When trying to understand how you can keep people around within your organization, there are a few key elements that are critical to take into account. The factors for retention in 2022 are completely different than what they may have been in 2010, or even 2019. These changes are likely here to stay, so it’s critical that you stay up to date with the needs of your staff and understand what you can do to boost retention. While you cannot control every factor, there are some areas where you can mitigate any issues and maintain valuable team members. Here are some things to focus on:
- Generational differences
- Flexibility
- Clarity
- Compensation
1. Generational differences
As you’re thinking about what might motivate employees to stay with your organization long-term, it’s critical to know your audience. Studies show clear differences in motivating factors for different generations; think through who you’re dealing with. What we’ve found is that Baby Boomers are in their “power years.” They are at their most successful, and they aren’t looking for dramatic growth and changes, many of them just want stability. Generation X and Millennials tend to only stay somewhere a long time if there is opportunity for growth, strong mentorship within the organization, or a cause that is enough of a driving factor for them personally. Take time to discern which of those you may be lacking in and how you can provide it for them. Gen Z is making its way into the workforce for the first time, and many of them are looking for opportunities to learn and grow that will equip them in the long-run with their careers- that is to say, without making them miserable. Gen Z is passionate about cause as well, and they want to know that what they’re doing matters.
2. Flexibility
These days, flexibility is the name of the game. Current and potential employees alike, after experiencing new work-from-home conditions in the pandemic, know that more flexibility is possible and know their personal limits better. Work culture has shifted, and everyone is asking about flexibility. When you allow flexibility for your employees, whether in hours, some deadlines, or remote versus in-office work, you communicate that not only do you trust your employees to continue to do their jobs well, but you respect who they are as humans outside of the workplace.
3. Communication & Clarity
It is your responsibility as an employer and a leader to make sure there are better opportunities for people to be in the know, without overcompensating- drinking from a fire hydrant is just as difficult as having no water at all. Don’t just use more words; rather, communicate clearer and better, especially during seasons of succession, transition, and senior leadership changes. Additionally, your people want to hear that they are doing good work. It has never been more important to communicate your mission well, and to avidly encourage the people making that mission a reality.
Sit down and clearly identify roles, systems, benefits, peoples’ places within the organization, and mission and you will have much less stressed staff. Equip your team to do their best work by providing them with answers to any of the ambiguity and confusion that has become the norm since spring of 2020.
4. Compensation
With more companies and organizations needing employees, candidates are being drawn away to opportunities with higher pay. The demand for skilled workers is high, and the competition for obtaining talent is fierce. Understanding compensation needs based on industry standards, updated compensation data, and cost of living is critical for both hiring and retaining the best fits for your team’s needs. In order to help you navigate the constantly changing compensation needs of employees, Vanderbloemen has revised our Compensation Report, and we are offering it at a lower price than usual in order to make it more accessible to those who need guidance in this competitive hiring season. Talk to our team today to get customized compensation solutions based on real data.
As we navigate a new world drastically changed and continuing to change, continue to navigate how you can move forward and thrive. Even when you do everything right, some turnover is inevitable. If you need help getting your team whole again, contact us. We’ve spent countless hours with organizations filling roles as they clarify their path forward in 2022 and beyond, and we would love to help you determine your needs and how we can help meet them.
