Saving Talent: Tips to Engage and Lower Turnover Risks (Part 2)
This is the second installment you’ve been waiting for regarding saving your talent. You can read Part 1 here. Below are the final five factors to help you better engage your employees and lower turnover rates.
5. Team Cohesion
An employee cannot achieve much as an individual, they need their team members contribute to an organization’s success. How close a team is, and how well they work together, influences a company’s turnover. When employees work to help each other achieve goals it lowers the turnover rate. Why? Simply put, because they engage with one another building strong and beneficial working relationships.
To aid in your employee engagement, plan for team bonding activities regularly. These activities help employees to know their strengths and weaknesses. They also help you as a manager to learn how to divide them into groups that will work effectively together.
The aim is to have strong teams where the individual team members complement each other.
6. Personal Development
To have a strong team, the individual members need to be strong first. Personal development is how you assess your qualities and skills, consider your vision in life, and set goals in line with the vision. An employee who continually seeks to develop is aware of their potential and they work on it. This leads to happier employees, high job satisfaction levels, lowered turnover rates.
Help your employees not only excel at work, but also improve on a personal level. Provide them with opportunities to learn and develop be it new work challenges, seminars, or career talks.
7. Work-Life Balance
“All work and no play makes Jack a dull boy,” the wise say. Your organization cannot be all about work and completely neglect the role of family and friends in an employee’s life. Employees who lack work-life balance are prone to stress. High stress levels in an individual affect their attitude at work and their performance leading to dissatisfaction with the company.
This is a challenge, especially in demanding jobs such as retail and contact centers. But there is a solution. You need to encourage your employees to do more within the short time available, and then take a break for family and friends. Encourage them to be productive at work.
To help even further, consider flexible working schedules. Flexible schedules add to your benefits you provide and can increase employee morale at work as they get the time to re-energize.
8. Social Responsibility
Social responsibility programs serve two purposes: to give back to the community and to engage employees. It is human nature to want to serve others, and as a company you fulfill this need through corporate social responsibility programs. When employees take part in building the community around them, they become proud of the company and engage more.
Don’t be the champion of these initiatives; let employees select the causes they want to support and they will give it their all. Assist them by giving them the time off to attend the functions as well as monetary contributions.
When employees give back to the community, they feel very good about it, and the company support, leading to higher job satisfaction.
9. Reward System
I have saved the best for last, Rewards! An important reward to employees is the paycheck at the end of the week. This keeps their bills paid and relieves them of a financial headache. Therefore, pay them in proportion to the value they are bringing in. Low paid employees feel undervalued and leave organizations fast in search of more money elsewhere.
However, money is not the only form of rewards you can use. Other simple things like a gift for hitting a target, or acknowledgement in front of other colleagues motivate employees. These non-monetary rewards show that you care for the employees.
To engage all employees fully, make your reward system known. Failure to do so can lead to employees grumbling when they do not receive rewards, yet they are not performing well.
All in all, these nine factors – recruitment process, manager’s engagement, leadership style, company culture, team cohesion, personal development, work-life balance, social responsibility, and reward systems all work together to engage employees more. Once you identify the right candidates, then it is prudent to invest in them and save their talent within your company.