The pace of employee turnover is accelerating, disrupting businesses regardless of their industry. With 65% of employees admitting the pandemic has redefined their work life balance perspective. This has resulted in a major shift in retention rates, especially across digital media companies. Technology has reshaped our employment landscape, increasing productivity and allowing workforce flexibility. However, companies must continue to create environments and develop career paths that encourage retention. According to Gartner, the pace of employee turnover is projected to be 50–75% higher this year, overwhelming most internal HR recruiting efforts. Gartner now estimates an 18% increase in the amount of time required to fill critical job positions.
So how do you get a handle on turnover and improve retention? Below are just a few ideas to help your company improve retention and morale.
- Create a supportive and inclusive work environment – Employees feel like they belong and can bring their whole selves to work when a positive working environment or company culture is demonstrated.
- Compensate/pay your employees fairly – Companies should prioritize monetary rewards and social recognition to raise employee fulfillment rates. As reported by Harvard Business School, over 80% of American employees say they don’t feel recognized or rewarded by their employers.
- Engage in employee feedback – Follow through when receiving employee feedback to let your staff know you take their concerns seriously. Turning feedback into action creates a culture that supports clear communication.
- Invest in your employee’s growth and future – Introducing new opportunities, by use of internal promotions displays future investment in current employees which shapes company culture internally; effectively increasing engagement and loyalty.
- Ongoing development – The best employees want to be around other high performing individuals to help them rise to the occasion. Enlisting in the assistance of specialized consultancy gives access to a diverse network of associations and professional groups with first-rate candidates that align with your company’s culture.
You may be asking yourself, is now the time to reach out and discuss these issues with a professional? How is my workforce? Optimized and performing at full capacity? With over 20 years of Human Capital experience, Entech welcomes this conversation, please let one of our project consultants help you design retention strategies for your workforce.
We’re standing by ready to help. Please reach out to us at: careers@entechnetworks.com and schedule your free consultation today!
