The pandemic of 2020 and the downturn in the global economy off the back of that has caused a seismic shift in the way businesses operate and the challenges they face in today’s world. As organisations have yet to fully recover, many employees have taken the opportunity to leave their current roles in favour of new ones. In some cases, these job changes have been planned, with employees who had been considering a change deciding to take advantage of the economic uncertainty to move on. With job hopping becoming more common, executives are increasingly finding it difficult to ensure talented individuals remain with their organisation for the long-term.
In the wake of these job changes, individuals and businesses alike have been struggling to cope with rising costs of living, increasing taxes and a stagnating market. As such, the instability of the job market has amplified existing problems. Many employees are fearful of the future and reluctant to remain in their current roles. The difficulty of recruiting and retaining staff goes beyond the economic pressures of the pandemic. Many of the challenges with employee retention have been worsened by a number of factors, such as outdated recruitment methods, low wages, and lack of job satisfaction. Companies need to stay focused on creating an environment and processes that will allow them to attract and retain talented staff.
The pandemic has tested us all in many ways, bit has also served to emphasise the ongoing importance of employee retention in the workplace. By actively evaluating their recruiting and retention practices, organisations can ensure that they have a steady supply of talented individuals to maintain and expand their operations as the economy begins to stabilise. Fortunately, there are ways for executives to take charge of the situation and ensure they are doing their best to boost their organisation’s retention efforts. One of the most effective strategies is the implementation of long-term strategies to retain talent. Here are a few suggestions for how executives can do this:
Create an Engaging Work Environment:
A work environment that is engaging and motivating is essential for any organisation looking to retain its employees. Executives can create this engaging environment by providing access to interesting and challenging resources, offering regular feedback and creating an atmosphere of trust and respect. This can go a long way to helping people to feel valued and engaged in their work.
Offer Opportunities for Career Progression:
One of the key drivers for many employees is the potential to climb the career ladder. As such, it is important for executives to provide clear paths for career progression, such as increasing levels of responsibility or access to specialised training. This will help to keep employees motivated and eager to stay at the organisation for the long term.
Develop a Culture of Learning:
An organisation’s culture is a key determinant of employee retention. Therefore, executives must ensure that their organisation is fostering a culture of learning, innovation and creativity. This can be achieved by providing access to learning and development programmes, encouraging collaboration and creating a safe space for employees to voice their opinions and ideas. Ask your employees what they think of the culture and what they most value by being part of the business. We recommend deploying internal engagement surveys to determine whether people feel aligned with the purpose of their organisation. Fostering an environment where people feel a purpose is key to understanding how best to retain them.
Encourage Connections:
It is important for employees to feel connected to their colleagues and the organisation. To encourage connections and foster a sense of unity, executives should consider organising team-building activities, social events and employee appreciation days. This will create a sense of team spirit and ensure employees feel valued and supported by their colleagues. This is easier as we return to the office and if you are a virtual first or virtual only organisation, there are a number of tools for social virtual events that can connect teams.
By implementing a range of long-term strategies, such as those outlined above, executives can ensure their organisation has the best chance of retaining its talented employees. With this strategy in place, you can be confident that your organisation will remain prosperous and able to attract and retain a talented workforce for the long-term. If you have any questions in relation to this blog or would like to discuss your hiring needs, contact us today: info@space-exec.com
