In a recent survey conducted by the Human Resources Professionals Association, 40% of Ontario HR professionals said that employee retention was either extremely challenging or very challenging for their organization.
There’s no silver bullet when it comes to retaining talent, and a certain amount of turnover is healthy for an organization. But you want to make sure that your top performers and critical team members have every reason to want to stay with your organization over the long run. Below are some effective measures organizations can implement not just to retain people, but to make sure the right people are engaged, motivated, and performing at their best.
Employee Retention Strategies
Review your Total Rewards Strategy
Your total rewards strategy includes financial compensation, health benefits, vacation days, and more. A strong total reward strategy should be aligned with your organization’s core values and mission, keeps you competitive in the marketplace, and ensures you aren’t losing talent to more attractive offers elsewhere.
Some jurisdictions, such as Ontario, are introducing new legislation around pay transparency that will impact how you structure your total rewards strategy. Keep these changes in mind when reviewing your strategy.
Flexible Work Options
Flexible work arrangements remain a critical factor for many professionals, with a recent study suggesting that 40% of workers would take a pay cut of 5% or more to have the flexibility of working remotely.
Flexibility can also come in the form of job-sharing, flexible hours, or compressed work-weeks.
Not every role or organization can accommodate flexibility, but it’s worth considering whether extending these flexible options can assist in attracting and retaining talent.
Invest in Learning and Development
Top performers often have a natural desire to grow and improve. Providing them with regular learning and development opportunities can fulfil this need for growth so that they don’t seek to fill that need with a new role in a new organization.
This can be done through outside training, or through the opportunity to work on a special project that will provide new and valuable experience.
Build a Strong and Healthy Culture
Workplace culture is a key factor in determining employee satisfaction. Employees naturally want to stay where they feel happy and supported, and are unlikely to leave a culture that allows them to enjoy their work daily.
Culture is challenging to build and maintain, but for many reasons, investing in culture is one of the wisest investments a CEO can make.
Retain your Top Talent
The approaches listed above are just some of the ways you can retain your top talent and improve your retention rates overall. If you feel stuck or overwhelmed by the complex nature of this challenge, we may be the right partner for you. Connect with us to have a strategic conversation about where your organization stands today, and where you’d like to be tomorrow.
