ScopeAT

In the midst of the Great Reshuffle, it’s more crucial than ever to keep top talent. 

For starters, replacing employees is shockingly expensive — a trillion dollars a year in the U.S. alone. Filling a position can take months, which means that there’s work that goes undone, and hiring just one worker after someone leaves can cost one-half to two times the employee’s annual salary. 

But there are plenty of other reasons why retention matters. When employees stay with the company, your organization’s productivity remains consistent. Your key knowledge and skills stay in-house. Employee morale improves and employee engagement increases. And candidates take notice. High employee retention means that teams are stable, passionate, and qualified. Who wouldn’t want to work for a company that offers that? 

Retention is usually the result of many different factors: fair pay, compelling culture, supportive leaders, and opportunities to learn and grow, to name just a few. But by starting to improve even a couple of these, you can also make your company a place that people feel inspired to join — and to stay put. We’ve come up with 30 high-impact steps that you can take to improve your retention. 

Let’s get started:  

1. Listen to what employees have to say

More than ever, workers want to be respected and heard. When they feel like the leadership is listening, it can make for a winning corporate culture. And that’s one of the key reasons employees decide to stay with their current employer — or start looking elsewhere. 

2. Create an inclusive work environment, where everyone feels like they belong

Nearly half of Black or Latino workers have quit a job because they’ve experienced or witnessed discrimination at work. When employees feel safe and valued for who they are at work, they’re more likely to succeed in their jobs. 

3. Offer flexible working arrangements

If there’s one thing workers have voiced repeatedly during the pandemic, it’s that they want a say over where and when they work. So, to keep your best employees, try to offer as much flexibility as possible. Workers who feel their companies offer enough flexible options are 2.6 times more likely to report being happy in their jobs and 2.1 times more likely to recommend working for the company. 

4. Pay your employees fairly

A higher salary is not always the top reason people look for a new job, but paying your employees fairly will provide them with plenty of incentive to stay. Audit your compensation to detect and correct any pay inequities, particularly for employees from underrepresented groups and for women, including mothers of young children. 

5. Give one-time cash incentives

In addition to updating your overall compensation package, consider offering employees one-time bonuses, work-from-home stipends, or help in paying down student loans. Perks like these can foster loyalty and make employees feel appreciated. 

6. Be transparent about compensation

The topic of fair pay has received a considerable amount of attention during the Great Reshuffle because historically underpaid groups were disproportionately affected by the pandemic. By being transparent about salaries, you can help close this pay gap, create fairer pay, and build trust with your workforce. 

7. Provide generous benefits, including mental health care, for employees and their families

The pandemic has been hard on everyone, and robust mental health benefits are one way you can show employees you care. According to a 2021 study, 86% of employees ages 18 to 29 say they’d be more likely to stay at a company that provides high-quality mental health resources.

8. Support working parents by offering childcare benefits

During the pandemic, women left their jobs in droves because their childcare had fallen through — revealing once again how crucial childcare is to keeping parents in the workforce. You can support working parents by offering onsite daycare centers, backup childcare, and cash subsidies for care. 

9. When recruiting, be realistic about the job up front

It’s important during the recruiting process to disclose to a candidate any challenges with the role or company they may face if they’re hired. That way, a candidate won’t feel betrayed by any surprises after they join the company. If they know what they’re getting into before they start, they’ll be better set up for success.

10. Create a strong first impression with your onboarding program

The way in which you welcome a new hire and usher them into your company has an enormous impact on how they feel about the organization. Companies that ace the onboarding process have better retention and talent branding too. For help creating an effective onboarding program, take a look at LinkedIn’s 45-day checklist for virtual onboarding. 

11. Pair new employees with a mentor

Mentors can make newcomers feel welcome, offer guidance, and act as a sounding board. An in-depth case study at Sun Microsystems found that retention rates were significantly higher for mentees (72%) and for mentors (69%) than those who did not participate (49%) in the mentoring program.

12. Conduct stay interviews

If you want employees to stick around, talk to them about exactly what would help them do so, in a stay interview. Ask them what they envision for their future at your company? How can their jobs be improved? This gives you a chance to nip any problems in the bud — and conducting effective stay interviews helps boost retention, raise engagement, and improve your company culture.

13. Encourage “boomerangs”

Even if an employee is leaving, you can always urge them to come back with a positive exit interview. Some companies are drawing former employees back by offering to immediately vest them in long-term compensation plans. Welcoming back former employees will also make your current workforce feel welcome.

14. Promote internal mobility

Employees who have the opportunity to move around within a company, whether by being promoted or by moving to new jobs in different departments, are more likely to stay with the company. LinkedIn data shows that employees stick around 41% longer at companies that have strong internal mobility programs compared with employees at companies that have weak internal mobility offerings or none. By building a formalized internal recruiting program, you can also proactively reach out to employees who might be good for new roles. 

15. Develop career development plans, so that employees can chart clear paths to grow within the company

When people have clear goals and the motivation to reach them, they’re more likely to stay. Encourage managers to schedule quarterly, twice-yearly, or annual chats to sit down with employees and talk about where they want to head in their career. 

16. Create plenty of opportunities for upskilling

Workers want to keep their skills current, so that they can stay relevant and advance their careers. That’s why companies that are rated highly for employee training have a 53% lower attrition rate. LinkedIn research shows that 94% of employees said they would stay at a company longer if they were offered more learning opportunities. 

17. Make good use of the skills your employees already have

According to LinkedIn’s 2022 Workplace Learning Report, employees who feel their skills are not being put to good use are 10x more likely to look for a new job. Workers are hungry for a vote of confidence in what they have to offer — and they’re also willing to retrain when they need to add more skills. 

18. Encourage open and effective management

Talent professionals have heard this truism many times: People don’t quit their jobs, they quit their managers. LinkedIn data backs this up, showing that companies rated highly for “open and effective management” also had significantly higher retention. Consider investing in manager training, so employees can have leaders they’re inspired to work for.

19. Keep your employees engaged

When employees feel like they’re fully engaged in their jobs, they tend to be more satisfied, enjoy their work and the organization, and believe that their employers value their contribution. They’re also five times less likely to quit than workers who feel disengaged.

20. Promote a healthy work-life balance

According to a 2021 LinkedIn survey, work-life balance is now the leading priority for job seekers, even more than outstanding compensation and benefits. When workers are stressed and burned out, they’re often tempted to look for another job. You can promote a healthy work-life balance by encouraging employees to avoid working excessive hours, take more vacation, and turn off emails after hours to avoid the temptation to respond. 

21. Schedule recurring check-ins with employees

It’s no longer enough for managers to say that they have an open-door policy. Leaders now need to schedule regular, recurring meetings to talk to employees about their workload and job satisfaction. Workers who can express their ideas, questions, and concerns to their manager are more likely to feel valued at the company. 

22. Seek feedback often

Use feedback tools and surveys to take the pulse of the company on a regular basis. Then, after you receive feedback, act on it. Employees who feel heard are 4.6 times more likely to stay inspired and motivated, which means they’re also less likely to start looking for another job. 

23. Praise a job well done by implementing an internal recognition program

Employees want to be recognized for their achievements, whether it’s finishing a major project ahead of a deadline or reaching a five-year work anniversary. According to a SHRM survey, 68% of workers said their organization’s recognition program positively affected retention. 

24. Offer a sabbatical

A number of companies, including AARP, Intel, Clif Bar, and Patagonia, offer their employees sabbaticals after working at the organization for a set number of years. This is a largely untapped way to boost your brand and retention. Consider Clif Bar: Employees there rank the sabbatical as one of their most important perks, and the company’s turnover has historically been less than 3%. 

25. Stay true to your purpose

More than ever, employees want to work at companies that align with their values and are making a positive change in the world. That’s why it’s important to demonstrate — in an authentic way — that there’s more to your organization than the bottom line. An effective way to help employees see the impact of their work is by showing them how it affects customers through customer success stories or case studies. 

26. Strengthen your wellness programs

According to a 2021 Deloitte report, 80% of workers considered well-being crucial to their organization’s success. To boost wellness, consider offering stress management programs, online fitness classes (or reimbursement for in-person classes), money management webinars, and healthy recipe exchanges. When people can tend to their own health and wellness, they’re likely to be happier in their jobs. 

27. Communicate with your employees

In a time of so much uncertainty, it’s important to be transparent with your employees about what is happening in the company and where things are headed. When you communicate regularly during times of change, it helps to lessen workers’ fears and anxieties about their jobs.

28. Create connections among employees

Start creating connections as soon as someone joins the company, through shared learning experiences, formal and informal activities to help workers get to know one another, and mentorship. Encourage employees to work together on projects too. People who have a best friend at work are 7x more likely to be engaged in their job and are less likely to leave. 

29. Offer unlimited PTO

OK, we get it — not every organization can do this. This is one of the ultimate perks, however, telling employees, “We trust that you’ll take off any time you need or want, and still get your work done.” If you do take the plunge, keep in mind that one of the potential challenges is that sometimes people take less time off with unlimited PTO than if they have a set amount of vacation time each year. So, create a culture that encourages vacation time. Research shows that taking more vacation leads to more success at work and more happiness at work and at home. 

30. Be empathetic

Nearly everyone has struggled over the past few years, which has sometimes made showing up for work and excelling difficult. But when leaders and coworkers try to understand what each person is going through, it makes the workplace feel more welcoming. Workers who feel heard, understood, and cared for work harder, take more risks, and help others succeed. That, in turn, improves retention.

*Photo by Jason Goodman on Unsplash

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