A low staff attrition rate is one of the most telling characteristics of an organization on the rise. Long-serving employees are more likely to excel in their individual roles while their cohesion strengthens the company from its core. Research suggests that companies which offer staff these three pathways enjoy better employee retention and the benefits that come with it.
A Clear Route of Advancement
A clear set of goals and rewards brings with it an equally clear sense of direction because it visualizes progress. This proactive vision of possibilities is a potent motivational force that encourages people to stay with a company.
There should be no ambiguity for team members regarding what their next promotion is, when it is due, and the requisite performance waypoints they need to achieve. This approach can be applied even before employment begins. Besides the standard list of roles and responsibilities that accompanies every job description on your careers webpage, add a clear plan for professional advancement. This will itself attract talented individuals who are looking for a long-term engagement.
It may surprise some managers but research shows that employees prefer a non-linear experience at the workplace. Figures reveal that individuals who stay the longest with a single employer are those that take on varied roles within their tier of responsibilities. This is perhaps indicative of the value that a diverse portfolio has in the modern employment landscape. Employers appreciate depth of ability more than excellence in a single, narrow role because the former alludes to the individual’s ability to navigate the unexpected and the unfamiliar.
When creating proposed routes of advancement as suggested above, leave enough leeway for a lateral exchange of roles within every stratum. The unique perspective that someone from a different department brings can be instrumental in finding creative solutions to challenging problems.
Independence and Empowerment
Unsurprisingly, autonomy is among the most desirable factors which encourage employees to remain with a company. Responsibility is tied to power and influence; the more of it a team member enjoys, the less likely he or she is to relinquish their role and join a different organization.
Empowerment goes beyond wider duties and a supervisory position. It can also mean flexible arrangements like work-from-home or adjustable working hours. The convenience of these options has proven to be so highly desirable that employees are willing to forego higher pay packages in their favor.
Employee satisfaction with their current status and optimism about the future are the foundation of a committed workforce and a crucial key to retaining employees for the long term. Contact me today if you would like to discuss other ways to retain employees.