It has become a bit of a stereotype that modern employees – Especially Millennials – are less likely to stay with a company for longer than a year. The quality of the workforce hasn’t changed, but the modern workplace culture prioritizes moving to a new position over holding on for opportunities to advance. So for a company with a strong young talent pool, the question becomes, “How do we retain our most talented employees?”
Get Them Involved Quickly
Only a 3rd of new hires report feeling engaged with their role. This is frustrating for many departments who have made commendable efforts in improving their onboarding process and communication with new hires.
Investing in software that fosters open communication and collaborative work can really pull a new hire into the fold, and help them find their role’s rhythm. Starting strong can help prevent discouragement.
Be Constructive in Criticism and Frequent With Praise
Nobody is perfect, and mistakes are inevitable. But how we deal with mistakes is more important than avoiding them.
When your workers slip up, make sure to frame your criticism in a constructive way. If a due date was missed, focus on helping them think about time-management. If the budget was exhausted, work with them to trim the fat.
And most importantly, give praise when you can. A worker that feels recognized and appreciated is going to think twice about leaving.
Invest in the Workforce You Have
An average of four hours a week is spent by workers looking for information they need to know. Lack of efficient systems and outdated technology are two of the greatest factors in worker dissatisfaction. So one of the first steps taken to improve productivity and retention should be to reinvigorate and streamline the work experience. Working with employees to find pain points and bottlenecks is a necessary step for maximum productivity.
For every company, the retention of employees is of the utmost importance. No business wants to spend more resources than necessary for hiring and training. But in order to avoid the onboarding investment, you must make an investment in the employees you already have. Sometimes all you have to do to lengthen their time with you is to make the most of it.