Cubicle walls are dropping. Virtual meetings are replacing conference phones. Timezones are no longer limiting factors. Colleagues all over the globe are connected instantly. It’s clear that the way we work is changing and the war for talent is on. Employers now boast of free lunch, ping pong tables, and pet friendly workplaces to lure candidates into applying. Are perks the best way to increase employee retention? The answer is no.
Although perks can attract potential employees, it’s not enough to keep them there. In 2011, companies spent $45 billion on recruiting, yet 46% of new hires still left after their first year. Long-term employee retention relies on employees feeling valued and sharing the same vision and goals as the organization they work for. Here are three ideas to help engage your employees and increase retention:
Create a Transparent Work Environment and Build Trust with Employees
Transparency is crucial to creating trust between employee and employers. A recent study found that 82% of workers don’t trust their boss which can lead to employees leaving. Keep your top talent informed about what’s happening in your company including setbacks or challenges. Sharing your company’s news such as big wins or team successes is a also great way to start creating a transparent workplace. Create an environment where your employees feel like they can communicate with leadership without fear of backlash.
Make Company Values and Goals Clear
Employees are more likely to stay if they feel connected to the values of their company and are invested in the success of their team. Only 1 in 150 employees that said their organization does not have a set of values are fully engaged, from a study by Modern Survey. If your workforce believes in your mission and values, and truly consider themselves an extension of your brand, they will be more likely to invest in the long-term.
Employee recognition is an excellent way to highlight employees who embody company values. When Psychometrics asked what leaders could do more of to improve engagement, 58% of respondents replied “give recognition”. Share employee shout-outs or give kudos regularly to make your employees feel valued.
All employees want to feel connected and informed about their company. Employees who are not can feel lost, frustrated or like they don’t matter. Poor communication can lead to rumors, misinformation and distrust among other negative side effects. The company information employees need may come too late or there is too much stuff in too many places. More often that not, company communication is one-way and not personalized to make the employee experience better. Make it easy for employees to get access to information and content that is meaningful to them. It may be helpful to have a central source for all employees to receive company news and updates. Companies should focus on upgrading or streamlining communication.
More than 50% of employers polled in a Watson Wyatt survey said they had no formal strategy for employee retention. Although free lunch may help get employees through the door, there are better strategies for long-term retention. By being transparent and creating a shared vision with employees, they are more likely to feel connected and engaged with their company. To learn how SocialChorus is helping 27 of the Fortune 500 retain their top talent, chat with us today.