How To Retain Your Employees
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While the Great Reshuffle continues, companies consider how to keep employees from leaving. With many job seekers citing a lack of growth opportunities with former employers, it's important to establish a clear plan for success from the start. Retention is critical for a company to thrive, and employees should feel valued.
In the midst of the Great Reshuffle, employers are looking for better ways to retain employees. While workers seek new opportunities, they are hoping to find employment which incentivizes them to take on a position.??
However, employee retention has been on the decline for the past few years, predating the pandemic. In 2019, data collected by LinkedIn showed that there was a 76% chance of someone remaining at a company after a year. It was revealed that after two years, there’s a 59% chance an employee stays at a company. After three years, there is a 48% likelihood that they will continue to have the same employer.
Although data has yet to be collected regarding the ongoing Great Reshuffle, it’s clear that employers need to learn how to keep employees from leaving. Mirroring job seekers’ search, companies should consider how they can best account for longevity in employment. LinkedIn Talent Solutions compiled five ways an employer can work towards retaining workers.
Strong Onboarding Process
Each point remains true in today’s job market, as the onboarding process can be a crucial deciding factor in employee retention. In fact, most of these points can be practiced during onboarding. By setting up new workers with tools for success, they can feel prepared for a position.
According to the Society for Human Resource Management (SHRM), 20% of employee turnover occurs within their first 45 days working for a new company. Vice president of Marketing for O.C. Tanner, Michelle Smith says, “This number is even higher with ‘emerging adults.’ They define success differently than other generations. If a job isn’t meaningful to them, they aren’t afraid to leave.”
SHRM’s report goes on to elaborate on “the Four C’s” which are suggested as a part of the onboarding process, including “compliance,” “clarification,” “culture,” and “connection.” Compliance involves an employee learning the general policies and procedures of a company. Clarification sees that a worker has a grasp on their position’s responsibilities and feels confident in carrying them out. Culture introduces the work atmosphere of an employer, with both professional and informal practices. Connection brings employees together, creating spaces for coworkers to know each other and grow in their professional relationships.
Based on LinkedIn Talent Solutions’ data, employers which incorporate a formal onboarding program will retail 91% of workers who are in their first year. Companies that do not have such effective onboarding have had 50% of first-year employees leave during that time frame.
This method of retaining employees is also addressed in LinkedIn Talent Solutions’ tips regarding remote workers. Ensuring that workers have the technology, training, and other resources required ahead of their start date, provides employees with the trust and confidence they need in a company. The data suggests that a worker’s first impression of an employer throughout their onboarding can have either a positive or negative impact which directly affects retention.
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Growth Opportunities
One of the most common reasons job seekers leave an employer is a lack of opportunities for growth. A company can quickly establish a long-term roadmap for success with a new worker, or they can leave it vague without a clear outline of what the employee can expect.?
Although there might be some discussion of potential bonuses, other short-term and long-term milestones such as promotions are worth discussing with a new employee. This can both motivate a worker and convey that an employer is seeking their best interest right off the bat. LinkedIn Talent Solutions found that 23% of those who leave a position during the initial six months would have stayed with a company if they received clear guidelines from the start.?
With so many job seekers citing the lack of growth opportunities in previous employment, immediately sharing routes to success can set a company apart. While shifting career philosophies might discourage longevity with a single employer in some fields, making it clear right out of the gate can still help employee retention.
Offering The Right Benefits
According to data shown during an interview by LinkedIn News with Tammy Sun, co-founder and CEO of Carrot Fertility, 71% of employers view both medical and pharmacy benefits as being key to retaining workers. This sentiment is shared by LinkedIn Learning Solutions, which similarly found that various perks can increase employee retention.
LinkedIn also found that 74% of employees would be less likely to leave a company if they were able to work remotely. As opposed to free food, streaming service subscriptions, or other gimmicky perks that some employers offer, workers are more likely to stay with these more substantial benefits.?
Long-term retention can be integral to the overarching success of a company. While many employers might view the Great Resignation in negative terms, there is also a great opportunity to resolve issues of retention and reinforce core company values. By making an employee feel cared for with clear communication, growth opportunities, and the appropriate benefits, there is a greater chance they will remain in a position for a longer length of time.?
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How can you find ways to increase employee retention?
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