The U.S. Bureau of Labor Statistics reported that three million employees have left their job voluntarily every month since June of last year. With 2019 in full swing, it’s important to be more proactive with employee retention. Regardless of the position, employee turnover can possibly bottleneck the development of important product launches. Possibly even slowing down an entire department while job vacancies are waiting to be filled. While some dislike the idea of a New Year’s resolution, it’s a much better thought than losing an employee that is irreplaceable.
In a market with low unemployment, recruiters are shifting their focus to current employees to build their talent pool. In order to keep those employees that might be at risk of going to a competitor, try some of these New Year’s resolutions focused on employee retention.
Encourage employee creativity
When an employee feels like they’re stuck at work and doing the same jobs tirelessly day after day, it will be an easier decision to jump ship if offered the chance. The best way to help prevent this type of drone-like feeling can be by giving your employees a new project every 6 to 12 months with a focus on something they find lets out their creativity. Establish that a time limit is set on how long it can take them from their work, whether that’s a day each month or a few hours each week. Creating this type of environment is a win-win for both the employee and employer.
Create an environment of positive feedback
Giving positive feedback on a routine basis motivates employees to put their best foot forward each and every time. While constructive feedback is necessary, think about how much positive feedback you’re giving compared to constructive. The first step to providing constructive feedback is being aware of the ratio of positive/constructive feedback and then moving the ratio towards six positive comments for every negative comment in 2019.
- Companies that provide employee feedback have 14.9% lower turnover rates.
- 82% of employees appreciate receiving feedback, whether it be positive or negative.
- Providing feedback improved overall performance, according to 27% of employees.
Challenge your employees and encourage failure
This year, push your employees outside of their comfort zone. When the right situation arises, challenge your employees beyond what they’re used to doing at work. Allow them to see failure as a learning opportunity and give them a chance to take a risk. The idea of finding a balance between supporting what they do and challenging them is not an easy task, but by starting with small projects outside an employee’s wheelhouse can help retain employees and create growth opportunities at the same.
Make your employees feel like their input matters
Every employee wants their voices to be heard and want their work to be recognized. At the end of the day, they are there to help the business achieve its objectives. Instead of employees being another cog in the wheel, sit down with each of your employees and have a conversation about their duties and role within the company. Recognition is the number one thing employees say could inspire them to create great work. 78% of employees who are recognized are more engaged, compared to the 33% who are not. Use this meeting to determine where employees might fit in on a more strategic basis and if they even want a more strategic voice within their role.
Foster better work-life balance
The work-life balance is a topic that is surfaced frequently, but not easily implemented. While expectations are high for most employees, it’s important to make sure team members have adequate time to take care of themselves and enjoy what life has to offer.
It’s important to make sure employees take the time to reset, recharge and take advantage of the “me time.” Another way to achieve a better work-life balance is to learn to say no. Not having the ability to say no to some things that stress you out might take a toll on your health in the long run. Stressful duties and working more than 55 hours a week puts employees at a higher risk of coronary heart disease and stroke. With the abundance of technology in our world today, it can be close to impossible to unplug. 57% of employees say that technology has ruined family dinners because of the expected responses from their employers.
These five employee retention resolutions are high-impact and low-cost, but take some conscious effort on the part of the company to implement. With any resolutions, it is important to walk before you run. Survey your employees this month and see what is most important to them and take action based on the results. This will ensure you’re offering perks or growth opportunities that are important to your employees.
Not sure where to start with creating your New Year’s resolutions? Let us help! See how we can help you increase employee engagement while also retaining more of your top talent.