In “The New Model for Talent Management,” the Bersin by Deloitte research firm reveals that driving employee retention is a top imperative for companies. This shouldn’t come as a surprise — even if you’re not in a high-churn industry, the cost of employee turnover is incredible.
In the past, we’ve published a tactical guide to boosting employee retention and studied companies who reduced employee turnover. Today we’d like to expand on those efforts. Read on to find some recent research and insights that can help develop employee retention strategies that work.
It Starts at the Top: Look at your Leadership
What’s trending: In a recent Raconteur report on the “Future of Work,” employees said a lack of leadership was one of the main challenges for a collaborative culture, and “better leaders” was seen as the biggest factor that could boost their organization.
Our take: It’s no secret that a sour work culture can cause employees to go elsewhere. Are the managers at your company involved in your employee recognition efforts? Can they deliver effective feedback? If not, get leaders engaged as part of your employee retention strategy.
These resources for managers may help:
Have a Healthy Employee Wellness Program
Current diagnosis: Recent findings from the UK revealed that half of workers don’t feel the corporate culture supports their physical well-being. However, those who do feel cared for are 27% more likely to stay at their company for more than five years.
Our take: Although most companies have employee wellness programs these days, participation rates are plummeting. By taking action to boost employee wellness participation, you’ll likely give employee retention a shot in the arm as well.
Avoid the reasons corporate wellness fails with these resources:
- 18 Awesome Wellness Program Ideas for Boosting Employee Participation
- It’s Time for Total Employee Engagement: How one company successfully streamlined its employee recognition and wellness programs
Make Rewards Meaningful
What the experts say: Peter Cheese, chief executive of the Chartered Institute of Personnel and Development, recently called out some of the problems with perks at most companies in “Culture vs Perks: What Kind of Business are you Building?” It’s a recommended read for anyone with an employee rewards or perks program. Here are a few quotes:
“Is free pizza on Fridays really enough to attract, engage and retain top talent, or does it need to be underpinned by more meaningful offerings?”
“When you put them under the microscope, perks can be little to do with culture and instead are often used to put a plaster over big, persistent problems.”
Our take: Peter is preaching to the choir. The “perks” found in traditional employee reward programs treat company culture as an afterthought.
YouEarnedIt was designed to drive real behavioral change with employee needs, company culture, and core values at the forefront.
Employees want feedback. They want to know their work is making a difference. They want to feel appreciated for their contribution, but in a personalized way (e.g. don’t give a vegetarian a gift card for a steakhouse). They want to easily connect with co-workers across teams, generations, and geographical boundaries. When recognition and rewards help meet these needs while reinforcing the culture behind a company’s business objectives, everyone wins, and it’s a big boon for employee retention.
Adjusting your strategy towards culture and employee rewards? Try these:
YouEarnedIt is a SaaS HR technology platform that redefines the way companies engage with their employees. By providing tools to connect, reward, reveal and report in real-time, YouEarnedIt can consolidate employee engagement initiatives into one, easy-to-use mobile platform for teams of all sizes. Since launching in 2012, YouEarnedIt has delivered its flexible software to small enterprises and Fortune 500 brands across several industries. Visit youearnedit.com for more information or schedule a quick demo here.