We are all aware that modern workers are seeking much more than just a paycheck. Most employees desire a sense of purpose and want to be associated with organizations that work to improve the world. Employees, especially the younger talent, have been reevaluating the firms they work for with a focus on purpose and impact on society, per the 2020 Deloitte Global Millennial Survey. One of the causes of the labor market's high volatility is that wages and working conditions are insufficient to retain employees for an extended period of time.
Employee retention refers to the ability of a firm to maintain its existing employees under their contracts. This results in a more reliable, effective workforce. Companies that are committed to keeping their best employees create policies and initiatives designed to lower employee turnover.
Companies that have been successful in generating high staff retention rates are in a better position to accomplish corporate objectives and attract new personnel. A company's capacity to hold onto its people, particularly in competitive hiring markets, has profound implications for its ability to function at a high level, free from the disruptions that staff turnover brings, making it a key competitive differentiator.
Amidst all crises firms are facing thanks to the great resignation, there is also a shortage of talent. We do not have enough skilled professionals to fill job vacancies. This job-skill disparity is only projected to grow with an extensive new Korn Ferry report suggesting that by 2030, more than 85 million jobs could go unfilled because of the lack of people skills to fill them.
Most firms are now taking a new approach of not only focusing on new hires but also on programs that can help retain existing employees. IT departments in particular have increased efforts to retain valuable staff in the face of persistent skill gap challenges as they have been the most affected group.
Let us look at a few strategies to retain top talent while also attracting new employees.
- Retention begins at the recruiting stage
Retention begins with the application process, which includes screening applicants and deciding who to interview. It begins with determining which aspects of your corporate culture you want to emphasize and the strategy you would like to implement moving forward. Have a checklist of what you are looking for in an ideal employee and then look for those in your candidates. This will save you the time and effort you might put into vetting candidates who aren't a good fit for your company.
- Recognize candidates who will stick with the program.
While creating your checklist for your ideal candidates, go beyond the information that has been provided in their resumes. One of your best indicators is to choose candidates who have spent a long time at their previous jobs. Look for the duration they have worked and make a note of the timeline. If they have stuck with an organization through thick and thin, that is a good indicator of perseverance, loyalty, and engagement in their role. In addition, look for team players.
If there are candidates who have worked along with teams such as in a sport or volunteered for a cause, then there are your ideal candidates. You already know that they have a growth mindset and will go through with their work if they really care about something. If you have candidates who have had 5 different jobs in a matter of 6 years then they might require a lot more effort to retain.
- Pick candidates whose values align with your organization
Employees who are aligned with the organization's values, vision, and mission tend to stay longer. Thus, identifying them during the recruitment process can pay long-term dividends in terms of retention. Rather than focusing solely on longevity, identify candidates with whom your organization's story resonates. When top talent believes they share values with their employer, they are more likely to stay with the organization for a longer period of time.
- Prioritize your employees' needs.
Experts advise that you should understand your employees' desires and be prepared to meet them. Employee expectations are changing, as our times change. People, for example, are looking for organizations that can offer flexibility in a way that meets their specific needs and preferences. That holds true whether they are an applicant or an existing employee. If a company is unable to provide flexibility, it may find it difficult to attract and retain talent. Recognize that people are multidimensional — and that as a firm, you must support the whole person, whether through flexibility, a diverse set of benefits, financial stability, or purposeful projects to keep them engaged.
- Engage your workforce
Employees who are engaged in their workplace are more likely to stay, but the opposite is also true: workers who are disconnected from development opportunities, management, or the organization's values are more likely to leave. Disengaged workers constitute a sizable proportion of the workforce: according to a Gallup poll conducted in 2021, 15% of US workers are "actively disengaged."
Engaging employees through employee engagement programs such as employee volunteering, Zumba or workout sessions, webinars on new topics, and workshops to help build new skills, can make your employees more enthusiastic about their work and will contribute to an overall positive work environment.
If you are looking to implement employee volunteering as your employee retention strategy then Chezuba is the best platform for you. With nonprofit partners from over 100 countries and a myriad of skills to choose from, your employees will be able to volunteer virtually at any time from anywhere. Book a free demo to learn how Chezuba can help you implement and scale your employee volunteering program.