7 Strategies for Improving Employee Retention

7 Strategies for Improving Employee Retention

By: Corey Philip
Updated: December 20, 2019

The millennial generation, through representing the largest segment in the workplace, is dominating the workforce. According to a report by an American research group, The Brookings Institution, over 75 million of the American population and about two fifths of the entire working population are millennials. Worldwide, the aforementioned age group is also playing a key role in shaping the trends. An analysis which was completed by the Financial Times indicated, millennials, or those who are born between 1980 and 2000, make up about 1.8 billion or about a quarter of the world’s population.

With these facts at hand, it is no wonder why a lot of employers had to tweak some of their policies or business strategies just to cater to the needs and demands of their millennial employees. However, their reputation preceded their prominence. Other generations, especially those who have come before them, generally hold the belief that the Millennial generation is entitled and notoriously strong-willed and discontented.

These stereotypes are so widespread and well-known, but among all of the negative labels that we slap on to them, the most notorious and prevalent is that they are job hoppers. Actually, 21 % of millennials say they’ve changed jobs within the past year, according to Gallup Polls. This rate is three times as high as the rate of the generations outside of the millennial group who admitted to changing jobs within the past year. Because of this, businesses and HR personnel have to come up with new measures to lessen the attrition rate that had gravely been affected by the millennial job hoppers. That’s why we’ve rounded up 7 strategies to improve employee retention


7

Show that their opinions matter

Don’t be afraid to receive criticisms. Take it as a challenge to understand your employees better. It’s just their way of expressing how they would like to be treated or what they would like to change. You may start with encouraging them to take part in surveys or group discussions. It is highly advised to have this type of activity at least once a year. Of course, the changes don’t have to be drastic. You could start with small steps until you have achieved your goal as an employer. As an employer, remember that it is also your responsibility to listen and understand the opinions or grievances of your workers.

6

Show your appreciation

It doesn’t matter whether your business is a big corporation or a startup company. Every employee needs to feel valued. One way of showing this is through providing necessary benefits. Most employees prioritize benefits over increases in salary since many are starting or planning to start their own families. That’s why they care more about care-based benefits. Aside from that, occasionally giving them a pat on the back for a job well done is motivating and is most likely to boost their morale.

5

Foster growth and development

Millennials are highly impatient people. If they feel that they are not growing or that their skills are not being honed, they would most likely start to think about finding a greener pasture. One way of soothing this is to make them feel that they do have an actual future in your corporation. You could start by holding simple trainings and seminars to boost their confidence in your company.

4

Be open and engage them in every decision

If you try to involve your employees in major or minor changes that you would like to transpire in your company, it would give them a sense of being important. They would feel that they belong in the company and that they matter. Most employers think that employees work for them. That is a misconception. Employees work WITH employers. Try doing this and you would notice a more positive change in your office environment. It is not necessary to divulge sensitive or confidential details, but let them at least be aware of what’s happening. Nobody wants to feel left out.

3

Be an excellent leader, not a good boss

Leaders are people who inspire their subordinates to become as efficient and creative at work. On the other hand, bosses are people who simply manage their people. What most employees or subordinates need are brilliant leaders who will encourage them to achieve excellence. Instead of telling the workers how to do their jobs, try to make them think how they could efficiently do their tasks. Don’t give them a definite method of working. Inspire and coach them to think by and for themselves.

2

Let them go

There is a popular saying, “If you love somebody, let them go.” The same quotation applies in this context. To retain more employees, don’t stop them from leaving. That would only harbor resentment from them. That would also give a negative impression on the remaining employees. Instead of stopping them from choosing what they would like to happen in their lives next, try thanking them for the services that they have provided for your business instead. After that, ask them that if given the opportunity, what could you have done to make them stay. This would prevent leaving a bitter taste on both the employer’s and the employee’s mouth. If there would be talks between the leaving employee and their friends in the office, it is certain that there would not be any gossip that you wouldn’t let an employee quit.

1

Create a sense of fellowship

At the end of the day, right after every task, we are all humans. Improved relationships in the workplace can help raise employee morale. If the workers are all on good terms, they would feel more motivated and will look forward to working with one another. Also, since employees generally work five times a week, eight hours a day, it is of paramount importance to help them feel more at ease with each other. In contrast, a stiffer and unfriendly working environment will have adverse effects on the emotional and psychological health of the employees. So, small parties or gatherings from time to time will surely bring a more positive perspective on your company.

Corey Philip
December 20, 2019
Corey Philip

Founder of a home service / specialty trade contracting company (think patio's and deck) with a focus on customer experience. Quantitative investor. Data driven marketer. Runner.