Top 5 Strategies To Retain Your Top Talent

In the ever-evolving landscape of business, cultivating an exceptionally engaged workforce is imperative for organisational triumph.

In 2023, over 120,000 employees worldwide were surveyed in Gallup Inc’s annual State of the Global Workplace Report. This survey revealed that only 13% of European employees and a mere 11% of Irish workers reported being engaged in their work, significantly below the global average of 23%. [1]

In this blog, we'll delve into practical tips and techniques to help you enhance your employee’s engagement including communication, recognition, and professional development.

1.?? Effective Communication

Be clear and transparent.

Research indicates that effective team communication plays a pivotal role in enhancing employee retention rates, showing a significant 4.5 times increase when compared to businesses that lack effective communication in the workplace. [2] Additionally, a substantial 63% of workers articulate their longing for heightened workplace engagement, highlighting the crucial role of employers in concentrating on enhancing company culture to cultivate a more positive and motivational atmosphere. [3]

So how can this be achieved?

• Foster Open Communication Channels: Encourage open dialogues through regular team meetings, virtual town halls, and interactive platforms.
• Implement Feedback Mechanisms: Establish a feedback platform to empower employees to voice their insights and suggestions.
• Leverage Technology: Utilise communication tools to streamline information flows, ensuring everyone stays informed and connected as part of a cohesive team.

2.? Recognition & Appreciation

Acknowledge and appreciate employees for their contributions.

Recognition stands out as a highly impactful non-financial factor in influencing employee retention with 91% of HR professional s acknowledging its potency in fostering employee loyalty. A compelling statistic reveals that 63% of employees who perceive themselves as recognised are notably less inclined to actively seek new job opportunities. Conversely, a lack of recognition emerges as a significant driver for job changes, as 44% of employees attribute their job switches to insufficient acknowledgement of their contributions. [4]

Below are methods to help enhance employee satisfaction in the workplace and focus on prioritising your company's initiative in recognising and rewarding employees.

• Personalise Recognition: Tailor recognition efforts to individual preferences, acknowledging their achievements in a meaningful and personalised manner.
• Peer-To-Peer Recognition: Implement programs that empower employees to recognise and appreciate the efforts of their peers, fostering a positive and collaborative culture.
• Tangible Rewards: Consider tangible rewards, such as gift cards or professional development opportunities, to express gratitude for exceptional contributions.

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3. Professional Development

Invest in the continuous growth of employees to maintain a highly engaged workforce.

It is now known that opportunities for growth and development, clear and realistic performance expectations, and managers that are effective coaches, are 3 key factors that contribute to an employee’s intention to stay within an organisation.

When it comes to implementing a strategy based around employees' personal development, think about the following.

• Personalise Development Plans: Collaborate with employees to create personalised development plans aligned with their career aspirations and organisational goals.
• Encourage Learning Opportunities: Provide access to training programs, workshops, and industry conferences, showcasing a commitment to professional growth.
• Mentorship Programs: Establish mentorship initiatives to facilitate knowledge transfer, skill development, and a sense of belonging within the organisation.

4. Wellness & Work-Life Balance

Promote and understand a healthy work-life balance.

Encouraging a healthy work-life balance is paramount for overall well-being, as it helps prevent burnout, reduce stress, and improve overall satisfaction in both professional and personal aspects of life. It has been proven that 72% of workers believe work-life balance is essential when choosing a job, with 77% of surveyed employees to have suffered burnout at their current job. [6]

So how can you ensure a happy medium?

• Flexible Work Arrangements: Implement flexible work schedules or remote work options help to promote a healthy work-life balance and can be more effective in creating an inviting work environment.
• Employee Assistance Programs: Offer resources for mental health support, stress management, financial, and overall well-being.
• Wellness Initiatives: Introduce programs such as fitness challenges or mindfulness sessions to foster a positive and healthy work environment.

5. Inclusive Leadership

Did you know that 57% of people have quit their jobs because of their managers? Furthermore, 14% have left multiple positions due to their manager’s leadership style. [7][8]

Practice inclusive leadership strategies to create a sense of belonging in the workplace.

• Diverse Leadership: Cultivate a leadership team that reflects diversity, ensuring representation and inclusivity at all organisational levels.
• Transparent Decision-Making: Communicate transparently about decision-making processes to help employees understand the rationale behind organisational choices.
• Employee Resource Groups: Establish employee resource groups to provide a platform for diverse voices and perspectives.

It is worth noting too, whilst capability building and staff engagement are crucial, a company's progress can be limited by these factors alone. The work environment, in particular, emerges as a critical factor influencing overall staff retention. [9]

Businesses need to provide employees with the supports and resources they need to do their work efficiently and effectively. For example:

• Giving employees the necessary tools, and assistance to facilitate optimal job performance It also means giving them tasks that matter.
• Additionally, fostering an environment that prioritizes employees' physical, social, and emotional well-being is integral to maintaining a professional workplace.

So, how can you guarantee that your workforce experiences a sense of connection, and sustained engagement?

These meticulously outlined strategies, spanning from the pivotal role of effective communication, the profound impact of recognition on loyalty, to the strategic investments in professional developments, prioritisation of well-being, and the embracing of inclusive leadership, form a powerful blueprint for organisations dedicated to creating more than just a workplace. These are the building blocks of a thriving community, where employees transcend mere contributors, becoming indispensable partners propelling the organisation towards unparalleled and shared business success.

Implement these strategies with diligence, and witness not only heightened engagement but the flourishing of a collaborative and empowered workforce that drives your organisational mission and vision.

Can we help? We are a team of?over 50 experts, and more than 2 decades of experience?in recruitment, career, and training services across Ireland which could help you. Why not call us on 051 878 813 to have a conversation with one of our team. Alternatively drop us?an email, [email protected].

Biography:

[1] De Brún, Rita., Irish Examiner. Firms Host Events as Engaged Employees Lead to Bigger Profits., February 2023. https://www.irishexaminer.com/business/companies/arid-41067083.html

[2] ZenHR, Employee Retention Strategies for 2022. https://assets.ctfassets.net/r18zc2po1g62/1MY8miRXspbihcCUynvtz6/c1b20bfbdd948221188219514657aa7e/Employee_Retention_Strategies_For_2022.pdf

[3] Achievers, Achievers Report Uncovers How Employers Can Drive Retention amid the Great Resignation, 2022. https://www.achievers.com/press/achievers-report-uncovers-how-employers-can-drive-retention-amid-the-great-resignation/

[4] ZenHr, Employee Retention Strategies for 2022. Recognise Achievements and Contributions, pg. 4. https://www.achievers.com/press/achievers-report-uncovers-how-employers-can-drive-retention-amid-the-great-resignation/

[5] Global Leadership Forecast 2023., A Race to Retain High-Potential Talent. https://www.ddiworld.com/global-leadership-forecast-2023/retaining-top-talent

[6] Linearity.io, Worklife Balance Statistics: Gender, Burnout, and Workplace Stress. https://www.linearity.io/blog/work-life-balance-statistics/#:~:text=72%25%20of%20workers%20believe%20work,essential%20when%20choosing%20a%20job.&text=43%25%20more%20remote%20employees%20work,a%20week%20than%20onsite%20employees.&text=60%25%20of%20employees%20can%20effectively%20balance%20work%20and%20personal%20commitments.&text=77%25%20of%20surveyed%20employees%20have%20experienced%20burnout%20at%20their%20current%20job.

[7] PR Newswire., New DDI Research: 57 percent quit because of their bosses. December 2019. https://www.prnewswire.com/news-releases/new-ddi-research-57-percent-of-employees-quit-because-of-their-boss-300971506.html

[8] Griffin, T., Thomas Griffin. People Quite Bosses, Not Jobs: Why employees are frustrated with leadership in 2023. December 2023. https://thomasgriffin.com/people-quit-bosses/

[9] Pedro Angulo, And the result: A workforce with the right capabilities & willing to go the extra mile. https://www.imi.ie/blogs/result-workforce-right-capabilities-willing-go-extra-mile/.

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