As economists debate whether or not the U.S. is entering a recession, there’s little doubt the world faces a good amount of economic uncertainty going into 2023. Even with all the uncertainty, the American labor market remains highly competitive.
In this unique market reality, companies cannot afford to gamble with their most valuable asset—their talent. As we get ready to enter the new year, now is the time to ensure that your organization is doing everything in its power, to drive employee satisfaction and retention.
Investing time and resources in proven employee retention strategies can help organizations ensure they enter 2023 strong. We’ve listed our top 3 favorite strategies to boost employee retention below.
Focus on Communication and Feedback
Feedback and communication work both ways between employees and managers; they are the keys to an employee feeling heard and valued. Feedback and communication create clarity not only for your employees but also for the company as a whole.
Creating an environment of open communication and feedback in the workplace is essential for both attracting and retaining talent in today’s competitive market. Proper and effective communication helps a manager gain insight regarding a particular employee’s feelings towards the organization’s culture, clients, or even their own colleagues.
Better internal communication and feedback lower turnover by making employees feel:
- In the know
- Included with the changes being made in the organization
- A sense of belonging with the company
- Motivated to make a difference for your organization
Invest in the Right Tools
The world is constantly changing. Your organization and employees need to be able to move fast to keep up with it. According to SHRM data, 21% of employees credit a lack of career growth opportunities as the reason for them leaving their current positions. If an A-player ever feels that they have hit a stagnant point in their career path with your organization, they will not hesitate to move on.
Employees are motivated to stay with an organization when they are actively involved in creating their career paths. Highly motivated employees are constantly looking to grow in their seats and develop a well-rounded skill set. It is important that you have a platform that can track their progress and equip them with the information and tools they need to have a successful long-term career path.
When you take the time to invest in an all-in-one tool to optimize your people and your business, everyone becomes more engaged and actively invested in your organization. You’ll not only see an increase in retention, but also an increase in overall morale and even communication and feedback.
Foster Relationships and Culture
A lack of relationships and culture has a major impact on employee satisfaction and retention. Nobody wants to stick around an organization that lacks culture or with a group of people that they practically have no relationship with. Employees are looking for managers who are available to answer questions, give feedback, and offer positive words and encouragement. (We did a whole webinar on this if you want to learn more)
A strong company culture is one of the most influential retention strategies. It can honestly make or break a company. While a positive workplace culture creates a sense of community, a negative workplace culture can ultimately drive retention rates to the ground. It is important that managers establish a clear set of values from the start.
Start the New Year Strong
The importance of employee retention strategies cannot be overstated. High turnover is bad for business, morale, engagement, and so much more. If you’re looking for a full guide of proven practices to retain your employees, check out our Retention Strategies Ebook!
