Last year, over a quarter of the U. The result is a decimating financial hit on enterprises, looking at these figures across large organizations.
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Employee turnover also carries non-financial impacts. Frequent departures hurt morale, productivity, and engagement. This can start a vicious cycle whereby employee churn depresses company culture, which in turn compels others to leave, repeating the entire process all while productivity and output fall. With the pace of innovation accelerating and unemployment rates at all-time lows, highly skilled workers have more leverage than ever.
To remain competitive, companies must cultivate strong cultures that attract, retain, and grow talent. Improving company culture, incentivizing horizontal career growth, and enabling open access to information can all work together to bolster retention plans and foster loyalty , while actually boosting workforce know-how.
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Even though company culture is so vital to maximizing and retaining top employees, aloof upper management can miss the signs of a culture in decline. The first step to creating and maintaining robust company culture is to have your finger on the pulse of the workplace. To that end, aptly titled pulse surveys are a new form of agile, flexible employee feedback forms that leverage technology to gauge overall engagement and morale. These surveys are designed to be done weekly and to offer insight into company health via first-hand employee responses.
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Leading companies like Apple, Etsy, Airbnb, and Amazon have all seen tremendous boosts in employee engagement from conducting such surveys. There are many options for implementing pulse surveys in a smart, streamlined way. CultureIQ uses email to create short-form surveys employees can respond to directly from their inbox. Not only is the system set up to gather employee feedback, but it turns this data into informative insights.
11 Traits of Highly Effective HR Pros
And to ensure open, honest feedback, all responses can by anonymized. Peakon is another leading platform that goes one step further by offering multiple platform integrations and using previous data to intelligently assign employees questions most relevant to them. Measuring employee engagement is meaningless without being able to actually engage them once a problem is detected. Putting the resources in place to enable and incentivize horizontal career growth will keep employees happy and engaged, giving them good reason to grow within your organization instead of seeking opportunities elsewhere.
This is especially true for Millennial and Gen Z employees.
Use These Tips for Employee Retention to Retain Your Best Employees
Seeing as Millennials comprise a majority of the workforce , keeping this cohort happy is a crucial ingredient to bolstering retention. These systems seamlessly match employees with internal opportunities tailored to their own ideal growth trajectory taking into account their unique skills and professional experience.
Unilever, for example, is utilizing AI with their Flex Program centered around a digital internal talent marketplace that suggests employees shift to a new position or join a specific part-time project— all of which encourages employees to grow within their roles and develop professionally within the organization.
The relationship between employee satisfaction and productivity also works in reverse. Studies show that increased productivity can improve employee retention.
Consider using the Employee Benefits Optimizer to identify the optimal benefits package for your unique company needs and budget. Launching studies to adjust benefits have historically been costly and time-consuming, but this new solution provides an effortless way to gather data on what really matters to employees, putting them at the center of these critical decisions, and giving you a fast and cost-effective way to KNOW what employee benefits matter most.
Request a demo of the Benefits Optimizer today! In addition, having a manager who helps their employees solve work-related issues is a top driver for job satisfaction. Needless to say, managers play a key part in employee satisfaction. Samantha Hammock , Chief Learning Officer at American Express, believes that the future of work will value leadership and management skills more than ever. Childcare costs are on the rise and unaffordable for many families. One great example of a company who invests in childcare and sees a return is Patagonia.
In addition to on-site childcare, generous paid parental leave is increasingly becoming a critical benefit to attract and retain working parents. Paid parental leave easies the financial burden on families, helps with employee retention, helps attract talent, lowers the infant mortality rate, and longer leave can lower the rate of postpartum depression. Companies often perform exit interviews when an employee is leaving, but rarely do they incorporate stay interviews to help with employee retention.
It should be an individual conversation with an employee and their manager. Common questions include:.
Even if your employees are totally bought into your brand and company values, they still want to be paid a fair and competitive rate. Many employees leave because they get a better offer from another company and it could cost you more to find another employee than it would to give them a pay raise. If you find your salaries are lower, make a 3-year plan to get them where they need to be. SHRM also says important to close the pay gap between genders and you must correct the cause of the disparity to prevent it from happening again in the future.
IT companies using retention bonuses to keep staff with new digital skills
Employees who have a healthy balance feel in control of their lives, are less stressed out, and more motivated at work. Providing comp time after a large project that required an additional workload, or half-days on Fridays during the summer can encourage employees to take time off and recoup their mental energy.
This also includes allowing employees to attend career and professional development conferences and training sessions that get them out of the office, but still engaged with work. Company and team outings also foster team unity and contribute to a greater work-life balance. Qualtrics can help you find employee experience breakthroughs. If you want data on retaining your own employees, contact us today. See how Qualtrics EmployeeXM can help you retain employees. Login Support.