Changing Landscape of Employee Retention
Employee expectations have evolved significantly in contrast to previous generations. Currently, employees seek more than a stable job with financial compensation. The strive is for a working environment that is synonymous with personal values, growth, and development opportunities, and most importantly a healthy work-life balance. Let’s review some noteworthy expectations to help you increase employee retention.
- Meaningful Work
- Engaging in meaningful work gives employees a sense of fulfillment and satisfaction. When employees find value in what they do, they become more engaged and committed to their tasks and responsibilities.
- When individuals feel that their work has a purpose and contributes to the greater good, they’re more likely to experience job satisfaction.
- Work-Life Balance
- Employees and human beings in general are prioritizing now more than ever their well-being.
- Incoming talent expects flexibility in their working arrangements. This could be remote work, hybrid work or flexible schedules.
- Your workforce needs the freedom to manage their personal and professional commitments.
- Workplace Relationships
- Employees expect open and honest communication from their managers.
- They expect recognition for their contribution and a supportive management style.
- Employers should actively encourage feedback opportunities to ensure all voices are being heard and to foster a company of continuous improvement.
Leadership & Retention
Leaders play a crucial role in employee retention for numerous reasons. After all, we know employees become experts on their boss so it’s important for leaders to have strong character. Let’s examine how leaders can improve retention rates in their departments.
- Motivation and Inspiration
- Effective leaders must be able to motivate and inspire their team members.
- Try to set positive tones, realistic goals, and communicate your expectations clearly.
- When employees are inspired, motivated and understand what they must do to succeed, they are more likely to remain committed to an organization.
- Trust and Communication
- Having a trustworthy relationship is a fundamental element in employee retention.
- Leaders must build trust amongst their team members, and this is achieved with transparent communication. Be clear on what you expect from them and what the goal is. Clearly communicate how certain objectives will impact the company’s performance so employees can plainly see the impact they make.
- Don’t micromanage! Micromanaging reduces productivity for leaders and direct reports. A lack of trust and empowerment stifles creativity and innovation. Furthermore, micromanagement causes decreased job satisfaction. If employees are not satisfied, they will leave, it’s that simple.
The Solution: The Predictive Index®
The Predictive Index® as delivered by founding partner Predictive Success is a leading talent optimization platform. At Predictive Success, we’re a firm believer in psychometric testing in recruitment and ensuring we’re hiring the right people, because turnover is incredibly costly. Using our behavioural, cognitive and job assessment, you can determine how likely a candidate is to succeed at a role and gauge how closely the role aligns with their natural tendencies. Ultimately, if people naturally enjoy and succeed at their job, they will be inclined to stay. Our goal is to ensure you can efficiently hire the best employees. This is achieved through our software’s data analysis and other unique tools like a personalized interview guide.
Predictive Success empowers leaders to optimize workforce performance through proven talent management methodologies, high-performing team-building technology and collected employee or potential candidate data. To learn more about how you can work with our team, please contact us today.