Amidst the coronavirus pandemic and the resulting recession, it’s vital that businesses know how to retain their most talented, hardworking employees. At such a turbulent time for businesses, it’s easy to get caught up in keeping everything running smoothly and completely overlook giving your employees a reason to remain firmly positioned as part of your team.
Here are four of the most influential ways to retain those prized employees.
An investment into the learning and development of your workforce will not only better their existing skillsets, but also the chances of them investing themselves into the company. It’s a two-way process, and one that won’t go unnoticed by your employees.
If an employee feels directionless and unclear on whether their vision for the future aligns with the business’ own, you’ll see a significant drop in engagement. In fact, a third of UK employees admitted that they wished to leave their job due to a lack of opportunity for career progression, according to a survey carried out by Investors in People (IIP).
An open, inclusive environment helps employees to feel like they’re part of the bigger picture and can have an extremely positive impact on their motivation and productivity levels at work too. Perhaps you could implement an open-door policy or arrange monthly check-ins with each member of staff. Allow ideas to flow, encourage thinking outside of the box, and display an openness towards unconventional viewpoints.
Celebrating even the smallest of wins makes a huge difference to morale in the workplace, and leaves employees feeling valued and appreciated for the time and effort they’ve invested into their role. According to research conducted by Personal Group, 35% of employees would feel happier with greater recognition in the workplace, and a further 66% claimed to have based their decision on staying at a company partly on the incentives offered.
But fear not, as a reward doesn’t necessarily need to be a financial incentive – though it would no doubt be a welcome bonus for your employees! A simple ‘thank you’ card or brief mention in the team meeting is often sufficient, or you could opt for a regular ‘Employee of the Month’ award to bring out your team’s competitive spirit.
Provide feedback to individual employees as often as you can, but remember to ask for it too! Encourage employees to provide feedback on what’s working well for them, how they feel about any new processes that have been implemented and if there are any changes they’d like to see within the business. However, ensure this isn’t just a tick-box exercise, as all feedback should either be acted on or, if it’s not possible, addressed.
Collectively, these actions amount to a sense of community, collaboration and commitment – or, in other words, the reason that employees will choose to carve out their career path with you.
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VP Deutsche Bank
AVP Morgan Stanley
AVP Goldman Sachs
AVP Deutsche Bank
Senior Manager Mazars