Employee retention is a key element of human resource management. Indeed, ensuring that employees are satisfied and engaged in their work is essential to maintaining a positive and productive work environment. Several strategies must be implemented to retain your staff, such as developing skills, recognizing performance and establishing a culture of innovation. This article will explain how to set up a loyalty policy within your company and what benefits it can bring you in the long term.
How To Retain The Employees of Your Company?
A company’s “good health” is not limited to its turnover and development. Indeed, too high turnover of teams can be a sign of organizational problems, communication between teams, a lack of motivation or management problems that can affect your company’s health.
But then, how to motivate and retain employees? Discover our tips for retaining talent. (No, it’s not all about the money).
What Is Employee Retention?
Definition: Loyalty
Employee loyalty is linked to the employee’s long-term attachment to his employer. Several factors can be involved in this process:
- The good relationship with the team
- Professional and personal interests of all kinds (money, the flexibility of time and place, mutual insurance, advantages with partners, etc.)
- Organizing internal events
- Common values and commitment to current issues (including corporate culture)
All the initiatives that could benefit the employee and improve their working conditions are good for retaining your workforce and making candidates want to work with you!
Why Retain Employees?
The recruitment sector is currently facing significant tensions. In many professions, the supply of candidates exceeds demand, which makes hiring difficult, especially for shortage profiles.
For example, between 2017 and 2022, the recruitment difficulty rate increased significantly in several areas.
Faced with this situation, employee loyalty has become a major issue, more important than ever. The ability to retain employees has cascading consequences:
Retaining employees reduces the rate of staff turnover within your company. It avoids the costs and efforts associated with recruitment. In addition to contributing to talent retention, it allows you to maintain their overall performance.
For all these reasons, you must identify the best levers to retain and keep your current employees in their positions.
Also Read: Big Data – The Future Of Many Companies
How To Retain Employees Other Than Money?
As you can imagine, salary is one of the elements of employee motivation and loyalty. If the company adopts a remuneration policy below the average for the sector, it exposes itself to the risk of not managing to retain its teams and, therefore, turnover. But this is far from being the primary motivating factor for employees. Generation Z is in search of meaning and recognition.
It can be very demotivating for a high-performing employee to see that salary increases are given without considering the results and personal implications (if they only meet predefined or standardized criteria).
Retaining and motivating employees is an everyday exercise. Even if the remuneration policy is one of the key elements, there are points to consider, from the job description to the management, including the company values and culture.
At the time of hiring, you can offer the candidate benefits that are hard to refuse! For example, your future employee could benefit from a company car as soon as he arrives at the company in addition to a telephone. If you know that the latter has children, a good practice to adopt is the donation of back-to-school checks to allow your employees to buy supplies for their children (we know that this can represent a hell of a budget ). It’s a little important attention that can make a difference during an interview! And improve the quality of life of the employee in question!
Good Management Practices: The Key To Loyalty, The HR Department!
Did you know that 50% of employees say they are not quitting their job but quitting their boss? The absence of management, bad relations with superiors or relational incompatibility can be decisive in the employee’s choice to leave his company. An important loyalty lever is ensuring that your teams are properly managed and supported.
A good manager must see himself as a pack leader. He must not content himself with giving directions; he must, above all, listen to his teams. Indeed, understanding the needs of its employees is necessary to avoid conflicts or resolve tensions quickly.
It must also create a welcoming and motivating atmosphere. It is, therefore, important that he recognizes the value of the work carried out by his collaborators while supporting them during more delicate moments.
The Manager Plays a Major Role in Employee Retention.
Managers, don’t forget that all employees, first and foremost, need recognition. Employees like to be recognized for their fair value at work. Recognize the efforts of your employees regularly and encourage teams to complement each other! The implementation of such initiatives will contribute to the well-being of your staff. Ensure the lack of recognition doesn’t cause you to lose your best talents.
Business leaders, remember that management is not an innate science. So you must train your managers to get the best out of their teams. Problems? Doubts? A little coaching can be very beneficial. Also, keep in mind that becoming a good manager takes time. Encourage feedback; it is very important to straighten the bar or get off to a good start!
Also, discover our advice to start the school year well. Your teams.
Training, What Challenges To Retain Your Employer Brand And Motivate Your Employees
What is your training policy? An employee must gain skills while perfecting his achievements to flourish within a company fully. Moreover, companies that invest in training and career development perform better than their competitors. Give your employees access to training to give them prospects for development.
Changing quickly is a requirement of many employees, so it is necessary to be attentive to this and to promote the implementation of training courses adapted to the desires of each. These are also benefits that you can claim at the time of your recruitment interviews. Many job seekers are interested in continuing their education before joining a company.
A Pleasant Working Environment, What HR Levers To Maintain Motivation?
If the increase in turnover is expensive for the company, it also represents a cost other than financial. Indeed, it also has a considerable impact on morale and contributes to the disengagement of employees. The work environment has a role to play in limiting these departures. A good relationship with colleagues, a favorable work environment and good internal communication should not be overlooked.
Involve your employees in shaping the company’s vision and values.
To motivate its employees, nothing beats involving them in the evolution of the company. Communicate regularly about your company’s expectations and future projects to promote and strengthen team spirit. You will thus give them the desire to surpass themselves to achieve the objectives that they have set for themselves.
Note also that when an employee is in line with the company’s values (and its culture), he feels much more concerned by the missions entrusted to him.
How To Value Your Employees?
To start, regularly express your enthusiasm for them, highlighting their achievements and skills. Show them you appreciate their work and encourage them to grow by offering development opportunities like mentorships or special projects.
Give them responsibility and autonomy in their organization, trusting them to make decisions and solve problems.
Create opportunities for progression within the company by establishing clear career plans and promoting internal promotion. Listen to their needs, allow them to express themselves and involve them in important decisions. Cultivate a positive team culture, encouraging collaboration, open communication and mutual respect.
You can create groups on Whatsapp so that your whole team can exchange quickly in case of modification or emergency on a current project.
By valuing your employees regularly and authentically, you will contribute to their fulfillment and commitment to the company.
How to retain employees thanks to the good atmosphere at work?
Understanding between colleagues and a good atmosphere within the company are two essential principles to offer your collaborators. This will make them want to come to work every morning to do the best possible job in good conditions! What person would want to leave a company where they are on good terms with their team members? Find ways to strengthen ties, through team building or more informal outings, for example.
And, why not propose a monthly meeting between all the teams around a sports course. At some big-name companies like Google, employees have access to a private gym that they can use throughout the day to decompress when facing a stressful day.
Create an atmosphere where they feel supported and encouraged. Please provide them with the resources and tools to do their job effectively. Listen to their concerns, and offer solutions when possible. Provide constructive and encouraging feedback to help them improve and progress.
And the material in all this?
The general work environment should not be overlooked by business leaders either. Beautiful premises, comfortable and well-organized offices, well-defined work and break spaces, adequate equipment… will more easily appeal to employees in the long term and contribute to their well-being. Remember that this material often needs updates or regular optimization and can sometimes be fragile or prone to accidents. Ensuring these assets’ protection is, therefore, essential for the sustainability of equipment and teams.
Our advice has helped you perfect your loyalty strategy. There is no magic recipe for retaining a collaborator; seeing a few leaves is completely normal. Do not question your entire organization for a departure, but clear HR processes, career plans for each employee and benevolent management are undoubtedly ways to reduce the absenteeism rate.
Also Read: What Is Cash Management?
Employee loyalty: levers for creating an environment conducive to employee development
Employee loyalty is a major challenge for maintaining a qualified and committed team. To achieve this, several levers are effective. First, it is essential to offer competitive remuneration, ensuring that salaries align with responsibilities and performance. Then, offering attractive benefits such as health insurance plans, pension plans and generous paid vacations helps increase and retain their satisfaction.
Promote teleworking; since the health crisis, teleworking has become more democratic. It offers unprecedented flexibility to workers, allowing them to rethink their balance. The rise of freelancing and the emergence of remote working have opened up new prospects for talented candidates seeking freedom and autonomy in their careers.
It is no longer just an option but a real driver of transformation. It attracts candidates who wish to free themselves from geographical constraints, choose their place of residence according to their aspirations and feel fulfilled in their work. Companies that embrace this evolution gain a major competitive advantage by attracting diverse talent and creating a modern and inclusive corporate culture.
You are contributing to a professional revolution by favoring this way of working. Development prospects, quality leadership, employee participation and involvement, as well as a strong corporate culture are all factors that support employee loyalty. By implementing these levers, you can create an environment conducive to the development of your employees. We hope you have learned some lessons about retaining your staff. Indeed, the new generation arriving on the market is looking for a modern company that adapts to their aspirations.
How To Retain The New Generation And See More Generally in the Future?
The new generation of workers has a different vision of their professional careers. They don’t plan to spend their whole lives at one company but are driven by exploring new opportunities and personal development. It is essential to adopt a good approach by creating a working environment focused on collaboration and communication to retain them.
It would help if you recognized the added value you bring your future employees in their professional project prospects. By investing in your retention, you will benefit from an engaged workforce that will contribute to your success. It is important to understand the expectations of the next generation of workers to retain them. Here are some tips to foster their engagement and keep them staying longer; show them you’re committed to helping them achieve their career goals. Respect the need for time off and encourage employees to care for themselves.
Recognize and reward performance, and set up recognition and reward programs to value their efforts and commitment. Encourage initiative and the expression of ideas. By applying these tips, you will be able to attract and retain the next generation of talented workers, motivating them to invest fully in your company.
This will promote long-term stability and growth while creating a positive and productive work environment for everyone.
We hope you learned things to help your business grow and do better! We invite you to look at our blog to find advice on how to develop your business.