Is your company a revolving door of employees coming and going endlessly? In today’s business world, young workers have a reputation for moving from job to job looking for the next big break. Unfortunately, that means that business loyalty is not as it once was.
How, then, do business leaders deal with this issue and retain the top talent that they worked so hard to attain in the first place? There are several methods that may help with retention and overall employee morale as well.
Create a Detailed Onboarding Process
Some workplace studies show that onboarding properly can help new hires become long term employees. Be sure that your onboarding process includes orientation, socialization with other employees, and continued monitoring that the new hire is learning the specific job well and with support. Seventy percent of new workers report that they are more likely to stay at their new company for three years or more if they experienced a favorable application and onboarding process.
Allow for Flexibility
Retaining top talent sometimes means thinking outside the box. Consider flexible work hours instead of the 9-5 of our parents generation. Flexibility may also be necessary when it comes to remote work. Does an employee have an ailing parent or a young child? Possibly the option of working from home may alleviate personal stressors and encourage an employee to stay with your company.
Employees like to feel like they are learning, growing, and moving forward. By providing training and incentives to educate themselves and move up in the business, young employees tend to stay put. Whether you offer a percentage of the cost of a class or include bonuses for each training s/he takes part in, you are investing in your company and the retention of your best and brightest team members.
Give and Get Feedback
One complaint that employees who move around a lot have is that they do not feel like they were listened to. Be acutely aware with new employees that you plan to listen and give feedback on a regular basis. Feeling invested in a company and that ideas are considered is a great way to retain some of your top talent.
Retaining your best employees can be difficult but with some creative thinking and an attention to the needs of those employees you can foster a long-term relationship that will be beneficial for both of you for years.