In the tech industry’s evolving job market, having an employee retention strategy is crucial to a company’s success. Candidates are looking to work in an environment that fosters a culture of growth, importance, and engagement. With the current candidate-favoring job market, a business’s success is contingent on its ability to attract and retain top tech talent.
As candidates continue to value company culture over factors such as salary and prestige, setting goals for your employee retention strategy is more critical now than ever. Consider the tips outlined below to ensure you are setting goals that work towards your overarching employee retention strategy.
Define What Your Goals Are
Before moving forward with your retention strategy, make sure you know what your overarching goals are. Take a look at data and metrics and analyze where your organization might need to make improvements. If permittable, assess exit-interview data and ask current employees for their feedback on how to improve. These measures will help to see where extra attention is needed.
Offer Flexibility and Promote Work-Life Balance
Following the pandemic, companies discovered that productive and successful corporate environments do not necessarily require physical office space. Most employees adopted a remote workplace, which many employees highly favored, as the flexibility it offers can increase productivity and provide a better work-life balance. Now, flexibility has become a priority among candidates and employees. In fact, flexibility was one of the top five reasons for employees to leave their job for another opportunity.
While remote work is one way of encouraging flexibility in the workplace, establishing working arrangements that support a healthy work-life balance is another side of the equation. For example, setting flexible hours and encouraging employees to log off after their workday has ended will promote a better balance. While offering flexibility is key, businesses should ensure that they are setting clear expectations when discussing tasks and responsibilities to mitigate the risk of burnout. These considerations, along with implementing wellness programs and fair vacation policies, can allow for flexibility and more autonomy for employees. Both factors make employees feel in control of their schedule and work life, which are smaller goals to achieve in your retention strategy.
Prioritize Mental Health and Support Your Employees
Companies have learned by now that having happy employees is a convincing business case, as they are often more productive and retention rates rise. As such, fostering a supportive culture — one that prioritizes employees’ health and well-being — is a key factor for employee retention and can help you meet your goals. Mental health accommodations are one way to increase retention. Mental health resources prevent burnout and stress and encourage a positive work culture with open communication. In fact, 73% of employees report they would be more likely to stay at a company with high-quality mental health resources.
Another way to demonstrate a commitment to employee well-being is to support and encourage the creation of ERGs. ERGs can not only boost DE+I efforts but also create a sense of belonging and community within working environments. This is specifically true within marginalized communities as providing resources and a voice may boost retention in unrepresented groups. The goal of both strategies is to promote a healthy work culture, which is key to an overall retention plan.
Provide Advancement and Training Opportunities
When an employee sees potential growth and training opportunities to advance their role, they feel more committed and motivated to stick with it. There is nothing worse than a workplace with limited mobility where employees feel they must look elsewhere to find growth. Companies that provide opportunities to enhance skill development such as upskilling and reskilling can boost retention. As employees advance their own capabilities, they feel more accomplished and showcase their potential for growth.
Additionally, creating a leadership development plan can emphasize the pipeline for employees to turn to managers and accomplish their career goals. Showing mobility and promoting from the inside boosts retention as employees become motivated. This reduces the sense of stagnation and low opportunity, which can often drive employees to apply to other organizations. Overall, the goal is to provide employees with advancement opportunities and raise the sense of mobility within the company.
Build Your Retention Strategy with Momentum
In a business environment where factors such as company culture, flexibility, and growth are highly influencing employees’ decisions, having a retention strategy with goals along the way will provide structure to help fulfill the plan. High retention rates can show candidates that you value the well-being and growth of your employees, making you attractive to potential tech talent. For help with your retention strategy, contact Momentum today.
Contributions from Leah Harding