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Top 3 Strategies to Boost Employee Retention

Have you been having trouble retaining your top talent recently? You and just about everyone else can unfortunately relate. According to the U.S. Bureau of Labor Statistics, the nationwide quit rate has increased to nearly 3% of the workforce, 2.9% to be exact.

As if that wasn’t enough to worry about, Robert Half’s Job Optimism Survey revealed that of the more than 2,400 people who were polled, 41% of them are actively looking and/or planning to look for a new role by the end of the year. From small businesses to major corporations the Great Resignation has taken a considerable toll.

With no signs of the Great Resignation slowing down, now is the time to ensure that your organization is doing everything in its power, to drive employee satisfaction and retention. We’ve listed our top 3 favorite strategies to boost employee retention below.

 

Focus on Communication and Feedback

Feedback and communication work both ways between employees and managers. They are the keys to an employee feeling heard and valued. Feedback and communication create clarity not only for your employees but also for the company as a whole.

Creating an environment of open communication and feedback in the workplace is essential for both attracting and retaining talent in today’s competitive market. Proper and effective communication helps a manager gain insight regarding a particular employee’s feelings towards the organization’s culture, clients, or even their own colleagues. 

Better internal communication and feedback lower turnover by making employees feel:

  • In the know
  • Included with the changes being made in the organization
  • A sense of belonging with the company
  • Motivated to make a difference for your organization

 

Invest in Training and Development

The world is constantly changing. Your organization and employees need to be able to move fast to keep up with it. According to SHRM data, 21% of employees credit a lack of career growth opportunities as the reason for them leaving their current positions. If an A-player ever feels that they have hit a stagnant point in their career path with your organization, they will not hesitate to move on. Employees are motivated to stay with an organization when they are actively involved in creating their long-term career paths. 

Highly motivated employees are constantly looking to grow in their seats and develop a well-rounded skill set. It is important that you have resources readily available so that they can become more equipped to push the company towards success.

When you take the time to invest in training and development opportunities for your employees, they become more engaged and are more actively invested in your organization. You’ll not only see an increase in retention, but also an increase in overall morale and even communication and feedback. 

 

Foster Relationships and Culture

A lack of relationships and culture has a major impact on employee satisfaction and retention. Nobody wants to stick around an organization that lacks culture or with a group of people that they practically have no relationship with. Employees are looking for managers who are available to answer questions, give feedback, and offer positive words and encouragement. 

A strong company culture is one of the most influential retention strategies. It can honestly make or break a company. While a positive workplace culture creates a sense of community, a negative workplace culture can ultimately drive retention rates into the ground. It is important that managers establish a clear set of values from the start. 

 

The Great Retention

The importance of employee retention strategies cannot be overstated. High turnover is bad for business, morale, engagement, and so much more. If you’re looking for a full guide of proven practices to retain your employees, check out our Retention Strategies Ebook!

It’s time to turn the tide on the Great Resignation. The Great Retention has a nice ring to it, doesn’t it? Contact us today to learn how we can help you boost retention.

Meetings! Some love them. Others don’t. Either way, they are an inevitable part of any functioning organization. When led effectively, meetings are well worth the time investment. However, we all know they can easily become time-wasters and energy drainers. When we pay attention to the attendance list, form an agenda in advance, and conclude with action items, meetings can unleash new insights and promote productivity.  

Attendees 

We’ve probably all attended meetings and had the thought, “Why am I here?” When thinking through meeting attendees, we need to take a step back and ask: Who actually needs to be at the meeting? What do I want from each person there?  

Aside from wasting people’s time, more attendees in a meeting creates a “hiding-in-a-crowd” feeling and discourages participation. In addition to filtering your invite list, let people know what you want from them in a meeting. When you have a role to engage in, meetings are an honor rather than an obligation. Fewer people, who know exactly why they are at a meeting, creates an environment for productivity. 

Agenda 

Every productive meeting has an agenda. If you’re struggling to come up with an agenda, consider whether the meeting is actually necessary! Sending out the agenda ahead of time can make your meetings more productive, particularly if you need meeting participants to brainstorm or form an opinion on an issue beforehand. If you try to introduce a complicated question in a meeting, attendees must quickly try to process the question and generate ideas. Better ideas are likely to come from more extensive processing time prior to the meeting. Capitalize on your time together by giving attendees a list of questions to ponder and investigate ahead of time. 

In addition to setting an agenda, you must follow the agenda! This can be difficult if you have a particularly chatty group. As the leader, you need to set up and enforce some norms for success. Perhaps you devote the first 5 minutes of a meeting to non-business-related chatting, and then turn your attention to the purpose of the meeting. Even so, you may have people who have a difficult time staying on track. This will require you to kindly but firmly guide the group back to the relevant topics at hand. It’s the leader’s job to keep the meeting focused on the agenda, and many people will be grateful when you do. 

Action Items 

End each meeting with a summary of what’s happened and a list of action items. Each action item should have a due date and a person responsible for completing it. Discuss the summary and action items at the end of the meeting, and then follow up with an email directly after the meeting ends. This provides meeting attendees with a written record and reminds them of their responsibilities. 

Wrapping Up 

By auditing the attendance list, setting and following an agenda, and ending with action items, you can capitalize on meeting time. Over the course of a year, following these best practices can have a major impact on a company’s bottom line.  Additionally, when enough meeting leaders implement these changes, the norms and attitudes around meetings will begin to shift. Attendees will start to expect more from meetings: both to get more out of them and to bring more energy, ideas, and expertise to them.  

Our Manage 4 Performance platform helps companies be more strategic about meeting time. When you join M4P you will unleash a competitive advantage through saved money, saved time, and better ideas. Book a demo today to learn more!  

Post Categories: Blog | Insights
Date Published: Jul 28, 2022
Post Categories: Blog | Insights
Date Published: Jul 28, 2022