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Employee retention should be at the top of every employer’s list of priorities. High employee retention saves time and resources by reducing the number of people you need to recruit, hire, and train, all of which costs resources. It also signals that you are an employer that your team wants to work with and can help you attract quality candidates when you do need to fill roles.
By minimizing the time and energy needed for finding new talent, you can invest in your people and products to improve your services and keep your customers happy. Being able to retain your employees can reduce costs, improve productivity, and help you build a positive brand reputation.
If you want to succeed in a competitive industry, you need to continually work on retaining your employees. Here are three top ways to boost your employee retention rates.
Employees are always looking for growth opportunities. Seventy-six percent of employees are looking to expand their careers, and 81 percent are hopeful about their careers. They want to know that there is a chance to progress within their roles, earn recognition, and be promoted to increase not just their compensation but to continue thriving with engaging and meaningful work.
As an employer, it’s important to offer the opportunity for career growth to every employee if you want them to remain working for you and develop into higher-value employees. Make it clear from the start that you offer growth opportunities to every employee within your company. Fulfill your promise by offering a variety of interesting and relevant courses to give your employees the chance to expand their skills and potentially progress into more senior roles. Not only does this benefit your employees, but it also benefits your business. Employees that have a wider skill set and up-to-date knowledge are more likely to get great results and successful feedback from customers and clients.
Many high performing employees look for work with purpose. Not only are they seeking personal value (skill development, career growth), they also are looking to make meaningful contributions to the growth of an organization. This is an incredible opportunity for employers to empower their employees to become partners in the success of their business.
We all become more invested in a project when we can see the impact we have. Sharing company-wide goals, and showing employees how their performance goals and contributions ladder up to their team, department and corporate goals provides transparency into the importance each team member plays in overall success.
The Great Resignation has in fact been more of a Great Reshuffle. Organizations that can align an employee’s sense of purpose with the work they perform and the overall values of an organization will see greater retention rates.
Employees are more likely to be loyal to an employer who sees them as unique and valuable individuals and not just a worker. What does this mean? Employees want to be able to bring their whole selves to work. Secondly, they are reevaluating their life outside of work, which in fact has important ramifications for employers.
Work-life balance has been part of the employment lexicon for years. It implied either harmony or tension between two separate realms: our professional work vs our personal life. That dichotomy has ended. Even for those who are not in work-from-home or hybrid positions, the personal and the professional have become intertwined over the past 2+ years. Employees are looking for employers who do more than respect their off-hours, for example, through email policies or right-to-disconnect. They are seeking businesses that actively support them as whole individuals, through progressive diversity and inclusion policies, flexible work arrangements and expanded benefits packages.
Sprout At Work is an industry-leading workplace wellness platform designed to improve the health and happiness of every employee while delivering measurable business results. Book a discovery call today to learn how Sprout supports employees to live happier, healthier lives.