Employee retention may be decreasing in younger generations (with over 21% of millennials having changed jobs in the last year) but there are things you can do to help improve it, which will save you money and time in the long term by avoiding having to find replacement members of the team. Here are the top 8 reasons why employees stay with a company and some tips on how to achieve them…
1. They believe they are part of something special: Culture, team, environment.
Being part of a team is essential as it signifies people working towards a shared purpose or goal. As a company people need to feel as they all have a common understanding that they are part of something special and that everyone has a special role in achieving the goals of the company. People are more likely to stay with a company when they are part of a team as they don’t want to let the team down by abandoning them because they know their role is important and valued.
Tip: If the role doesn’t include working in a team try to incorporate some team building activities to strengthen the team culture and ethos. Strengthening your culture can also encourage people to feel more part of the team.
2. They believe in what they’re doing, and it has purpose and meaning.
When people believe the work the they do is valued and has a purpose and meaning within the company people are more likely to be satisfied with the work they do. People will stay with a company they work for longer if they feel the work they do is of meaning and is bringing value to the team – or what’s the point of doing it at all? You don’t want people working in your team who are only there for the pay check.
Tip: If people aren’t seeing results from the work they do, help them establish where they’re going wrong by offering training, support and mentorship.
3. Their work is recognised and appreciated.
People need to feel their work is being appreciated to feel valued in the workplace. They need to feel their work is recognised as being important. If people don’t feel appreciated they will look for a different position where their work will be recognised.
Tip: You can never give enough praise or recognition so do it whenever you can, so your team feel like their work is appreciated and they are reassured they are doing a good job.
4. They appreciate and respect their co-workers
People who respect and appreciate their co workers tend to get along with them and the sense of team belonging is a big reason why people stay with companies. Feeling as though you can lean on your team and trust them to work with you is a crucial part of work place satisfaction.
Tip: Encourage team work through team building initiatives and offer incentives for supporting one another. Incorporate team appreciation when someone does well.
5. They have a mentor who encourages them
People who stay with companies for long periods of time are encouraged to constantly do better and continuously learn. Mentors are there to offer advice and assistance during your time at the company, offering guidance to help you get to where you want to be in the future. By constantly learning and having someone to call upon for advice people feel as though they always have a safety net and are comfortable asking for help when they need it – encouraging them to want to stay at the company.
Tip: Encourage continuous learning and training to all team members from the day they start. This makes people feel like they are improving without the need to find another role.
6. They have trust in the business leaders
People who trust the business they work for and the leaders who are part of the business are more likely to stay with the company longer. If people don’t trust who they work for they’re unlikely to feel passionate about the business they’re working for. Leaders need to be role models for those who they work with, so the right attitude and culture is conveyed throughout the company.
Tip: Always be genuine and upfront with your team members and always do what you say you’re going to do. Also have trust in your team and they are more likely to reciprocate and trust you.
7. They are emotionally invested, and they genuinely care about the company
People who stay with a company for a long period of time genuinely care about the organisation and are emotionally invested in the organisation. It shows they are passionate about what the company does, and they are passionate about contributing towards the company’s goals and growth. There is no way of making someone passionate about something, so it has to come from the individual.
Tip: Passion can’t be taught or learnt, it can however be influenced through great culture, mentor and a great team.
8. They are treated fairly
People will only stay with a company if they feel they are being treated fairly. People need to feel valued and it needs to be reflected in the amount their earning, their benefits and their workload. If they’re not treated fairly or there’s a better offer on the table, people are more likely to move companies. Why stay when there is something better just around the corner? There needs to be the right balance between everything in someone’s work life for them to not to imagine the grass being greener.
Tip: Make sure nobody in the team gets special treatment over other team members and that people are rewarded fairly for their efforts and achievements. Give your team every opportunity to give their feedback – listen to your people and they will recognise the value you place on them.