An additional survey from Deloitte and the International Society of Certified Employee Benefits Specialists (ISCEBS) showed that employee retention has become the biggest challenge U.S. employers face – now ranking higher than healthcare costs. More than 413 HR professionals identified talent management as a top priority, and plan to revamp rewards and benefits programs to meet employee needs better.
But just what might keep a good employee in your company?
- Satisfying work. A survey of 7,500 employees worldwide cited this factor as key for deciding to stay in a particular position (BlessingWhite, 2008).
- Work-Life balance. Balancing work and life needs is a concern employees have cited for some time – and one many employers also recognize as a challenge for them. Many organizations have responded by implementing flexible schedules, on-site childcare centers, and similar resources. (SHRM/Boston Consulting Group/The World Federation of Personnel Management Associates, 2008).
- Understanding of their place in the company. According to one professional, “When employees don’t see how their assigned tasks affect an organization’s success, don’t believe they are doing meaningful work, see no job or career mobility or don’t trust management, workforce disengagement results.” (Chronicle Herald, 2008)
- Healthcare and other benefits. An article in HR Executive Online showcases how companies like the Peoria, Illinois-based Caterpillar enhanced healthcare benefits and expanded health resources to engage employees more fully – all part of long-term planning for best practices and business success.
You may find that employees at your company have other specific concerns, depending on the specific nature of your business. The factors listed above can be a good starting point for evaluating retention issues internally. Communicate with your employees to identify and begin to respond to those needs. One professional recommends
“Retention Interviews,” which resemble exit interviews but are conducted before your employee finds a better offer somewhere else.
Regardless of your approach, be proactive and practice good communication with team members. A little listening can go a long way towards helping your employees feel valued, which in turn can lead to satisfaction and retention.
As Henry Thoreau said, “The greatest compliment that was ever paid me was when one asked me what I thought, and attended to my answer.”