Gone are the days when careers were built within a single company. Today’s talent is volatile and demanding – and some of it is even penurious. The result? The balance of power between employers and employees is shifting. Instead of stability and security, many prefer meaning and challenge. In such a context, talent retention becomes a major HR issue. But how can you reduce your turnover and retain your employees?
Limiting turnover: what is at stake for companies?
Employee retention is a real issue for companies for many reasons. First of all, there are the indirect costs that are hidden behind recruitment. Finding a talent, convincing him to join the company and training him… All these actions require a lot of energy and time… and therefore, money. It is therefore in a company’s best interest to amortize these costs by retaining the new recruit.
Let’s also remember that a resignation can lead to disorganization and a drop in productivity within a team. Regular departures can also demotivate employees and create a vicious circle, in addition to increasing HR expenses related to recruitment… and tarnishing the company’s employer brand!
👉 In other words, it’s better to invest in employee retention with some good practices.
Paying attention to employees’ expectations
As you may have heard, employee expectations have changed. According to the latest barometer of the firm Empreinte Humaine conducted in October 2021, 35% of teleworkers have moved (as well as 19% of all employees). Today, employees are making their balance and fulfillment their priority – and rightly so!
- What is the best way to regularly measure employee expectations? QTV questionnaires, as well as employee surveys, which make it possible to evaluate the degree of fulfillment of the teams, their blocking points, their aspirations…
- Also, take advantage of annual performance reviews to discuss your employees’ desires for growth. The more you understand their desires and ambitions, the better you will be able to meet their needs (via the implementation of an adapted career development program, for example). After all, “knowledge is power!
Allow your talents to evolve
This is the logical consequence of the previous point. To keep your talent, you must allow them to fulfill their careers. By offering your employees opportunities to evolve, you allow them to pursue their professional aspirations.
To do so, you can resort to internal mobility, or invest in a training policy and allow your talents to develop or deepen new skills.
Linking the needs of the company to the expectations of the employees: this is the objective of the GPEC (management of jobs and skills), which we mentioned in this dedicated article. Its role? To identify employees who are capable of developing their skills – to develop their careers, but also to help the company grow.
Do everything possible to promote their development
The benefits of well-being at work on employee productivity are no longer in evidence! A happy employee is an employee who works well… And who is committed! A logical causal relationship.
According to Gartner’s 2020 ReimagineHR survey, companies that offer their employees more flexibility (about when, where and for how long they work) have more successful teams.
Also, many studies have demonstrated the positive impact of telecommuting on team productivity. This is easy to understand! With more flexible schedules, less commuting time and greater autonomy, teleworkers are productive.
💡 According to a McKinsey study, “25% of employees will consider changing employers if they return to past rigidity” or lack flexibility.
But flexibility is not the only guarantee of happiness at work. Balance and a sense of purpose are also essential.
Some good practices to promote employee balance:
- Force them to disconnect after a certain time (e.g. 6:30 p.m.).
- Prohibit professional exchanges on evenings and weekends.
- Invite employees who are a little too presentational to take time off.
- Offer time off work…
These actions should enable the company to set an example in terms of work-life balance.
Actions to implement to promote the well-being of its employees
- Regularly evaluate their development and suitability for the company’s project via surveys, anonymous surveys, etc.
- Develop a climate of trust within the company centered around exchange, and provide regular updates (in particular with management and the various teams). Establish a “feedback culture”, in which employees feel free to share their opinions, doubts, various proposals…
- Regularly reward employees and show them recognition (materially, by paying exceptional bonuses for example, but not only! Taking the time to thank an employee for his availability, his team spirit or any other achievement is already very good!)
- Encourage initiative and the right to make mistakes. In order to be able to excel and reinvent their jobs, employees must feel empowered and free to try new things.
- Involve employees and allow them to contribute to the company’s growth (for example, by adopting the OKR method (Objectives Key Results). Its main function? To associate the different teams with the company’s strategic objectives.
Promote team cohesion
As Maslow illustrated in his famous Pyramid of Needs, we all need a sense of belonging to be happy.
Uniting your teams around common objectives reminds them of the global mission that unites them, and nourishes their sense of belonging to the company.
- In person, don’t hesitate to make your office a place of life and informal sharing (by organizing internal events, like team lunches or breakfasts).
- In case of telecommuting, propose adapted communication tools to facilitate collaborative work and inter-team exchanges.
💡 According to the Next Gen study, employees are looking for “collaboration,” “teamwork” and “informal relationships” in the workplace as a priority.
Paying your employees fairly
If financial criteria alone are not enough to guarantee an employee’s motivation over the long term, a fair balance must be found. Like everything else, performance (whether individual or collective) must be rewarded.
More than anything, it’s important to be fair to employees, and to reward them fairly for their efforts.
⚠️ To Remember
Not all resignations are linked to salary arguments or management problems. Behind a resignation can also be a mismatch between the values of a talent and those of the company. Don’t forget: a committed and motivated employee shares your values and is committed to them. In other words, don’t hesitate to develop a strong corporate culture, like Google, Decathlon or Michel et Augustin.
Less turnover in 2022: how to retain your employees in conclusion
Growing and making people grow: that should be the goal of every company! In an age where talent is volatile and demanding, it is essential to treat them like customers. In other words, pay attention to their needs and give them the opportunity to grow!
Also think about optimizing your recruitments: the first step to take to make collaborations last is to choose the right talents who will really blossom in your company and adhere to its culture, in the long term.