Employee retention never goes out of fashion. Even though the topic has been much debated, nothing conclusive has emerged. Rather than looking for a universal approach, it would seem that establishing whatever practice that makes the employees engaged and satisfied will do the trick.
Of course, some standards loom large, especially in terms of new technologies and work models. Basically, the more options a business can offer, the higher the chance of more employees getting exactly what they want.
The main prerequisite to be successful with your retention strategy is to understand what drives employees to leave companies and the other way around — why they choose to stay.
Let’s get started with some useful tips.
Ultimate Job Flexibility
It is with certainty that we can claim that emote work is here to stay. In fact, businesses that don’t odder flexible working models and working hours can’t hope to retain talents. Just consider all those talented people scattered across the globe that can become an invaluable addition to your business if you create opportunities for that to happen.
Digital nomads in Australia, freelancers in India, experts in New Zealand — they can all become your employees if you offer flexible work models.
That, however, isn’t to say that you should neglect the routine of office workers. There’s a way for everyone to get what they want — by applying flexible work models.
There are multiple options businesses can choose from. Let’s take a look at them:
- Partly remote work, with flexible office space, no permanent offices; rented flex space used for regular collaboration (but not connectivity)
- Almost entirely on-site, limited remote work, large office space, most managers and workers
- Partially remote work, multiple sites: multiple offices with the workforce spread out between them
- Partially remote work, large office space: Most managers and workers spend most, but not all, of their time in the office
- Almost entirely off-site: mostly remote work with no office space
- Multiple micro hubs – management and employees are dispersed across small micro hubs located in different cities (or countries, depending on the scope of your business operations)
Flexible contract types should also be offered as digital nomads and freelancers may have their calculations when it comes to taxes.
Time-Saving Technology
No debate about efficient business procedures can be complete without mentioning new tech. Not just any tech, though.
We’re talking about time-saving technology, like time reporting software, that can reduce manual work and leave employees with more time to focus on custom tasks.
The current trends include the use of the following tools and approaches:
- IoT for asset management
- Cloud-based software for remote work
- Artificial intelligence for business automation
- Inventory management software for supply chains
Of course, trends are not set in stone. As technology progresses, so do new tolls emerge, so keep an eye on the developments.
Opportunities for Growth
Continued education is a perk every business should offer. From eLearning to mLearning to AR learning, there are opportunities to attract prospective hires and keep them happy long-term!
An investment in custom learning is never a wasted investment, so don’t rely on a low-quaility course just because they’re cheap (or free).
Quality training programs and courses will ensure that real learning is taking place and that your employees are engaged.
Supportive Mentorship
When you think of the word “integrator,” it was first used by a man named Gino Wickman. He’s the writer of two books: Traction and Rocketfuel. TMost people hear the word integrator for the first time if their company decides to use the Entrepreneurial Operating System, otherwise known as EOS.
An integrator works hand-in-hand with the founder or owne, otherwise seen as the visionary. They can also help break ties within the management team and hold them more accountable for choices they make or goals that are set.
More often than not, integrators come from a managerial background within a business. However, sometimes this is not the case.
That’s why there are integrators with notable experience in major companies who offer their services on a contract basis.
When choosing an integrator, pick a person that is graced with both the right mindset and the right skill set.
Some of the basic skills integrators possess include:
- A skill set compatible with the industry
- Alignment with the company’s core values
- Similar business vision
- Clarity and a new perspective
- Innovative ideas
- Positive overall disposition
- Solutions that will fill the gaps in business procedures
- Solutions to deal with errors in business procedures
Some of the basic traits integrators possess include:
- Decision making
- Business and data analysis skills
- Situational leadership skills
- People management skills
- Performance assessment skills
- Contribution skills
The best integrators are mild-mannered and their decision-making skills are rooted in knowledge and competence instead of in positional authority.
Key Takeaways
As you can see, much more can be done to encourage retention. Keep in mind that these are but the starting point. Each business should perform a thorough analysis and rely on employee feedback in this regard.
