According to the Corporate Finance Institute, employee retention refers to “the efforts on the part of an employer aimed at creating an environment that supports the needs of current employees so that they can continue to be part of an organization. Most employee retention programs and policies are aimed at addressing different employee needs to enhance their satisfaction”.
As the world changes, so do the interests of workers. This is why it is important for companies to keep up to date with talent retention strategies. Therefore, we will briefly discuss a few of the strategies that are trending nowadays.
Shots at Professional Growth
The constant need for innovation comes hand-in-hand with career growth and development to maintain skills sharp and competitive.
Companies can offer alliances with different institutes, universities or online platform licenses. This provides employees with the chance of developing skills in fields which meet business demands while opening future opportunities for growth within the company.
Opening Up to WFH
Work from home (WFH) increases greater autonomy and schedule flexibility, lessens commute time and allows for fewer distractions (for most).
The trend towards WFH and the preference of many workers for it has increased dramatically since COVID-19. While not all companies can adjust to this new reality, they can give consideration to what extent they adapt their workforce strategy to WFH or hybrid options.
Salaries are an essential element to any retention strategy. Although increasing them can be used to keep employees around, today’s workers are looking for something more than a high wage.
Employees are increasingly interested in benefit packages which offer life insurance, solidarity associations, bonuses and prizes, among other things.
Motivate a Work-Life Balance
Employees value the ability to continue working while caring for themselves and their loved ones without worrying about having to make major sacrifices.
As part of a strategy to address worker burnout, employers can offer mental health support, benefits at various wellness centers, unpaid leave, flexible vacation time, financial and legal advice and resources to care for both employees and their families
Employers can seek personalized support from their legal advisors to carry out strategies that are allowed for in their country and which can be adapted to the needs of their company. This support is not limited to internal guidelines, communications, compensation, labor rights or legal risks.