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13 Actions To Improve Your Employee Retention Strategy

Tech job opportunities have hit a 10-year high as the demand for skilled workers outgrows the level of digital skills available, according to a report from Tech Nation.

While a number of tech companies have recently revealed plans to cut staff the research has found that as a whole, the tech sector is continuing to grow. As the competition for Talent continues, now is the time to confirm that your business is doing the right things to help drive employee job satisfaction and, ultimately, the retention of highly valued talent.

First, you need to understand why your employees might be looking for a new opportunity.

Why do employees leave?

Exit Interviews are key to understanding the reasons behind employees leaving the organisation and help determine if your employee retention strategies require improvement. Some common reasons why employees leave include:

  • Inadequate Compensation

  • Not enough support

  • Career progression

  • Better work/life balance

  • Boredom

  • Unhappy with management

  • Toxic company culture

Employee retention strategies for job satisfaction

Below we look at 14 areas where actions can help boost job satisfaction and increase your ability to hold onto key employees:

1. Onboarding

New hires should be set up for success from the start. Your onboarding process should teach new employees about the job, the company culture and how they will thrive in the organisation

2. Mentorship programs

Pairing a new employee with a mentor can also be included in the onboarding stages, especially in a remote work environment. Mentors are able welcome newcomers into the company, offer guidance and be a sounding board.

3. Employee compensation

It’s essential for companies to pay their employees competitive compensation, which means employers need to evaluate and adjust salaries regularly. Even if your business can’t increase pay right now, consider whether you could provide other forms of compensation, such as bonuses.

4. Perks

Perks can make your workplace stand out to potential new hires and re-engage current staff all bosting employee morale. Flexible schedules and remote work options are the perks many professionals value most.

5. Wellness offerings

Al businesses need to demonstrate an active interest in keeping employees fit mentally, physically and financially. Many leading employers expanded their wellness offerings during the pandemic to help employees feel supported and prioritize their well-being. Stress management programs, retirement planning services and reimbursement for fitness classes are just some examples of possible offerings.

6. Communication

The shift to hybrid and remote work has underscored the importance of good workplace communication. Your direct reports, whether they work on-site or remotely, should feel they can come to you with ideas, questions and concerns at any time. And as a leader, you need to make sure you’re doing your part to help promote timely, constructive and positive communication across the entire team. Make sure you proactively connect with each team member on a regular basis, too, to get a sense of their workload and job satisfaction.

7. Continuous feedback on performance

Many employers are choosing to replace the yearly performance review in favour of frequent meetings with employees. In these meetings, talk with your employees about their professional goals and help them visualise potential career advancement scenarios at the company and lay out a plan to reach those goals.

8. Training and development

As part of providing continuous feedback on performance, you can help employees identify areas for professional growth, such as the need to learn new skills. Upskilling employees is especially important today as technology continues to change how we work. When people upskill, they gain new abilities and competencies as business requirements evolve.

Make it a priority to invest in your workers’ professional development. Give them time to attend virtual conferences, provide tuition reimbursement or pay for continuing education. Also, don’t forget about succession planning, which can be a highly effective method for advancing professional development and building leadership skills.

9. Recognition and rewards systems

Every person wants to feel appreciated for the work they do. And in today’s “anywhere workforce,” an employer’s gratitude can make an especially big impact. So be sure to thank your direct reports who go the extra mile and explain how their hard work helps the organization. Some companies set up formal rewards systems to incentivize great ideas and innovation, but you can institute compelling recognition program even if you have a small team or limited budget.

10. Work-life balance

Management should make it clear that they care about employees work life balance and acknowledge that this balance can be even more challenging when working from home. Employees should be encouraged to set boundaries and take time off for their well-being.

11. Flexible work arrangements

Many companies understand that even though they have reopened their offices, some of their employees still prefer to maintain some degree of working from home. If remote working is not an option other solutions could be considered such a compressed workweek or flexitime.

12. Effective change management

Beyond all the recent disruption due to the pandemic, every workplace has to deal with change, good and bad. And employees look to leadership for insight and reassurance during these times. If your organisation is going through a big shift, keeping your team as informed as possible helps ease anxieties. Make big announcements either individually or in a group call or meeting, and allow time for questions.

13. An emphasis on teamwork

You should encourage all your employees, not just star players, to contribute ideas and solutions. Promote teamwork by creating opportunities for collaboration, accommodating individuals’ work styles and giving everyone the latitude to make decisions and course corrections if needed.

We're DigiBods and we build amazing Product & Technology teams. If you're looking for talent or need help with your hiring strategy, get in touch with our team today!


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