There has never been a greater need for successful employee retention strategies than there is today.
According to LinkedIn, the U.S. is short 1.4 million professionals with soft skills. Employees who have these skills, such as communication, persistence and curiosity – are often going to turn into your top performers. They are in hot demand right now.
And what’s the number one thing that matters to these professionals? LinkedIn’s research and our own agree: Culture matters most. LinkedIn’s latest workplace study found that 70% of professionals in the U.S. today would not work at a leading company if it meant they had to tolerate a bad workplace culture. So much so, that people would rather put up with lower pay (65%) and forego a fancy title (26%) than deal with a bad workplace environment.
Clearly, the most effective employee retention strategies must focus on company culture.
Employee Retention Strategies
Building culture isn’t about ping pong tables and having a barista in the office. While these kinds of perks may be nice, they aren’t going to affect retention (and if they do – would those employees be the right fit?).
Ultimately, effective employee retention strategies must focus on building a sense of connection, meaning, impact, and appreciation (the four pillars of the employee experience). Our research for the Employee Experience Quantified showed that all but 2.5% of employees said that each of these four pillars affected how long they stay in their jobs.
So, how do you build these into your company? Here are a few unexpected employee retention strategies:
- Communicate core values clearly and often. Employees connect more to companies that have, and live out their core values.
- Encourage employees to recognize and reward one another. This builds connections between employees and gives a stronger sense of appreciation, but also, ultimately increases employee performance.
- Help employees set and achieve clear goals that are tied to company goals. Having clear goals helps employees see the impact that their work has on the company as a whole. Plus, Gallup has shown that employees who strongly agree that they can link their goals to the organization’s goals are 3.5 times more likely to be engaged.
- Make appreciation a regular occurence. Employees like to be appreciated. But doing a once a year appreciation doesn’t build the day-to-day sense of being valued that will keep an employee with your company.
Would you like more culture-based employee retention strategies? Get our Quick Tips guide for building a great Employee Experience.
Kazoo amplifies company culture through its award-winning employee experience platform that delivers engagement, retention, performance management, and improved business metrics. As a dominant force in the HCM market with an industry-leading retention rate, Kazoo partners with more than 400 global organizations to build high-performance cultures and engaged workforces. Founded in 2013, Kazoo continues to revolutionize the employee experience with its platform based on the science of motivation, rewards, and recognition. To request a demo, visit info.kazoohr.com/demo-request