Knowledge

3 Ways to Improve Retention Without Increasing Spend

With the U.S. employment rate hovering at historically low levels, it’s more challenging than ever for employers to connect with new and qualified workers. This recruitment reality makes the job of keeping current employees happy and engaged in their roles a critical priority for executives, managers and HR teams.

But what about the investment? Generous benefits are essential for retaining skilled talent, however, they can be costly. While not every company has an extravagant budget for perks, there are immediate actions that companies of all sizes can take that can be incredibly impactful.

LIFESTYLE BENEFITS

According to a recent study conducted by FlexJobs, 84% of candidates rank work flexibility as the number one factor impacting future career choice, closely followed by work-life balance with an 80% ranking.

Lifestyle benefits such as these are one of the easiest – and most cost-effective – for employers to implement. Flexible hours and work-from-home options typically are free to the employer and can even save on overhead costs.

OPEN AND HONEST COMMUNICATION

As leaders, it’s important to encourage transparency between management and support staff. Just the act of listening to and expressing an interest in employee concerns fosters a sense of community and shared purpose.

Tactics for improving transparency may include financial literacy courses and sharing, town hall meetings, or employee satisfaction surveys. Providing a variety of avenues for feedback and follow-up such as these is imperative to keep team members engaged and feeling supported within the organization.

CAREER PATHING AND GROWTH

Developmental support is one of the most sustainable ways in which an employer can maintain and grow their workforce. According to a recent Gallup study, employees are most likely to leave a company when they don’t see room for advancement or feel fulfilled in their role.

To combat this leading cause of attrition, employers should coach their employees and collaborate on career development plans, effectively mapping out the steps required to achieve the desired progression. This mutually beneficial practice dramatically reduces costs associated with replacing employees while securing tenure and pathing options for engaged team members.

Contact EG to discuss this or any matter relating to human resources or candidate recruiting issues. info@eg-us.com

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