A top performer just resigned out of nowhere, and you are now at a loss. What might be the reason for it? And how will this impact the rest of the employees?
With that happening, you will have to lean on your other employees, making them take on more responsibility. In the meantime, you will look for a replacement for the employee that left. It’s a big ask, specifically if they are already stretched thin. Such actions will stoke stress and uncertainty in your employees.
Given the likelihood of cascading fallout, it’s natural to think that the departure of one employee could be the tipping point of other employees feeling to leave as well. At the very least, it can affect the morale of the employees, which can undermine their work performance.
So, this is the time to make sure that your business is taking the proper steps to drive job satisfaction and retain employees.
What Prompts Employees to Leave?
To find out the reason behind your top performer’s sudden departure, do an exit interview. Exit interviews will tell you whether your employee retention tactics need improvement or not. And what needs to be done to retain employees and employee management.
You most likely will hear one or more of the following reasons from the departing employee:
- Inadequate benefits and salary
- Feeling overburdened with work or lack of support from the team
- Limited career advancement opportunities
- Need to maintain a balance between work and life
- Lack of appreciation and recognition
- Unhappy with the management team
- Concerned about the company’s financial health and direction
- Unhappy with the company culture
- The desire to make changes
Strategies that will help you Retain Employees
If you feel that your company is at risk of losing talented employees, you need to develop strategies to retain employees. Here is how you can boost employee’s job satisfaction and increase your chances of holding on to top talent in your company.
1. Orientation and Onboarding
You need to settle in each new hire to succeed from the beginning of their job. Your onboarding session should include what the job entails and inform your employees about the company culture. And how they can contribute to thrive in it. Don’t skim through this initial step.
The support and training you give from Day 1, whether virtually or in-person, can set the tone of their entire tenure at your company.
For instance, you are a cellphone repair shop. Your onboarding session should not only include giving training on your cellphone repair store software. Instead, it should consist of a session on the culture of your repair store, And how normally the day goes about while repairing devices.
2. Mentoring Programs
Pairing a new employee with a work buddy is an essential component of the onboarding process and also helps to retain employees. These work buddies can welcome new employees into the company and guide them.
New employees learn the ropes from experienced employees. In return, they give the experienced ones fresh viewpoints.
Consequently, mentorship should not be limited to new employees only. You can have mentorship opportunities for existing employees as well. It will give them a sense of understanding of where they stand and what they need to improve to succeed.
3. Compensation for Employees
Companies need to give their employees competitive compensation. It means that they have to evaluate and adjust salaries frequently.
Even if you are unable to increase the pay, try to provide other compensation. Such compensations can be in the form of paid time off or bonuses.
In addition to this, retirement plans and health benefits are also necessary. These valued offerings can help increase job satisfaction and ultimately will help retain employees.
If you offer perks to your employees, it can make your work stand out to new hires and re-engage current staff. All this will also boost the morale of your employees. Remote work options, parental leave, and flexible schedules are some perks that many employees value the most.
To evaluate your business and see what you offer your employees.
5. Wellness Offerings
Keeping employees healthy – physically, financially, and mentally is just good business. Even the current pandemic has urged many companies to improve and expand their wellness offerings so that their employees’ well-being feels prioritized and supported.
They have stress management programs, reimbursement for virtual fitness classes, and retirement planning services. Taking their example, start implementing these strategies to show that your employees are essential to you.
The pandemic has also enabled us to underscore the need for good workplace communication. Employees reporting to you should feel that they can come to you if they have an idea, concern, or questions at any time.
Similarly, you should promote constructive, timely, and positive communication across all departments, including remote and onsite employees. Please make sure you actively connect with every staff member daily to get a sense of their job satisfaction and workload.
7. Constant Feedback on Performance
Most company owners are abandoning annual performance reviews in support of frequent meetings with every team member. In such one-on-one sessions, discuss the short and long-term career goals of your employees.
Such activities can help them visualize their future in your company. The key takeaway here is not to make promises that you can’t keep. Instead, take them through their potential career advancement journey together. And lay down a realistic plan that can help them achieve their goals.
8. Development and Training
You can retain employees by helping them figure out their key areas for professional growth as part of your continuous feedback on performance. It can include needing to learn new skills. Getting new skills is extremely important in the current era as technology alters our work.
Substantially, when people learn new skills, they learn new tricks to keep up with the evolving business requirements. So, make sure you invest in the professional development of your employees. Make them attend virtual conferences, pay for continuing education, and provide tuition reimbursement.
In addition to this, don’t forget succession planning. It can be highly effective for advancing professional development and can help in building leadership skills.
9. Rewards and Recognition
Each employee feels the need to be appreciated for the work they do. And in the current circumstances, if you understand your employees, it’s bound to leave a considerable impact.
So, make sure you thank your employees who have gone the extra mile. And do mention how their hard work has helped the employees. Some companies even have reward systems that they use to incentivize great innovation and ideas.
Also, having a small company doesn’t mean that you can’t have an effective recognition program. You can do it even if you have a small team and a limited budget. You need to arrange it in such a way that you and your employees can benefit from it.
10. Work-life balance
What kind of message is your time management giving to your employees? Do you expect your employees to be available 24/7?
You need to realize that a healthy work-life balance is essential for job satisfaction. Employees need to know that their manager’s understand the fact that they have lives outside of their office. Encourage your employees to set boundaries and give them vacation time. And if late sit-ins are required to end tasks, give them extra time off to compensate for that.
The ten strategies to retain employees given above are just some ways you can increase your employees’ job satisfaction. For that, you need to stay updated with market standards of benefits and salaries. And try to use the best practices to develop an attractive workplace culture.