Employees are now taking the spotlight in the business world. The most successful companies are placing an increased focus on employee engagement and wellness while encouraging best practices for good company culture.
It makes excellent business sense because engaged employees have increased productivity, more innovation, and are less likely to look for other employment options.
We’ve created a list of four reasons your small business may be losing its top talent and the practices we recommend for retaining your best employees.
Having a positive company culture is the number one way to retain your most skilled team members and draw in fresh talent. A recent study by MIT Sloan discovered that 93% of employees discuss at least some aspect of company culture while they are reviewing their employer on GlassDoor.
Culture defines the company’s values, beliefs, attitudes, and behaviors. If an employee doesn’t mesh with your company culture, they won’t hesitate to look elsewhere. To ensure you have an energized and motivated workforce, make sure your culture aligns with your company values and long-term goals.
2. Employee Engagement
In addition to having a supportive company culture, your employees want to feel valued and supported by their leadership team. To encourage them to grow with the company, make sure your employees know that you are always happy to listen to their feedback.
A recent Salesforce study found that employees who believe that management hears their voices are 4.6 times more likely to be empowered to deliver their best work. To improve employee engagement, create a company culture where employees feel their opinion matters and are encouraged to share ideas.
3. Leadership/ Vision
According to LinkedIn, 94% of employees surveyed said they would continue working for a company longer if management invested in their learning and development. To increase employee engagement, provide employees with the education and coaching they need to thrive. At the same time, encourage them to be creative and share business ideas.
Advancing the company vision is a top-down approach that should be driven by the leadership team. Create motivational goals for your organization and ensure that every employee is aware of how their specific role contributes to the big picture.
As companies compete for the best talent, employees have more bargaining strength in terms of benefits and perks. Companies should be ready to step up what they have to offer to ensure they retain their best talent and attract new candidates.
In a recent study by Aflac, 70% of employees surveyed said that benefits packages are highly essential to their job satisfaction, well-being, and financial health. When looking for the perfect organization to work for, candidates are increasingly seeking flexible work schedules and other non-traditional benefits. These include unlimited time off, remote work, and hours outside the traditional 9 to 5.
What Can You Do?
As retaining top talent continues to be one of the biggest concerns plaguing managers this year, it’s time to sit down and take a good look at your company culture. Are you promoting an inspiring company-wide vision that is supported by a supportive leadership team, a positive company culture, engaged employees, and excellent benefits?
If you think you think your HR strategy could use some sprucing up, consider hiring an outsourced HR firm. With over 50 years of HR experience, Your HR Partner is the top outsourced HR firm in the Dallas Texas area.
Talk to us today, and we’ll analyze the strengths and weaknesses of your company culture and employee engagement rates. Let’s work together to design a company mission that aligns with your organizational values and ensures you retain your best employees!