But to prevent attrition, you must first understand why it happens.
Here's what's putting your top talent at risk.
Strong salaries and benefits packages will only go so far in your bid for retention. Talented employees tend to be the most ambitious, and will want to see opportunities for development and career progression within their role.
A clear and defined career path is a vital component in your employee value proposition (EVP), and something that needs to be communicated and nurtured consistently. Where possible, each employee should have an individual journey mapped out based on conversations with their line managers.
Over half of the people who keep our businesses ticking over have fundamental issues with those in charge. The employee-manager relationship will always be prone to stresses and strains, but the way we address these problems needs adapting. As a starting point, leadership should be present and consistent at every level of the organisation.
If your company hasn’t undergone some form of management training, it might be time to make the first move. In addition, frequent feedback loops through surveys and informal catch-up conversations are good ways to uncover what’s causing latent frustrations.
The 21st century has seen a growing trend in people wanting to work for organisations with purpose and value. This is particularly true among the younger generations who, by and large, want to be part of cultures that work incrementally towards achieving something of societally value. Goal alignment of this kind strengthens leadership and creates flexibility; with a mobilised team working towards shared objectives, businesses can execute strategy faster and with more agility.
This means encouraging your workforce to think beyond their personal and team objectives, towards a wider company movement. Use internal channels to promote the brand’s progress towards achieving its goals to give direction and focus.
Indiscriminate pay increases are rarely economically viable – and would do little to increase long term retention anyway. Almost two-thirds of employees agreed that regular personalised benefits – such as cost-saving perks, free meals, and gym memberships – would be appreciated as recognition for their loyalty and personal investment.
The key is to align any reward programmes with your organisation’s goals, that could mean improving skills or increasing retention. The most successful programmes contain a blend of instant recognition, leadership support, and personalisation.
A lack of organisational communication and transparency frustrates employees even more than poor leadership. If an organisation fails to articulate its requirements on both an individual an a collective level, employees will lack direction and drive.
The most practical solution to work-related frustrations is open dialogue; to candidly discuss issues as they arise. Regardless of the industry they’re in, employers need to engage with their people. Great company cultures are the product of leaders with emotional intelligence, stakeholder experience, and employee engagement. Employers need to make stronger emotional connections with all of their people, and bring purpose and value to work.