The Key to Employee Retention
What role does culture play in retaining employees? A big one. Lack of advancement opportunities, low pay, and feeling disrespected at work are among the top reasons employees choose to quit their jobs, according to a survey done by the Pew Research Center.
Turning a blind eye to these problems is not advantageous for any organization and leaders must start listening to their employees so they are satisfied in their roles.
Gallup conducted a survey in 2022 asking employees what is most important to them when deciding to accept a job offer, four of which we think are crucial to retention success.
An increase in income or benefits (64%)
Greater work-life balance and personal wellbeing (61%)
The ability to do what they do best (58%)
Greater stability and job security (53%)
It’s time to ask the question: Does your organization offer what employees are looking for? If the answer is no, there are a few things you can do.
Listen to Employees for Feedback
While sending out a survey once or twice a year can be helpful, true insight will be gained from more frequent check-ins where employees feel safe sharing their opinions. Make sure negative feedback is taken seriously and becomes actionable insights.
Have Productive Pay and Benefit Conversations
Make sure new hires and current employees alike understand the value of their work as it relates to a number. Arming hiring managers with current market information and how to have proper conversations around pay and future opportunities will help an employee feel valued.
Focus on Culture
Every company has a culture that can positively or negatively impact employees. Decide on what your company culture will be and set goals that align with those values. Involve employees on every level of this decision and follow through by putting real initiatives in place.