Employee retention strategies for modern companies

In average, more than 30% of people who start in a new job leaves the organization in the first 6 months. That is an alarming statistic you can’t dismiss, especially in the current context of talent shortage. The high specialization level of modern job positions makes it increasingly hard to find qualified talent.  

The situation is even more complicated if we keep in mind that about 20% of the workforce from generation Y (Millennials) and from generation Z would quit a job within a month or ever sooner if it doesn’t meet their expectations. That’s why it’s so important to create and implement employee retention strategies. At T2W we are experts in talent management, we know that problem and we know how to deal with it. Here we show you some strategies that can help you. 

1. Provide the career growth opportunities 

New employees who enter a company want to keep learning and developing their career, especially the younger ones. In fact, about 60% of Millennials would prefer a job that has career growth potential over one that offers constant raises. How can we help employees further their careers? 

First, you could create an internal training program so that all employees can keep learning about their specialty area. Another option are the partnerships with other companies to receive talks and seminars. Additionally, you could offer education in an external way. To do that, you could team up and work together with educational institutions to reward the best employees with free courses and scholarships. 

2. Prioritize employee wellness 

In 2020, the pandemic moved many professionals to examine their own priorities and start paying more attention to employee wellness. Many choose to quit jobs where they felt their personal wellness was overlooked by the company. When employees notice the organization cares about them, they work with a renewed spirit and are less likely to leave. For that reason, paying attention to employee wellness is one of the best talent retention strategies.  

First, you need to respect the working hours and foster digital disconnection for people working from home. It’s also important to acknowledge their achievements inside the company. Additionally, you can create an employee wellness program, which can take many forms and cover many fields. To create one, you need to identify the needs of your employees with a survey. According to this, you can create a legal assistance program, a workplace day care program and many other similar options. 

3. Create exit surveys 

More often than not, due to the size or the complexity of the company, employees leave; however, we never get to know exactly the reason why they quit. If you want to retain employees, wouldn’t it be good to know what makes people leave your organization? Exit surveys can help you understand all those details and fight turnover rate. Unfortunately, not many people use them. 

A well-created good exit survey not only is perfect to know the reason why people leave, but also the everyday situation in that position, the relationship between teammates, supervisors and bosses, and the work environment in general. If you want to create one, make sure to conduct it in the most private way possible and use it only with people that leave the organization in good terms, without animosity or conflicts. 

4. Provide a good onboarding process 

The onboarding process is key to fully integrate new employers to the company. This speeds up the integration process of the newcomers to the working style, the coworkers and their responsibilities. What happens when there is no onboarding or it’s not implemented correctly? Employees end up in an environment where they are not comfortable yet. As a result, they have a hard time getting used to the job and will likely end up leaving. 

For this reason, to help new employees integrate to the organization since the first day, you have to offer a warm welcoming, help them get to know their teammates, show them the facilities, the different teams and the organizational culture. While the integration process can take months, a good onboarding can speed up that process. This way you can get employees to feel part of the company and stay for a long time. 

5. Create an attractive organizational culture 

A good organizational culture can be the factor that helps you retain your employees. In fact, around 46% of professionals nowadays consider organizational culture to be a key aspect in a job. For that reason, another of the personnel retention strategies is a good culture. Younger people feel that it’s important to work for a company with defined principles that they share and can defend. 

This is why it’s so important to define the characteristics that will create the organizational culture. This is comprised of the values, guidelines, philosophy and working style that the company transmits. Since employees are exposed to this way of acting, they will be directly influenced by it. If it fits the values and way of thinking of professionals in your field, you will retain most of the talent in your organization. 

These are some strategies to retain talent that you can apply in your company. Focus on your employees and their needs and you will keep them with you for a long time. 

At Talent2Win, we strive to align your company’s business objectives with the best Talent Acquisition strategies available. If you want to learn more about the services we offer, do not hesitate to contact us.