We recently conducted a poll to determine what companies are doing to retain their employees!
We Asked: Concerned about “The Great Resignation”? Surveys indicate 41% of employees globally were considering quitting. How do you improve retention?”
|Help Emp. Career Development?
|Improve the Emp. Experience?
So, the results have been tallied and are posted above. Out of 178 respondents it clearly shows that “Improve the Employee Experience” (at 53.5%) is the biggest focus for polled organizations that answered. This was followed by “Increased Salary/Benefits” (at 32%) and then “Help Employee Career Development” (at 13.5%).
Let’s take a closer look:
- Increasing salary and benefits is not always easy or possible. Given the challenges and competitiveness of the marketplace increasing salaries is difficult as businesses have healthy profit expectations and increasing salaries and benefits may force organizations to increase pricing and this could affect sales and profits. It is interesting to note that many mid level managers and professionals that participated selected this option but from the senior executives who participated no-one selected this option- this may indicate that they feel it is simply not a viable option! As well, although important, studies have shown that money is NOT the main reason employees resign their career position with several other reasons cited as more important in an employee’s decision to leave. If not possible to increase wages other alternatives should be explored.
- Help Employee Career Development can also be a challenge as many organizations feel this is the employee’s responsibility, not the companies, yet organizations must realize that helping employees grow, develop and achieve their career goals can offer important benefits and a strong ROI, since employee growth will have a positive influence on their performance, productivity, ability to resolve company problems and innovate new solutions.
- Improving the employee experience might be the simplest and easiest strategy to implement. But how would you define and explain “Improving the Employee Experience”. What does this mean and how would you go about it? Organizations must keep in mind that creating a work experience that is rewarding requires a combination of support and action for both the unique and personal factors as well as more generic considerations (applied to the entire workforce) that make the experience fulfilling and enjoyable. There are several steps that could be taken including:
- Employee recognition and appreciation
- Working conditions (physical work environment, flexibility in hours and work locations, safety issues, tools and equipment
- Providing meaning in work
- Stronger working relationships and improved communication
- Align employee work with their strengths and interests
- Building morale and camaraderie
- Understanding and supporting employee’s unique and personal career needs, interests and goals
What steps are you taking to strengthen the employee experience?