How the Employee Experience Affects Retention
As you might imagine, there are many factors that affect whether or not an employee is happy, engaged, and fulfilled at work. Many employers underestimate the importance of investing in their employees’ well-being, which can have a dramatic effect on employee retention.
Hiring is expensive and time-consuming, therefore, it is in a company’s best interest to hold on to their staff. So how do you retain your people? According to SHRM, fairness and transparency are two of the fundamental yet powerful concepts that can make a lasting impression on employees.
Covid-19 forced employers to reexamine their company’s strategies, and one of the most impacted areas was the employee experience. The employee experience (EX) can be defined as the sum total of a worker’s experiences at a company. This may include interactions with coworkers, leaders and HR, their user experiences with workplace technology, and their workspace or environment.
A recent survey held by isolved, a human capital management (HCM) platform, interviewed 500 HR leaders and found that 92% confirmed employee experience is a top priority in 2021. With this being at the forefront of importance, employers should place their focus on strategies that will help reduce attrition rates.
3 Key Ways to Improve Employee Retention
When it comes to employee retention programs, job satisfaction and engagement factors are among the key ingredients. Employees leave their job for a variety of reasons including finding another job or being unhappy due to work-related or personal issues. Generally speaking, an employee will stay with an organization if they are satisfied with the pay, working conditions, and growth opportunities.
The following are 3 key ways in which you can improve employee retention and create a better employee experience:
1. Onboarding and Training
When you onboard your new employees, keep in mind that this is their first impression of the organization. This could potentially be a “make or break” scenario for some new hires. In fact, research by Glassdoor found that organizations with a strong onboarding process improve new hire retention by 82 percent and productivity by over 70 percent.
Training is also a crucial part of this process. Offering opportunities and investing in the development of your staff puts you one step ahead of the game. When an employee sees that you are legitimately focused on their career growth, they will more easily envision a future with your organization.
Flexibility is a huge buzzword right now especially following Covid-19 and the rise of hybrid and remote work opportunities. Many employees believe that they will be more productive if they have flexibility with their work location and hours – especially if they work in a light industrial environment where flexibility may be limited.. When you allow your employees to take care of their personal needs, such as doctor’s appointments and life events, they will not feel restricted, and will in turn show your organization more loyalty.
Studies from Global Workplace Analytics show that adopting flexible policies can lead to big wins, ranging from improved employee satisfaction to reduced attrition, and increased productivity.
No one enjoys feeling underappreciated, which is why recognition is crucial to your employees’ success. This is oftentimes linked with poor management and can have a significant impact on employee turnover. If an employee does not feel like they are being recognized for their time and efforts, they will seek the attention elsewhere.
As an employer, you can help solve this issue by creating clear internal pathways for growth and by promoting within. Even simply telling someone that they’ve done a good job can really go a long way. Some of the most successful organizations have implemented employee recognition programs such as “service awards” and “employee appreciation events” to reward their employees for their achievements and milestones.
The Bottom Line
At the end of the day, it’s all about making sure that your employees are getting what they need. Employee retention should be a top priority for organizations. It will help lower employment costs, increase loyalty, and improve morale.
When you put your team members’ needs first, retention will be an achievable goal. When you provide positive feedback to your employees, they will be motivated to do their best work. Encourage your employees to be creative, and put rewards and recognition programs in place.
Many HR professionals agree that you cannot underestimate the importance of communication. When it comes to improving employee retention, especially in the “new” workplace following Covid-19, transparent and open communication is key.
Want more tips on employee retention?…. visit here.
“HR should start asking what their people need from them and find ways to help them meet those needs. We have all grown and changed so much over the past 18 months. Priorities have shifted, and employers have to understand their response to these shifts is incredibly important.” — Barbie Winterbottom, founder and CEO of the Business of HR
About the Author
Kim is a seasoned content marketing professional with over twelve years of corporate communications experience. Her sweetspot is with creative writing both short and long-form. She has a proven track record working with IBM, Jackson Healthcare, and Walt Disney World, among many others. Kim is a singer and actress. She has performed on stage and screen her entire life and has a passion for TV and film production. Connect with Kim on LinkedIn.