The pandemic has forced employees to reevaluate their relationship with work, leading millions worldwide to quit their jobs. In an environment where talent is in high demand, flexible work arrangements, extravagant benefits, and strong pay may not be enough to keep high-performing workers from leaving. Here are five ways to retain top talent.
1. Create a culture centered around dignity and empathy
Today, workers are prioritizing a healthy culture. According to a recent study published in MIT Sloan Management Review, toxic culture is by far the strongest predictor of turnover. To avoid creating an unhealthy work atmosphere, companies must build a culture that fosters empathy between peers and where employees feel supported in their work. They should also aim to establish an environment where employees feel respected and where personal hardships are approached with flexibility and compassion. Employees are far more likely to be retained if they feel they can have moments of vulnerability and a sense of belonging at work.
2. Ensure employees have meaningful social experiences
Throughout the pandemic, employees have maintained a desire for strong social cohesion at work. As more workers go remote, companies can still foster positive social experiences. Some examples include ensuring employees’ contributions are recognized firm-wide, providing opportunities to collaborate with colleagues, and creating chances to engage with peers in social settings. Creating a workplace environment where workers trust and care for one another helps employees make deep social connections that make their jobs more appealing.
3. Provide continual growth opportunities for all employees
A timeless way to retain top talent is by providing learning and growth opportunities. Provide employees with a clear idea of how they can grow in their jobs and how the company will support their ambitions, so they feel like the company is invested in their long-term growth. Businesses should regularly work with employees to figure out how best to help them with their long-term goals.
4. Make sure employees are connected to the purpose of the company
Employees have a growing desire for their jobs to provide a sense of purpose. Businesses that devote resources towards providing opportunities for employees to do meaningful work have a higher chance of retaining their workers. Companies should make sure each employee understands how their role contributes to business goals and acknowledge the impact they are making.
5. Constantly evaluate employee needs
Employee demands have transformed over the past two years. Workers’ relationships with their jobs will continually evolve. Cartica urges companies to create an employee retention strategy that is focused on short-term and long-term actions that retain the best talent. This strategy may be supported by a quarterly survey or individual check-ins between employees and managers. In an ever-changing labor market, companies should be proactive about understanding employee concerns and taking steps to address them.
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