October 9, 2020
Building Long-Term Buy-In: 5 Top Tips to Ramp Up Rates of Retention
Picture the scene: you’re sat having a coffee, forecasting for the year ahead and an unexpected note lands in your inbox that instantly catches you off-guard.
The resignation of one of your key players during a peak period of the year.
Once the initial shock subsides, you need to find a replacement – and fast!
Yet sourcing the right recruit is a costly and timely affair. With no real knowledge of how to address this and whether the replacement will gel with the team, sourcing a suitable new candidate can feel like a shot in the dark.
With the above in mind, here are six top tips to reduce the risk of shock resignations (and retain your talent long-term…)
Top Tip No.1: Identify Committed Candidates Who are Likely to Stay the Course
Improving rates of retention begins and ends with recruitment. Although the right competencies are unquestionably important, the DNA fit of hires determines their level of loyalty and whether they’ll stay the course. Instead of focusing solely on skill-sets and impressive industry credentials, consider whether their personality and preferences align with your company culture. Given the stakes of getting it wrong, tools (such as personality tests) should be included in your hiring strategy to find the right fit from the get-go.
Top Tip No. 2: Link Individual Roles to the Wider Company Objective
Regardless of seniority, employees crave a meaningful role that provides a strong sense of purpose. Without this, regular workday routines will begin to feel monotonous and lacking a clear direction. The result? A rudderless roster of recruits who are in danger of jumping ship! To combat this challenge, it’s crucial to link each role to the overarching company objective. By offering clarity on the bigger picture and how hires contribute to this goal, employees can perceive how their daily efforts make a tangible difference long-term.
Top Tip No. 3: Tailor Your Benefit Packages to Accommodate Different Demographics
When it comes to benefits packages, a one-size-fits-all approach is woefully insufficient. What appeals to one demographic may fail to entice another. For this reason, it’s essential to tailor benefits to accommodate different demographics. Among millennials, perks (such as flexible working) are generally well-received, offering an empowering sense of autonomy over their daily and monthly schedules. Alternatively, parents with childcare commitments may appreciate the benefit of flexitime or vouchers for wellness initiatives to invest in some overdue “me-time.” Whatever their needs may be, ensuring packages reflect these preferences will inspire loyalty from workers while ensuring they feel properly “heard.”
Top Tip No. 4: Invest in CSR Initiatives that Hires Can Get Involved In
For every business, corporate social responsibility remains a perennially popular topic – and with good reason! In an era of instant messaging, news travels fast, making it crucial to ensure that practices are honest and fully transparent. Thankfully, investment in CSR sets a favourable first impression among stakeholders and employees alike. Both Millennial and Gen Z demographics are passionate about social causes and tend to prioritise employers whose ethics align with their values. To address these emerging trends, devise CSR initiatives that hires can join from the get-go. From time off for volunteering to inspired fundraising initiatives, solicit their feedback then get creative and post the results online!
Top Tip No. 5: Create an Open Culture of Feedback to Spot Early Signs of Disinterest
Forget the annual appraisal! Regular, one-to-one feedback is the key to long-term retention. A continuous feedback culture offers opportunities to discuss concerns and iron out minor niggles before they impact collective morale. Put simply, the earlier you identify issues, the easier it is to address them and devise a workable solution. Yet if the culture is closed and intimidating, employees will be hesitant about voicing their worries for fear of the repercussions. If the issue is relatively major, they may opt to resign instead, creating ripples of unrest among colleagues who are experiencing similar predicaments. By creating an open and democratic culture, you can quickly gather this feedback and spot signs of frustration before they lead to turnover troubles.