October 27, 2023
Attracting and retaining talented employees is an age-old challenge for managers and leaders. This is because employee turnover can be a costly problem for businesses.
In fact, it's estimated that each employee lost equates to a cost of 1.5 to 2 times that employee's annual salary. Not to mention, it can take a business up to six months to replace them.
Losing employees is hard, but keeping employees who aren’t engaged in their work can be just as troublesome. According to Gallup, disengaged employees cost their company the equivalent of 18% of their annual salary. Other sources calculate losses at up to 34% of a disengaged employee's annual salary.
So, learning how to attract and retain prospective employees, then engage them in their work and keep them long-term is the secret recipe that every company is in search of. And while there’s no objective formula to successful hiring and retention, there are strategies any company can use. Here, we’ll explore what they are.
How to Hire the Right People
Let’s start at the beginning with the hiring process. In short, if you hire the wrong person, you’ll likely never engage or attract and retain talent them. You’ll be fighting an uphill battle, which no one has the time or energy for.
So, start your business strategy off on the right foot by ensuring you’re attracting and hiring the right people. Here are a few things to consider.
Rethink The Interview
When you think about the interview and recruitment process at your company, what comes to mind? It’s likely that candidates have a phone interview with someone from HR before moving on to a second interview with their potential boss.
Perhaps there’s another person or two in the mix, but in general, the interview process stops here. This means making a big commitment off of fairly little knowledge.
Instead, rethink your interview process around these three principles from the New York Times:
- Be creative: Consider stepping out of the typical interview environment to see your candidate’s true self. Try having the interview over lunch at a restaurant or head to a coffee shop. This will give you clues about how the candidate interacts with others, if they’re considerate, easy to talk to, and respectful.
- Be challenging: Go beyond the commonplace questions and try to get to know how your candidate thinks. Try asking what their natural strengths are (outside of work), what’s a common misconception about them, or what qualities they value in friends and family.
- Recruit help from employees: Be sure to include the people who will be interacting with this person the most- fellow employees. Their opinion is critical. And if an employee has a referral – even better. Consider doing some digging to see if you have any connections with the candidate so you can reach out for a first-hand reference.
Push for Diversity
If you’re looking for innovation or people who “think outside the box,” you’ll need to hire outside the box that you’re used to.
Oftentimes managers and leaders are attracted to the qualities that remind them of themselves. The only issue is hiring someone who shares your qualities tends to bring more of the same to your team. Instead, challenge yourself to look for prospective employees who will bring something new to your dynamic.
Here are a few ways to help combat bias in the hiring process:
- Gendered Language: Take a second look at your job description before publishing and pay attention to the language used. Research shows that you may be subconsciously deterring women from applying based on the language you use.Professors from the University of Waterloo and Duke conducted several studies examining how job descriptions with words that are considered more masculine impact the willingness of women to apply. When women read descriptions with words like “fearless,” “assertive,” or “determined,” they were less likely to apply.
Conversely, they found that when a job description had words described as being more feminine, there was no impact on men’s sense of belonging in the role or the general appeal of the job.
Men were just as likely to apply for female-coded jobs as women were. Fight hidden gender bias in you job descriptions with tools like textio that find potentially problematic phrasing and offers suggestions.
- Cast a Wider Net: It’s unavoidable that some jobs require certain levels of experience. But other jobs may benefit from someone with a more unusual background. For example, does your new salesperson need 3 years of experience in outside sales? Or could a top performing retail employee, who’s outgoing and connects easily with people be successful in the role?Does your next marketing manager need 8 years of experience or could the eager young person full of ideas be more of what your company needs? Being sure to not limit yourself with experience and specific requirements that may not be necessary could open your team up to a great hire.
Top Reasons Why Employees Leave
Let’s say you hire your dream candidate but a year in, they quit. Now what?
What’s even more frustrating than great employees leaving is knowing that it probably could have been prevented. And research shows that 77% of the reasons why employees leave are preventable problems.
According to a study by Flexjobs, the top reasons why employees leave include:
- Toxic company culture
- Low compensation/benefits
- Poor management or leadership style
- Poor work/life balance
- Not allowing remote work
Additional reasons often cited include:
- Unclear job expectations/lack of challenge/boredom
- Lack of appreciation/recognition
- Limited career growth opportunities
- Unmet expectations
Rather than losing talented people, it’s critical to put effort into engaging and retaining talent on your team while you still have them.
Laying the Groundwork for Employee Engagement
Successful employee retention and engagement requires adequate groundwork. In order to determine if your organization is facing employee engagement and retention issues, research needs to be done.
Organizations need to understand why employees leave in the first place. Once you know the extent of your engagement and retention problem, your organization can execute ways to solve it.
- Turnover analysis can be done through benchmarking (external and internal), pulse surveys, attending conferences, and performing competitor analysis.
- Create an action plan. After conducting research, it’s time to make a plan that will improve your retention. The use of broad strategies (company culture, salaries, etc.) and targeted strategies (exit interviews, stay interviews, and focus groups) will help create a comprehensive action plan.
- Implementation. You’ve laid the groundwork, now it’s time to execute strategies that were identified by your organization.
- Evaluate results. After implementing your plan, you should be evaluating (quarterly, bi-annually, or annually) the results to assess the impact your strategies are having and adjust accordingly.
12 Proven Employee Retention Strategies
No matter the size of your business or industry, you need an employee retention strategy to keep your talent. Here are twelve proven strategies that have been used successfully by companies around the world.
1. Build an Inclusive Workplace Culture
Creating an inclusive work environment makes employees feel welcome and accepted while increasing job satisfaction and loyalty. But don't just talk the talk — walk the walk. Having a diverse leadership team, offering flexibility in work arrangements, and having diversity and inclusion initiatives are all great ways to make your organizational culture more inclusive.
Also, consider forming employee resource groups (ERGs) - employee-led groups whose goal is to foster inclusivity and community. These groups are made up of people from the same diversity “group” and act as a resource for others in the company.
For example, you may have an LGBTQ+ employee resource group, a Gen Z group, and/or a Latinx group all at your company. These groups are there for others to lean on for personal and professional support and are great ways to spark employee engagement.
As part of your strategy, you can also encourage employees to participate in cross-functional teams, host training sessions on unconscious bias, and create a safe space for open dialogue.
2. Offer Competitive Salaries and Benefits
The rules are changing when it comes to money etiquette. According to a survey from Bankrate, 42% of Gen Z workers and 40% of millennial workers have shared their salary information with coworkers. This means that younger employees are more likely to recognize a pay gap. And while some will stay to negotiate during review season, others will start job hunting now.
Job switching has shown to be an effective raise solution too. In fact, one survey found that 49% of people who switched jobs during the pandemic received a 10% or more pay increase.
Furthermore, it found that 62% of people are concerned that their salary won't keep pace with inflation. So, leaders should take the opportunity to prevent voluntary turnover by proactively addressing salary negotiations. Waiting for employees to open the discussion just leaves the door open for them to take a better offer.
Providing competitive salaries and benefits shows your employees that you value their contribution to the company's success. Because as much as we may not want to talk about pay, if your best employees aren't making enough, they simply can't stay at your company.
On the flip side, a high salary alone won’t be enough to keep employees engaged and committed to the organization long-term. Employee appreciation comes in many forms, and compensation is just one of them.
3. Prioritize Professional Development Opportunities
No one truly wants to just punch in and punch out every day. People want to feel as though they’re growing, developing, and advancing.
Furthermore, the ability to develop skills is a fundamental component of employee engagement and satisfaction. Companies with a culture of growth tend to attract and retain high-performing employees who develop stronger relationships with the company.
This is especially true for younger employees. According to a LinkedIn study, 40% of young workers said they were willing to accept a 5% pay cut to work in a position that offered career growth opportunities. Additionally, 76% of Gen Zers want more opportunities to move up or increase responsibilities at work.
Providing opportunities for professional development is a great way to show your employees that you value their growth and want them to stay with the company. Offer courses, workshops, and other training programs to retain employees and help develop their skills so they can stay current in their field and progress in their careers.
Clear career advancement opportunities are a great way to combat high turnover rates, outlining the potential and career development path of each employee and being supported along the way.
4. Communicate Openly and Frequently
Ultimately, the most important aspect of employee engagement is communication. Your team should feel comfortable speaking openly and honestly with their colleagues and managers. Make sure to keep employees informed of changes in the business, provide regular feedback on performance, foster a team-oriented atmosphere, and encourage two-way dialogue between leadership and staff.
Developing an employee pulse survey and 360 feedback strategy can help provide a streamlined channel for communication. Pulse surveys and 360 feedback not only give leaders insights to how their employees feel and what they value, they also provide objective data for benchmarking progress.
By communicating openly and frequently with employees, you can ensure that they feel comfortable voicing their opinions and concerns and that there is a mutual understanding of expectations.
5. Create Opportunities for Collaboration
Giving employees a chance to collaborate with peers helps foster an environment of creativity and innovation. Collaboration also helps employees build relationships with colleagues and feel more connected to the company.
Consider implementing team-building activities, such as projects that require collaboration, or encouraging employees to take part in networking events and volunteer opportunities together. This will help employees develop a deeper understanding of each other's strengths and weaknesses, making them better able to work together and ultimately leading to a more productive and engaging workplace.
6. Connect What Employees do to What They Care About
We live in a time where people are no longer satisfied having just any job. Some experts blame the pandemic for changing our collective perspectives and the Great Resignation that followed.
Regardless of why it happened, the fact is that somewhere along the way, our values did shift. And today, most people want to feel that their work has meaning. We want to believe we’re not wasting our lives at work.
In fact, a study from McKinsey & Company found that 82% of employees believe it’s important their company has a purpose; ideally, one that contributes to society and creates meaningful work.
And when a company has purpose, its people do, too. Another study from McKinsey found that 70% of employees say their personal sense of purpose is defined by their work, and when that work feels meaningful, they perform better, are much more committed, and are about half as likely to go looking for a new job.
So, ask yourself - when was the last time you had a conversation with your team member, about their passions and goals, both professional and personal?
While you likely won’t be able to adapt each employee’s role to fit all their passions, you might discover some helpful interests. For example, one of your accountants might have a passion for fitness and would love to start a walking club at your company.
You also can reiterate how each employee’s role matters to the company’s mission. But don’t speak in broad, "thank-you-for-all-that-you-do" terms. Instead, get specific. Tell customer service that their patience and empathy is what keeps your clients happy. Remind sales that their ability to connect with people is what generates revenue.
Everyone plays an important role, so be sure they know it too.
7. Get Rewards and Recognition Right
Employee recognition programs have been gaining popularity in recent years due to their ties to increased employee retention, engagement, and productivity. It may seem hard to believe that simply recognizing employees can generate all these returns, but it’s true.
In fact, research shows that when employees believe they’ll be recognized for their work, they’re nearly 3 times more likely to be highly engaged. Employee engagement, productivity, and customer service are about 14% higher where recognition occurs. And companies with effective recognition programs have 31% lower voluntary turnover.
So, how can leaders create a culture of recognition at their organization? Here are a few common ways.
Give employees extra time:
Research shows that working hours for college graduates have been steadily increasing over the past 30 years. This has left many employees feeling as though they have little to no free time. So, being able to offer employees extra time will typically be appreciated.
Whether it’s awarding extra PTO, non-work-related outings, or providing time-saving perks (like discounts for housecleaners or food delivery services), when people have time to invest in their own interests, they become better employees.
Publicly recognize employees:
Consider adding in a moment to team and/or company meetings to give individuals public recognition or a shout out for a job well done. It’s a simple gesture that carries significant weight.
That’s because when an employee’s hard work is acknowledged and appreciated, it creates a dopamine surge in the brain. Dopamine is powerful and motivating, and, most importantly for managers, reinforces the behavior.
One study even found that receiving a compliment, like genuine recognition, is just as thrilling to the brain as receiving cash— both are perceived by the striatum as "social rewards."
That dopamine hit cements the knowledge that more of that behavior will create more praise, resulting in another dopamine surge, and so on. This is why positive reinforcement (recognition) benefits both employees and managers.
Giving employees a monetary bonus:
While monetary recognition can be effective, it’s also impersonal. So, it's important to remember that it’s not the only way to show appreciation. In fact, money should never be the only form of recognition you give your employees.
Too much focus on monetary rewards can also create a toxic environment, which is often counter-productive. It’s important to find a balance that works for your company culture.
Implementing a social recognition platform:
If you have an employee recognition budget in place, consider investing in a recognition program. There are all kinds of programs available to help build recognition into your company’s culture.
Terryberry's social recognition platform offers a comprehensive solution that can host your recognition efforts, including milestone and service awards, peer-to-peer social recognition, feedback and surveys, and performance and incentive rewards.
This platform even allows for analytics that show in real-time key performance indicators so you can be sure your program is effective. This is a great way to help in creating a culture of recognition by empowering employees (as well as leaders) to recognize each other.
8. Set Your New Team Members Up for Success
When new team members join your organization, you want to make sure that they transition quickly and smoothly into the company culture. This requires an effective onboarding program that provides guidance, resources, and support they need to succeed.
Here are a few of the benefits of creating a program for hiring managers and onboarding new employees:
- Boost employee retention: Onboarding helps employees feel welcomed and at home. Businesses with solid onboarding processes can increase new-hire retention by as much as 82%.
- Accelerate productivity: Jumpstart your new hire's performance by breaking down obstacles before they ever encounter them. Organizations that implement onboarding programs increase productivity by more than 70%.
- Improve culture and morale: Make sure everyone is up-to-speed on the company's values from the get-go. Teaching opportunities for your tenured employees also reinforces cultural goals for existing team members.
- Make new opportunities less intimidating: Starting a new job is scary, but it doesn't need to be. A stellar onboarding process can remove fear and anxiety and replace them with excitement and anticipation.
- Bring in better talent: Improved retention, efficiencies, and culture make your business a better place to work — and that brings in more qualified individuals.
Provide onboarding resources and training materials that orient new employees to the company's mission, values, and processes. Create an environment where they can ask questions and receive feedback. Encourage other team members to offer mentorship or guidance to help new employees learn the ropes.
By setting up a thoughtful onboarding leadership training process, you will ensure that new hires are off to a great start and remain engaged in their work for the long term.
9. Empower Employees with Autonomy
No one likes to be micromanaged and nothing instills a sense of distrust faster. Conversely, allowing your team to work autonomously fosters trust, independence, and growth.
In fact, a study by Gallup found that employees are 43% less likely to experience high levels of burnout when they have a choice in deciding what tasks to do, when to do them, and how much time to spend on each.
Giving employees autonomy to make decisions and manage their work is essential for engaging them in their jobs. This allows employees to take ownership of their work, which can be incredibly empowering and motivating.
Make sure that your team has the right tools and resources they need to do their job as independently as possible. It's also important to give employees the opportunity to suggest new ideas and approaches. This will show that you value their perspectives and trust them to make decisions that are in the business's best interest.
By empowering employees with autonomy, you can reduce employee turnover and create an environment where team members are more engaged in their work and better able to contribute to the organization's success, leading to higher employee satisfaction.
10. Offer Flexible Working Arrangements
The modern workforce is becoming increasingly mobile and looking for more flexible working arrangements (thank you, pandemic). A survey found that 64% of U.S. employees would consider searching for a new job if their employers required them to return to the office full-time.
Offering different work options such as remote working, job sharing, or flexible work hours can go a long way in keeping employees engaged and motivated to stay with your organization. Flexible work options double as a great recruitment tool as well. They help attract and retain top talent from around the world, rather than only a 60-mile radius around your office building.
Flexible working arrangements can also help improve employee morale and productivity and reduce stress levels. By giving employees the opportunity to choose when and where they work, you will show that you value their needs and care about their well-being.
11. Prioritize Employee Wellbeing
Employee wellbeing should always be a priority in any organization but, unfortunately, is often overlooked in the rush of day-to-day operations. But skipping on wellness is overlooking your employees’ humanness. Here’s what we mean.
In March of 2022, the WHO reported a 25% worldwide increase in anxiety and depression. Additionally, 52% of workers say they're feeling burned out. So, it may be tempting to gloss over, but there’s a good chance your employees are struggling.
But what does this mean for team leaders? It’s a reminder that even though things are “back to normal,” your employees may not be feeling “normal.” Expecting the same level of output and performance may not be entirely fair.
Simply being aware of this shift can help you become a more compassionate leader, but there are other things you can do to help too.
For example, pay attention. See if you notice employees regularly working through lunch or sending emails in the evening. And although some still believe remote employees don't work as hard, the data shows otherwise. 53% of remote workers say they work more hours now than they did in the office and 63% say they find it more difficult now to "unplug" after hours.
This is where an effective wellness program can help create an environment that focuses on physical, mental, and emotional health. The strong support system of a wellness program cultivates long-term healthy habits in employees, leading to improved quality of life, and even a longer life span.
Additionally, employers who use wellness programs to support employee wellbeing also see returns on their investment and improvements in the overall workplace culture.
Study after study has proven that a strong employee wellness program –
- Increases productivity and employee engagement.
- Decreases health risks and increases healthy behaviors.
- Reduces company medical costs.
- Decreases employee turnover and absenteeism.
- Improves recruitment and retention.
Offering such perks as flexible working hours, workplace health checks, and wellness incentives can also help improve employees' overall well-being and engagement. Teach managers to recognize signs of stress and burnout and how to support their teams.
By prioritizing employee wellbeing, you will show your team that you care about their health and happiness — resulting in more engaged employees for the long term.
Boost Employee Retention with an Effective Experience Solution
By implementing these recruiting and retention strategies, you can create a workplace environment that will engage your employees and make them feel valued. This will help boost employee retention and reduce turnover—leading to a happier, healthier and productive workforce in the long term.
The key is to ensure that your efforts are managed and tracked effectively throughout the organization. An effective employee experience solution can help to make this possible by providing you with real-time insights, automated workflows, and efficient processes.
By leveraging technology, you will be able to create an engaging and positive workplace culture that puts employee experience first — ensuring that your team is happy, productive, and motivated.
Ready to unlock the potential of your team by assessing employee engagement? Terryberry can help! Schedule a demo with our team to see how Terryberry can transform your organization's recognition and employee incentive programs.
12 Proven Employee Retention Strategies
No matter the size of your business or industry, you need an employee retention strategy to keep your talent. Here are twelve proven strategies that have been used successfully by companies around the world.
1. Build an Inclusive Workplace Culture
Creating an inclusive work environment makes employees feel welcome and accepted while increasing job satisfaction and loyalty. But don't just talk the talk — walk the walk. Having a diverse leadership team, offering flexibility in work arrangements, and having diversity and inclusion initiatives are all great ways to make your organizational culture more inclusive.
Also, consider forming employee resource groups (ERGs) - employee-led groups whose goal is to foster inclusivity and community. These groups are made up of people from the same diversity “group” and act as a resource for others in the company.
For example, you may have an LGBTQ+ employee resource group, a Gen Z group, and/or a Latinx group all at your company. These groups are there for others to lean on for personal and professional support and are great ways to spark employee engagement.
As part of your strategy, you can also encourage employees to participate in cross-functional teams, host training sessions on unconscious bias, and create a safe space for open dialogue.
2. Offer Competitive Salaries and Benefits
The rules are changing when it comes to money etiquette. According to a survey from Bankrate, 42% of Gen Z workers and 40% of millennial workers have shared their salary information with coworkers. This means that younger employees are more likely to recognize a pay gap. And while some will stay to negotiate during review season, others will start job hunting now.
Job switching has shown to be an effective raise solution too. In fact, one survey found that 49% of people who switched jobs during the pandemic received a 10% or more pay increase.
Furthermore, it found that 62% of people are concerned that their salary won't keep pace with inflation. So, leaders should take the opportunity to prevent voluntary turnover by proactively addressing salary negotiations. Waiting for employees to open the discussion just leaves the door open for them to take a better offer.
Providing competitive salaries and benefits shows your employees that you value their contribution to the company's success. Because as much as we may not want to talk about pay, if your employees aren't making enough, they simply can't stay at your company.
On the flip side, a high salary alone won’t be enough to keep employees engaged and committed to the organization long-term. Employee appreciation comes in many forms, and compensation is just one of them.
3. Prioritize Professional Development Opportunities
No one truly wants to just punch in and punch out every day. People want to feel as though they’re growing, developing, and advancing.
Furthermore, the ability to develop skills is a fundamental component of employee engagement and satisfaction. Companies with a culture of growth tend to attract and retain high-performing employees who develop stronger relationships with the company.
This is especially true for younger employees. According to a LinkedIn study, 40% of young workers said they were willing to accept a 5% pay cut to work in a position that offered career growth opportunities. Additionally, 76% of Gen Zers want more opportunities to move up or increase responsibilities at work.
Providing opportunities for professional development is a great way to show your employees that you value their growth and want them to stay with the company. Offer courses, workshops, and other training programs to help develop their skills so they can stay current in their field and progress in their careers.
Clear career advancement opportunities are a great way to combat high turnover rates, outlining the potential career path of each employee and being supported along the way.
4. Communicate Openly and Frequently
Ultimately, the most important aspect of employee engagement is communication. Your team should feel comfortable speaking openly and honestly with their colleagues and managers. Make sure to keep employees informed of changes in the business, provide regular feedback on performance, foster a team-oriented atmosphere, and encourage two-way dialogue between leadership and staff.
Developing an employee pulse survey and 360 feedback strategy can help provide a streamlined channel for communication. Pulse surveys and 360 feedback not only give leaders insights to how their employees feel and what they value, they also provide objective data for benchmarking progress.
By communicating openly and frequently with employees, you can ensure that they feel comfortable voicing their opinions and concerns and that there is a mutual understanding of expectations.
5. Create Opportunities for Collaboration
Giving employees a chance to collaborate with peers helps foster an environment of creativity and innovation. Collaboration also helps employees build relationships with colleagues and feel more connected to the company.
Consider implementing team-building activities, such as projects that require collaboration, or encouraging employees to take part in networking events and volunteer opportunities together. This will help employees develop a deeper understanding of each other's strengths and weaknesses, making them better able to work together and ultimately leading to a more productive and engaging workplace.
6. Connect What Employees do to What They Care About
We live in a time where people are no longer satisfied having just any job. Some experts blame the pandemic for changing our collective perspectives and the Great Resignation that followed.
Regardless of why it happened, the fact is that somewhere along the way, our values did shift. And today, most people want to feel that their work has meaning. We want to believe we’re not wasting our lives at work.
In fact, a study from McKinsey & Company found that 82% of employees believe it’s important their company has a purpose; ideally, one that contributes to society and creates meaningful work.
And when a company has purpose, its people do, too. Another study from McKinsey found that 70% of employees say their personal sense of purpose is defined by their work, and when that work feels meaningful, they perform better, are much more committed, and are about half as likely to go looking for a new job.
So, ask yourself - when was the last time you had a conversation with your team about their passions and goals, both professional and personal?
While you likely won’t be able to adapt each employee’s role to fit all their passions, you might discover some helpful interests. For example, one of your accountants might have a passion for fitness and would love to start a walking club at your company.
You also can reiterate how each employee’s role matters to the company’s mission. But don’t speak in broad, "thank-you-for-all-that-you-do" terms. Instead, get specific. Tell customer service that their patience and empathy is what keeps your clients happy. Remind sales that their ability to connect with people is what generates revenue.
Everyone plays an important role, so be sure they know it too.
7. Get Rewards and Recognition Right
Employee recognition programs have been gaining popularity in recent years due to their ties to increased employee retention, engagement, and productivity. It may seem hard to believe that simply recognizing employees can generate all these returns, but it’s true.
In fact, research shows that when employees believe they’ll be recognized for their work, they’re nearly 3 times more likely to be highly engaged. Employee engagement, productivity, and customer service are about 14% higher where recognition occurs. And companies with effective recognition programs have 31% lower voluntary turnover.
So, how can leaders create a culture of recognition at their organization? Here are a few common ways.
Give employees extra time:
Research shows that working hours for college graduates have been steadily increasing over the past 30 years. This has left many employees feeling as though they have little to no free time. So, being able to offer employees extra time will typically be appreciated.
Whether it’s awarding extra PTO, non-work-related outings, or providing time-saving perks (like discounts for housecleaners or food delivery services), when people have time to invest in their own interests, they become better employees.
Publicly recognize employees:
Consider adding in a moment to team and/or company meetings to give individuals public recognition or a shout out for a job well done. It’s a simple gesture that carries significant weight.
That’s because when an employee’s hard work is acknowledged and appreciated, it creates a dopamine surge in the brain. Dopamine is powerful and motivating, and, most importantly for managers, reinforces the behavior.
One study even found that receiving a compliment, like genuine recognition, is just as thrilling to the brain as receiving cash— both are perceived by the striatum as "social rewards."
That dopamine hit cements the knowledge that more of that behavior will create more praise, resulting in another dopamine surge, and so on. This is why positive reinforcement (recognition) benefits both employees and managers.
Giving employees a monetary bonus:
While monetary recognition can be effective, it’s also impersonal. So, it's important to remember that it’s not the only way to show appreciation. In fact, money should never be the only form of recognition you give your employees.
Too much focus on monetary rewards can also create a toxic environment, which is often counter-productive. It’s important to find a balance that works for your company culture.
Implementing a social recognition platform:
If you have an employee recognition budget in place, consider investing in a recognition program. There are all kinds of programs available to help build recognition into your company’s culture.
Terryberry's social recognition platform offers a comprehensive solution that can host your recognition efforts, including milestone and service awards, peer-to-peer social recognition, feedback and surveys, and performance and incentive rewards.
This platform even allows for analytics that show in real-time key performance indicators so you can be sure your program is effective. This is a great way to help in creating a culture of recognition by empowering employees (as well as leaders) to recognize each other.
8. Set Your New Team Members Up for Success
When new team members join your organization, you want to make sure that they transition quickly and smoothly into the company culture. This requires an effective onboarding program that provides guidance, resources, and support they need to succeed.
Here are a few of the benefits of creating a program for onboarding new employees:
- Boost employee retention: Onboarding helps employees feel welcomed and at home. Businesses with solid onboarding processes can increase new-hire retention by as much as 82%.
- Accelerate productivity: Jumpstart your new hire's performance by breaking down obstacles before they ever encounter them. Organizations that implement onboarding programs increase productivity by more than 70%.
- Improve culture and morale: Make sure everyone is up-to-speed on the company's values from the get-go. Teaching opportunities for your tenured employees also reinforces cultural goals for existing team members.
- Make new opportunities less intimidating: Starting a new job is scary, but it doesn't need to be. A stellar onboarding process can remove fear and anxiety and replace them with excitement and anticipation.
- Bring in better talent: Improved retention, efficiencies, and culture make your business a better place to work — and that brings in more qualified individuals.
Provide onboarding resources and training materials that orient new employees to the company's mission, values, and processes. Create an environment where they can ask questions and receive feedback. Encourage other team members to offer mentorship or guidance to help new employees learn the ropes.
By setting up a thoughtful onboarding process, you will ensure that new hires are off to a great start and remain engaged in their work for the long term.
9. Empower Employees with Autonomy
No one likes to be micromanaged and nothing instills a sense of distrust faster. Conversely, allowing your team to work autonomously fosters trust, independence, and growth.
In fact, a study by Gallup found that employees are 43% less likely to experience high levels of burnout when they have a choice in deciding what tasks to do, when to do them, and how much time to spend on each.
Giving employees autonomy to make decisions and manage their work is essential for engaging them in their jobs. This allows employees to take ownership of their work, which can be incredibly empowering and motivating.
Make sure that your team has the right tools and resources they need to do their job as independently as possible. It's also important to give employees the opportunity to suggest new ideas and approaches. This will show that you value their perspectives and trust them to make decisions that are in the business's best interest.
By empowering employees with autonomy, you can create an environment where team members are more engaged in their work and better able to contribute to the organization's success, leading to higher employee satisfaction.
10. Offer Flexible Working Arrangements
The modern workforce is becoming increasingly mobile and looking for more flexible working arrangements (thank you, pandemic). A survey found that 64% of U.S. employees would consider searching for a new job if their employers required them to return to the office full-time.
Offering flexible work options such as remote working, job sharing, or part-time hours can go a long way in keeping employees engaged and motivated to stay with your organization. Flexible work options double as a great recruitment tool as well. They help attract top talent from around the world, rather than only a 60-mile radius around your office building.
Flexible working arrangements can also help improve employee morale and productivity and reduce stress levels. By giving employees the opportunity to choose when and where they work, you will show that you value their needs and care about their well-being.
11. Prioritize Employee Wellbeing
Employee wellbeing should always be a priority in any organization but, unfortunately, is often overlooked in the rush of day-to-day operations. But skipping on wellness is overlooking your employees’ humanness. Here’s what we mean.
In March of 2022, the WHO reported a 25% worldwide increase in anxiety and depression. Additionally, 52% of workers say they're feeling burned out. So, it may be tempting to gloss over, but there’s a good chance your employees are struggling.
But what does this mean for team leaders? It’s a reminder that even though things are “back to normal,” your employees may not be feeling “normal.” Expecting the same level of output and performance may not be entirely fair.
Simply being aware of this shift can help you become a more compassionate leader, but there are other things you can do to help too.
For example, pay attention. See if you notice employees regularly working through lunch or sending emails in the evening. And although some still believe remote employees don't work as hard, the data shows otherwise. 53% of remote workers say they work more hours now than they did in the office and 63% say they find it more difficult now to "unplug" after hours.
This is where an effective wellness program can help create an environment that focuses on physical, mental, and emotional health. The strong support system of a wellness program cultivates long-term healthy habits in employees, leading to improved quality of life, and even a longer life span.
Additionally, employers who use wellness programs to support employee wellbeing also see returns on their investment and improvements in the overall workplace culture.
Study after study has proven that a strong employee wellness program –
- Increases productivity and employee engagement.
- Decreases health risks and increases healthy behaviors.
- Reduces company medical costs.
- Decreases employee turnover and absenteeism.
- Improves recruitment and retention.
Offering such perks as flexible working hours, workplace health checks, and wellness incentives can also help improve employees' overall well-being and engagement. Teach managers to recognize signs of stress and burnout and how to support their teams.
By prioritizing employee wellbeing, you will show your team that you care about their health and happiness — resulting in more engaged employees for the long term.
Boost Employee Retention with an Effective Experience Solution
By implementing these recruiting and retention strategies, you can create a workplace environment that will engage your employees and make them feel valued. This will help boost employee retention and reduce turnover—leading to a happier, healthier workforce in the long term.
The key is to ensure that your efforts are managed and tracked effectively throughout the organization. An effective employee experience solution can help to make this possible by providing you with real-time insights, automated workflows, and efficient processes.
By leveraging technology, you will be able to create an engaging workplace that puts employee experience first — ensuring that your team is happy, productive, and motivated.
Ready to unlock the potential of your team by assessing employee engagement? Terryberry can help! Schedule a demo with our team to see how Terryberry can transform your organization's recognition and employee incentive programs.
