8 Ways to Improve Employee Retention

What people want in a job these days is not about perks, it’s about possibility.

Today’s job seekers want more tangible rewards, like challenging work, skilled managers, company stability, sound ethical leadership, opportunities for growth, recognition for a job well done – and more cash. Smart job seekers know what defines a great job and a fulfilling career, what separates a quality manager from a dud, and what differentiates a real business plan from a diagram.

8 Ways to Improve Employee Retention

1. Challenging Work

What people seek, above all, is a challenge. Many employees are craving inspiration. They want to work on a project or service that makes them feel they can make a difference in people’s lives or can transform a business. A job has to be purposeful.

2. A Future

No one expects to stay at one company forever, but they don’t want to get laid off every three months either. It’s bad for the budget, not to mention the morale. Burned by past experiences, employees want a clear visible path to profitability, with supportive investors and partners already in place, and a CEO who can articulate the strategy and doesn’t shrink from tough questions. If they don’t find that, they’ll look elsewhere – or change their minds quickly.

3. Honesty

Although many people in the workforce are fairly young, they are no longer naive. If the company’s experiencing trouble, not only do they want to know about it, but they want to know about it directly from the head of the company or the business unit. They can handle it. If they are not meeting expectations, they need to be told so they can improve.

4. A Chance to Become More Marketable

People know that their job won’t last forever. So what do they want? The chance to gain skills that will round out their abilities and that will make them more employable in their next job. However, that doesn’t mean they’ll be less loyal. On the contrary, employees tend to stay longer at places that don’t try to fence them in or try to hold them back from learning and growing.

5. A Manager With a Clue?

Good people will do good things if you allow them to do good work! Micro-management is a dead-giveaway for poor leadership. Employees want regular, periodic reviews. Job seekers want to know about your culture and how good people with good performance are rewarded in your organization.

6. Accountability

People who are still interested in a work place where what they contribute can be measured, both by the boss and in a way that can be demonstrated in their next job. Yes, it’s key to work in a place that gives performance reviews and takes them seriously.

7. A Respect for Balance

Many job seekers and employees are thinking more than ever about work-life balance. It’s not that working hard is a problem; it’s that working hard simply to work hard is a huge problem. Today, they no longer believe that “living to work” is worth it when your life and happiness matters most. Allow your good employees to find their work-life balance or your employee retention rate will decrease.

8. Cash

Cash is King! Performance incentives reign supreme. 4-6 weeks of vacation time is more popular than ever. (There’s that balance thing.) Employers hoping to attract good candidates will need to offer more hard currency (CASH) instead of paper dreams to get the talent they want.

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