Hold on tight! How to retain employees in a heated job market

Our latest blog highlighted the importance of great onboarding strategies. But once companies have attracted and thoroughly onboarded new talent, how do they seek to ensure that they hold on to employees?

In a job market that is tighter than ever it is of paramount importance to retain employees and avoid high and quick employee turnover. But how do companies hold on to great talent and continue to develop their organization and move it forward?

The COVID-19 pandemic has, not surprisingly, been a key factor in why many employees are currently rethinking their employment situation. In parallel, many employers and companies are rethinking the structure and physical framework of the workplaces. The pandemic brought about a lot of new challenges as well as new possibilities to both employers and employees. For some employees the pandemic may have highlighted areas of potential growth and change or important needs for current or future employment.

Here are some suggestions for employee retention to help boost your employees’ job satisfaction and increase your company’s force of branding:

1. Positive Company Culture:
• Onboarding – this step is of critical importance to secure job satisfaction, success and retention. The training and support your offer from before day one help set the scene for the employee’s entire time at your company
• Mentorship programs – can hold valuable significance for new and seasoned employees alike to boost job satisfaction and overall retention outlook
• Perks – this is an area that truly can set a company apart from others and make the workplace attractive to new hires AND reengage existing employees. Flexible schedules, paid parental leave, and remote/hybrid work options are some of the perks that employees value the most

2. Flexible/Hybrid Work Situations:
• During the pandemic many employees were forced to work remotely, and re-search shows that many employees now seek jobs in which working from home is an option – at least partially. If permanent remote work is not feasible for the company, consider offering other potential options for employees. Is a com-pressed workweek possible? Flextime? Or maybe a partial telecommuting op-tion? When offering or requiring remote work setups it is important to provide training in how to manage a remote work situation as this possibly entails new challenges for employees on different levels. All these flexible and hybrid work options can help relieve stress for your team and boost employee retention

3. Professional Leadership:
• Communication – good workplace communication is of great importance. Seek to create an atmosphere that promotes timely, constructive, and positive communication across the entire team(s). Proactively connecting with each individual team member regularly is vital to get a sense of their workload and overall job satisfaction
• Training and development – as part of providing continuous feedback on performance this can also be an opportunity to support employees in identifying areas for professional growth. Seek to make it a priority to invest in employees’ continuous professional development – both financially and time wise
• Recognition – Everyone wants to feel recognized and appreciated for the work they do. Make a conscious effort to acknowledge and recognize when employees go the extra mile and explain how their hard work and efforts support the organization
• Work life balance – A healthy work-life balance is key to job satisfaction. People need to know that their managers recognize that they have lives outside of work and understand that maintaining balance can be even more challenging when working from home. Encourage and support employees in setting boundaries and utilizing vacation time

Slater Consult has a strong experience in supporting companies’ growth and success through coaching and dedicated recruitment. Reach out to us if you want to know more about how we can support you in creating a unique retention toolbox to match your company’s values and goals.