Why You Need Employee Retention Programs

Mar 31, 2017 7:04:57 PM / by Involvesoft Marketing

Why You Need an Employee Retention Program

It’s 2017, which means if you don’t have an employee retention plan you may be headed down a long and challenging road of high turnover and unfulfilled employees. By 2020 it is expected that 60% of the workforce will consist of Millennials. Due to the Millennials’ values and beliefs, traditional workplace environments will have a hard time retaining, and even recruiting young talent. Millennials naturally want to feel valued and connected to a company that has a clear vision to make a positive impact. Millennials are often considered as a lazy generation to the ones before it. However, what sets Millennials apart, from any other generation, is that they are the age of collaboration. Millennials love to collaborate with one another on meaningful work. Work that gives them the freedom to choose the best direction for the company they work for. People want to feel that they are apart of a team, not just a regular employee.

I mean, let’s face it; Millennials are curious people that feed off positive energy. Put them in an isolated environment, and productivity levels will begin to decrease. Place them in an environment full of like-minded colleagues, and watch the magic happen before your very eyes. A tough generation of people to please, but once pleased, they’ll outwork anyone in the office.

Employee Retention Programs For A Work-Life Balance

When most people think of ways to make their employees happier almost always their first thought is to give them a raise. Granted, this will probably only occur if an employee brings valuable work to the table. However, if employees can’t connect with their co-workers, are bored with their work, or feel as if they’re not learning or growing anymore, a small raise won’t do much in the long term.
So now that we understand that a mere increase in salary isn’t enough to engage your employees, let's talk about the baby steps you can adopt on your journey towards proper employee retention programs. Some companies are now implementing small perks such as casual dress codes, free snacks and lunches, and even gym memberships. Just by doing little things like this, you can make a large impact on the mentality of your employees.

Take this for example; imagine they’re two friends that work in two different companies. Friend A works for a company that adopts free lunches, casual dress codes, and gym memberships. Friend B works for a company that offers none of those. Friend A will begin to realize that the company he/she works for actually values individuals, as opposed to where Friend B works. Just this will psychologically make Friend A feel proud of where they work, and when people feel proud of where they work, they’ll make sure they only do great work. So not only will this increase the productivity of your employees, but it will boost employee retention as well. Also, another great thing you can do is adopt a work-life balance policy, where employees are allowed to have flexible schedules. This, in turn, makes employees feel like “work” isn’t an office where you go to and sit behind a desk. Instead, it will make them feel like “work” is just a part of their lives, and this will make your employees feel like they’re apart of something more than just another cog in a working machine.

Give your employees a personal growth strategy

There’s a big difference between being encouraged to work for a company, and being encouraged to use the knowledge you learn at a particular company somewhere else. What I mean by this is offer your employees opportunities to grow. Give them self-improvement openings and really understand what motivates them. Encourage them not to let go of their dreams and ambitions, even if it doesn’t relate to what the company they work for actually does. This, in turn, creates a strong bond between an employee and employer, making it less likely that employees will leave because they feel unvalued.

Overview

The bottom line is you need employee retention programs. Whether it consists of small actions like offering free snacks, or even more ambitious avenues like teaching your employees to become the best version of themselves, give back to your employees. Your employees are your support. They are the masterminds and the ones that keep your business running. Support your support, and in return, your employees will always want to work with you.

 

Find out how InvolveSoft is helping companies increase their employee alignment through various employee retention programs. Discover the benefits of being a socially responsible organization by starting a free trial.

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Topics: Reducing Employee Turnover, Employee Retention