Looking Into What Motivates Employee Retention and How you Can Improve Your Metrics
Employee turnover might be something keeping you up at night. Or it’s at least keeping your HR department up at night.
We’ve discussed the Great Resignation and turnover in general, but what drives employee retention? What is the motivation behind an employee’s decision to stick around or hit it and quit it?
Let’s dive into what are the driving forces behind employee retention.
1 | Get On Board
Did you know that nearly a quarter of company turnover happens within the first 45 days of employment? (We bet this will become the stuff of your nightmares now–it certainly is a revolving theme in our own!) This means having an effective onboarding program is absolutely crucial to employee retention.
Now onboarding isn’t just getting the necessary legal paperwork signed and handing over the company employee handbook. Your onboarding process should start from the moment a candidate accepts a job offer to landmark check-ins, such as at the one year mark. We go into depth about what an effective onboarding program should look like in this article. It will help you design an onboarding program that helps make new employees really feel like part of the team and sets them up for success in your company.
2 | Positive Personality
Workplace culture isn’t just a passing fad or some buzzword. Having a positive workplace culture can actually help with employee retention and reduce turnover. In fact, 85% of employees consider a good cultural fit to be important when considering a new job.
Building a positive or strong workplace culture starts from the top down. Make sure that your company goals and purpose are strong and positive. Then, be sure to emphasize this positive culture during interviews, in onboarding and routinely to all of your employees. This ensures that everyone is on the same page and it serves as a reminder of what everyone in the company is striving for. And be sure that leadership is always modeling the positive company culture to reinforce it. You can check out this article that looks at even more benefits of having a strong company culture
3 | Environmental Impact
There are some environmental factors at work as well. These are things such as salary, benefits, schedule flexibility, paid vacation time, or even rewards. While money isn’t everything, people want to know that their hard work is appreciated and good benefits are a way of recognizing that hard work. You should also consider the physical environment. The office should be comfortable to work in. No one likes buzzing and blinking fluorescent lights, uncomfortable chairs, and zero opportunities for a coffee break.
4 | Got Satisfaction?
Like we said, money isn’t everything. Employees these days want to do more than just earn a paycheck that pays the bills and then some. They want to know that they are working for something bigger than themselves. Personal fulfillment leads to job satisfaction. So make sure that your employees feel their work is meaningful, challenging, and fulfilling.
Don’t forget to also recognize achievements as well. It can be something as simple as congratulating an employee during a team meeting or it can be monetary in nature, like a bonus or a gift certificate. Either way, it can go a long way in helping to foster growth and encourage increasing responsibility.
5 | Show Them Skills!
No one wants to be stuck in a dead end job. We all want the opportunity to develop our skills, grow, learn and have opportunities to move up the ladder. Offer your employees opportunities for professional and personal development. Offer trainings, the ability to go to leadership conferences or even pay for continuing education classes. It shows that you care about your employees and their personal development and in the long run, it can really benefit your company as they continue to improve or hone their skills. And of course, make sure that you offer opportunities for employees to move up in the company if that is what they desire. Otherwise, your employees may look for a job elsewhere.