its people.
Businesses that invest in engagement strategies are challenging the non-committal mindset of today’s employees. The cost of engagement programming and management may seem expensive, but turnover is costly and employees who feel valued perform better. Do the math and consider hiring an Employee Experience Manager.
Understand that adaptability is valuable to your business and the responsibility is that of the employer as well as employee. Lead with enthusiasm. Inspire your team with energy they want to mirror in an environment that sets them up for success. If you’re facing challenges with talent retention, consider adopting a new engagement strategy and bring the FORCE back to your workforce!