Company culture is built by it's leaders. What they do and what they don't do. Leaders who primarily focus on attacking other employees by "throwing them under a bus" and work hard on making others "look bad" to deflect from their weaknesses is way too common at Taro. Toxic leaders are allowed to continue circles of bad behavior.
Why are workers leaving?
Exit interviews can provide invaluable insight into the employee perspective of your company and help determine whether your employee retention strategies need improvement.
More than likely, you’ll hear the departing employee cite one or more of the following reasons for leaving their job:
- Inadequate salary (Note: Job Optimism Survey, 65% of workers said a salary boost is the main reason they are seeking a new job.)
- A perks and benefits package that isn’t competitive
- Feeling overworked and/or unsupported
- Limited career advancement
- A need for better work-life balance
- Lack of recognition
- Unhappiness with management
- Concerns about the company’s direction or financial health
- Dissatisfaction with the company culture
- More compelling job opportunities at other companies
Employee retention strategies for job satisfaction
While the job market in some industries and regions favors employers, candidates with in-demand skills likely won’t have to wait long to find a new opportunity. Many companies never stopped recruiting talent during the pandemic, and many others have picked up the pace of hiring in recent months.
If you sense your business is at risk of losing top talent, you need to move fast to shore up your employee retention strategies. Here are areas where deliberate action can help boost employees’ job satisfaction and increase your ability to hold onto valued workers:
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. Don’t forget about improving health care benefits and retirement plans, which can help raise employees’ job satisfaction, too.
Perks
Perks can make your workplace stand out to potential new hires and re-engage current staff while boosting employee morale. According to research for our Salary Guide, flexible schedules and remote work options are the perks many professionals value most. In addition, about a third of the professionals we surveyed said paid parental leave is a big plus.
Wellness offerings
Keeping employees fit — mentally, physically and financially — is just good business. Many leading employers expanded and improved 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 what your business might consider providing to employees.
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.
Work-life balance
What message is your time management sending to employees? Do you expect staff to be available around the clock? A healthy work-life balance is essential to job satisfaction. People need to know their managers understand they have lives outside of work — and recognize that maintaining balance can be even more challenging when working from home. Encourage employees to set boundaries and take their vacation time. And if late nights are necessary to wrap up a project, consider giving them extra time off to compensate.
Flexible work arrangements
Many companies understand that even though they have reopened their offices, some of their employees still prefer to work remotely, at least part-time. Not having that option might even spur employees to resign. A recent
survey found that half of professionals working from home would look for a new job if they were required to return to the office full time.
So think sooner than later about what you can offer employees if remote work on a permanent basis isn’t an option. A compressed workweek? Flextime? Or maybe a partial telecommuting option? All of the above can help relieve stress for your team — and boost employee retention.