You’ve created an incredible team. One that works well with one another, accomplishes great things together and loves to be challenged. As a leader, a big part of your job is ensuring that the team you recruited feels fulfilled, valued and a part of something bigger than themselves. This all leads to better employee retention, higher productivity and a better work environment.
So, how do you keep the good times rolling? High employee retention rates don’t always come from the espresso machine and ping pong table kind of perks. There are a lot of things you can do to not only attract great team members to your company, but keep them for the long haul.
Let’s explore a few ways.
Support remote working
Companies that support remote working see a 25% reduction in employee turnover, according to a State of Remote Working report done by Owl Labs. The same report showcased remote workers being an average of 29% happier in their jobs as their counterparts who work from an office.
At Kin, we’ve noticed not only increased retention rates from remote working, but we’ve also enjoyed the benefit of being able to cast a wider net when it comes to recruiting. Many people love where they’ve put down roots, and are unlikely to move for a job – especially right now.
By offering remote work (or even a few days of working from home), you’re opening up an entire avenue for better employee recruitment and longer retention.
Be generous with praise and recognition
According to a recent Gallup survey, 28% of employees surveyed said the most memorable recognition came from their manager. Some even reported that recognition from their manager or the CEO of the company became a long-term highlight of their career.
Not only does praise make individuals feel fulfilled at work, it also helps companies see a lower attrition rate by up to 72%. Organizations that recognize employees’ strengths and help them use them more often reap all of the rewards.
Wondering how to provide positive feedback that matters? Check out our latest blog post here that gives you an exact formula on how to provide better employee feedback.
Provide a career roadmap
Do you have a rockstar employee who does a consistently incredible job with everything you throw at them? They’re likely happy in their job, but it’s important to make sure that they feel invested in and valued so they stay for the long-term.
A great way to reward your top employees is to talk about the future of their career and work on a plan to achieve success with them. By working one-on-one with employees to develop their career roadmap, you’re not only investing in them, you’re helping them map out the future and see how they can experiment with it within your company.
The work they challenge themselves with this way will not only grow their skill sets and experience, it’ll grow your organization, too. The more you can develop your greatest employees, the better your business will be.
It’s also a big deal when it comes to retention. In fact, a recent study by World Bridge Partners reported that 53% of millennials said career pathing and planning with managers has the most impact on their decision to stay with their employer.
Develop T-shaped employees
Hand-in-hand with creating career roadmapping comes continuing education. But for retention, it’s not necessarily in the ways you’d expect.
The best employees are often referred to as “T-shaped.” A T-shaped employee has a lot of knowledge in one area of expertise that goes deep down. They also have cross-functional knowledge about a variety of topics, allowing for broader perspectives and great problem-solving skills.
T-shaped employees are typically excellent collaborators since they can quickly connect with people due to their diverse background. They’re also great resources on a variety of topics, and are fast learners.
So, how do you encourage your team mates to become “T-shaped” employees?
Prioritize learning outside of their discipline, first and foremost. If you have a budget for continuing education, you’ll want to loosen the controls around what team members can use it on. Perhaps instead of a conference they go to for their discipline every year, they can use the budget on a MasterClass subscription, or a language class.
By building up other skill sets that aren’t directly related to their main discipline, they’ll develop a deeper understanding of a variety of things. In fact, studies have shown that people who get away from the daily monotony of their job’s discipline will often have better success in problem solving afterward. We’ve even seen it in action, and you can check out what we learned here.