5 Strategies to Keep Your Best People from Walking Out The Door
With employees jumping ship in record numbers, tough decisions must be made.
While hiring replacements feels like the priority, it’s expensive and highly time-consuming. Instead, switch your focus to retention.
Here are five strategies based on extensive research and experience.
1. Bring Purpose to Life
Purpose is the fundamental reason that your business exists. It’s a big part of why people join and choose to stay.
During turbulent times, it’s very easy to get caught up in conversations focused on incentives and pay. Flip the focus. Prove to people that there’s much more than just the bottom line. And don’t just talk about purpose; bring it to life in what you do and how you do it.
2. Prioritise flexibility
Embrace the future of work.
Listen to the needs of your people and make them feel an active part of shaping new policies and approaches. Prioritise flexible work environments regarding place, time, role, and career.
If your people feel involved, they’ll want to stick around to see it evolve.
3. Prioritise social connection
Down the tools and set aside regular time to connect and build relationships with your people.
Studies show that people rank “meaningful relationships with colleagues” as highly motivating. Instead of another Zoom party, get your people together in person. Repeat.
4. Conduct Stay Interviews
When people leave, we conduct exit interviews, but what about those who stay?
Why do people stay working for you? How would they describe the culture? Stay interviews are a great way to reinforce positive culture, learn more about what is working, and ensure your long-term employees feel heard.
5. Invest in Growth Plans:
Make sure your managers are intentional about discussing career and growth regularly.
Show your people new opportunities to grow and advance by promoting internally over hiring externally — fast track great performers. Publicly celebrate promotions.