Rolebot’s Top 5 & 5: Creating a Retention Culture
February 24, 2021
Employee turnover is a natural occurrence in business, but creating a strong ‘retention culture’ is key to setting up our organizations for success.
From a financial perspective, turnover can be very expensive, and retaining employees enables us to spend less on recruitment efforts and training expenditures. Aside from cost savings, the most impactful intangible in having a strong ‘retention culture’, enables us to strengthen our internal work environments (attracting strong caliber talent in the future) and further magnifies our employment brand to the outside market (“best place to work status”).
So, how do we create and sustain a ‘retention culture’ and improve the employee experience?
1. Give employees a clear path for advancement. Provide open communication around higher-level positions once they open up.
2. Invest in career advancement, leadership training, and re-skilling workshops. Learning is one of the major contributors to professional/personal growth and development.
3. Provide value-added benefits/perks and competitive compensation & equity options (if applicable). Perks can also relate to more flexibility in general.
Flexible work schedules, onsite/remote working, dress code, time-off & paid/parental leave models
Competitive Health & Dental plans for employees + dependants
Free or Discount memberships (ie book club, entertainment, shopping, child care, fitness & wellness)
4. Host team-building events — in person or virtual. Keep a consistent cadence. One event doesn’t build a culture. Culture is continuous. Provide a good mix of diverse events to appeal to every team member. Smaller organizations should strive for quarterly events, and larger organizations should host more often every 1–1.5 months minimum. Events can vary, they don’t all have to be all-hands, some can be optional mixers or zoom-together.
5. Encourage continuous feedback from employees through anonymous online surveys and face-to-face communication. Hone in on creating and sustaining a transparent culture.
1. Avoid focusing on areas to stop employees from leaving, rather focus on areas you can control. Be proactive in creating a culture worthy of staying-power.
2. Don’t provide tools and apps just because. Be calculated, do your due diligence, and ensure anything you introduce brings value to the team.
3. Avoid tiny, windowless, and dark offices. As onsite starts to come back post-Covid, focusing on the physical environment matters. Create a safe and friendly workspace to increase productivity, but also aim to ensure employees don’t feel overwhelmed.
4. Don’t ignore the competition, embrace it. Explore what other companies are doing around employee experience and retention cultures and adopt or take inspiration from their successes.
5. Avoid complacency. Continuously assess and measure team happiness, wellness, and productivity. Culture is Consistent and Continuous!
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