Laura Scotti is the CEO of ScottiWorks on behalf of Pathways Consulting Group.
The professional landscape has undergone a dramatic transformation over the past decade. The aftermath of Covid-19, combined with the rise of the gig economy and a fundamental shift in employee expectations, has created an environment where employees are more willing and able to leave their positions than ever. However, savvy entrepreneurs and business leaders know that retaining top talent is crucial for long-term success.
Hiring is a drain on an organization’s resources. There are costs associated with lost work, recruitment, onboarding and training. While not every hire will cost the same, the simplest way to reduce those costs is to increase employee retention, especially for leadership and high-performing staff.
1. Prioritize employee goals and growth opportunities.
In the modern workplace, employees are seeking more than just a job. They are looking for meaning and purpose in their work. Organizations must focus on aligning individual employee goals with the overall organizational objectives to attract top talent and keep them content in their positions. Building a sense of cohesion and infusing your organization’s mission statements into the daily routine of the office can help create a sense of belonging and motivate your staff to stay for the long term.
Achieving this, however, is easier said than done. Take time to engage in conversations with your employees about their career aspirations and professional development goals, both short term and long term. Your employees also need to feel comfortable enough to be honest about their goals and know that if their perspective has changed, leadership will be open to it.
In my experience, employees feel comfortable when they know you care about them. Treating employees like they are just a number creates an environment of distance and mistrust. For example, when I was first given a leadership role, I invested time in getting to know everyone on the team. I did not just want to know about their professional experience and goals; I also wanted to know about their lives, families, hopes and dreams. In a time of transition, that made them more comfortable with me and with one another. This is not something that can be faked or planned, though; you must show genuine care and set the tone for sharing information honestly.
We set goals together and discussed how we could help one another achieve them. By having goals intertwined together, we were able to provide more accountability and support.
Encouraging open dialogue about personal goals and work creates opportunities to explore those objectives. Cross-training and exposure to other departments is often one of the main goals of high-performing staff. These objectives can be met and encouraged through mentorship programs, internal job rotations or customized training plans. Consider, for instance, an employee who works in one area of research and development but has shown a propensity to engage with new technology. If this employee is already taking on projects revolving around robotics and programming, then providing additional training and mentorships in that area will improve their contributions to the team.
2. Empower employees with comprehensive training and tools.
With the constant evolution of technology, employees need continuous learning and access to the latest tools and resources to thrive in their roles. This not only enhances employee skill sets but also demonstrates your commitment to their professional growth and development. Online courses, workshops and symposiums provide additional educational opportunities and allow employees to stay abreast of industry trends. Organizations can build a confident, capable workforce by equipping workers with the necessary knowledge to remain competitive on an individual level.
In a similar vein, providing employees with the right technologies empowers them to excel professionally, becoming more efficient and productive. Outdated systems or weak processes can hinder productivity and will frustrate high-level performers. Conduct regular evaluations and update the tools and technologies you use to support employee success and satisfaction.
However, keep in mind that without proper implementation, management and training for users, such an investment will be unable to reach its full potential. You’ll need to ensure each team has the support they need to effectively harness new solutions.
3. Foster a positive work culture.
Your workplace culture is built on a foundation of core values. All employees must be held to the same standards without exception. However, creating an environment like this does not come naturally. Intentionality is key. Actively ensure every team member, from entry-level staff to C-level executives, feels respected, valued and part of a cohesive whole.
Respectful communication is a vital part of a positive company culture. Engaging in conversations with openness and curiosity takes practice and self-awareness from leadership. Encourage regular feedback from your employees, listen to their recommendations and take steps to execute suggestions that are deemed appropriate. There should be avenues for this type of communication at all levels of the organization. In my experience, employees will be more engaged and committed when they feel their ideas are valued and considered. It allows them to influence the policies and practices they work with daily.
Recognition for work performance also plays a significant role in creating a positive culture. It might even be more impactful than individual rewards, which can depend on factors outside of an individual’s control. Celebrating achievements, big and small, cultivates a sense of pride and motivates employees to excel and push their limits. It also offers insight into areas of value for different teams, which can result in improved collaboration across departments.
Company culture stems from leadership and moves downward, so when high-level executives are rigid and demanding, that attitude is felt by everyone. On the other hand, I believe flexibility, support and an appropriate work-life balance will lead to workers who are happy with their position and the organization as a whole.
In the face of today’s multifaceted landscape, organizations must adapt their strategies to ensure employee retention. People are more mobile than ever, and top-tier talent is increasingly interested in more than just a paycheck. When leaders consider these factors, they can create an environment where employees feel valued and motivated to stay. This paves the way for sustained growth and long-term success.
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