Ways to Retain Your Best Talent: Ten Employee Engagement and Retention Strategies

Employee engagement is the extent to which employees are committed to their work and have a sense of belonging within the company. This is particularly important for employee relations professionals because when teams feel valued, supported and challenged in their roles, they are also likely to be engaged and positive towards their colleagues and the company. Engagement is a virtuous circle and leads to a more harmonious and productive workplace culture.

Unfortunately, we are in a difficult talent market. According to Gallup, only 65% of the U.S. workforce is engaged at work. Given this widespread dissatisfaction, companies must take proactive measures to ensure their employees remain engaged and engaged.

Low employee engagement is one of the first signs of turnover risk. According to Workday, there can be warning signs up to nine months before an employee actually leaves - and these signals often show up in employee engagement measurements.

An employee engagement strategy that includes employee relations (ER) management techniques such as conflict resolution and communication can identify the warning signs of impending turnover, identify emerging tensions and issues, and address them before an employee makes the regrettable decision to update their resume .

Smart companies take a close look at their employee retention strategies and make the necessary changes to retain and motivate their employees. From offering competitive compensation packages to opportunities for advancement, there are many ways to show employees that they are valued.

The benefits of an employee engagement and retention strategy

Low engagement has obvious consequences. Fluctuation is expensive and disrupts business operations. The financial impact of losing a key employee hurts your bottom line, hinders continued growth, and jeopardizes your company's reputation. Conversely, high employee engagement typically means high employee retention, which indicates a successful company that attracts new talent and represents a competitive advantage in the market.

Successful employee retention strategies impact the bottom line. According to Gallup, engaged employees are 43% more likely to stay with a company for a longer period of time. But not all engagement strategies are created equal. It is important to recognize that workforce needs are constantly changing. The systems you had in place before the pandemic may no longer be suitable to support the way you work today. New demands, new ways of working and an increasingly younger, digitally savvy workforce require ER to adapt the strategies we use to motivate and satisfy our employees.

Below are some proven strategies that leverage current trends and focus on the future of the workplace.

10 Employee Engagement and Retention Strategies That Work

1.Connection outside of work

The pandemic has further blurred the line between personal and professional life, and that will not change. It’s time for leaders to reevaluate their approach to caring for and supporting employees and make adjustments as needed. While we once viewed the separation of work and home life as normal, today it has become increasingly important for leaders to understand and care about what happens outside the workplace. According to Harvard Business Review, 37% of employees say their company understands what they need in their personal lives and for their families.

2.Offer real, visible growth opportunities

You may already have a continuous performance management system in place, but that alone isn't enough. Yes, regular feedback on strengths and development opportunities is beneficial, but how do you show your employees the future of their careers? Don't just think about the tasks assigned to them and the skills they need to develop. Include progress reports, growth options that can be acted upon at any time, and a clear path to the next level of leadership (if they wish). Employees are more likely to stay with the company if they feel that as they move forward they will have the opportunity to take on a new role, gain new experience and increase their earning potential in a manageable period of time.

3.Make company culture more than a marketing slogan

So you've "talked" about company culture in your job postings and on your website - and so does everyone. Companies with high employee retention can determine exactly how the team actually lives them. How does she show up when things get difficult? Do your managers lead by example? Do colleagues hold each other accountable to live the culture and do they point out to each other when the culture is violated, even if it is only in a small way? The difference between "yes, we have a company culture" and "we have an incredible company culture that includes this and that and that and that has increased our employee satisfaction by this percentage" is huge. Make the norms of the company culture clear, more than just "happy talk," and you'll see a difference in your team's productivity and purpose without seeing a difference in your team's names and faces.

4.Implement a talent management system

For those unsure of the exact definition, a talent management system is a method for finding, developing, and retaining top talent in the workplace. In today's job market, a talent management system that actively tracks, collects and analyzes data to drive better engagement should be a priority for every company. Unfortunately, for some smaller companies, this is a large, complicated task that they must manage without a dedicated talent management function. However, it doesn't have to be complicated. Clearly formulate your philosophy of internal job rotation or mobility and actively recruit internal talent for targeted stretch tasks. HR practices such as interviews can be a way for HR and ER managers to measure how well talent management and development processes are working and the extent to which they are promoting retention of your best employees with the company.

5.Don’t overlook disengaged employees

According to Gallup, up to 70% of a company's workforce can be disengaged employees, often leading to lost productivity and poor morale. To combat this, ER teams should make a concerted effort to identify disengaged employees and provide them with the support and resources they need to become more engaged in their work. Just because someone doesn't jump for joy at work doesn't mean they don't want to. While it may be difficult to re-engage some employees, if you make an active effort to identify those employees who just need a little more time and attention to get re-engaged, the effort is usually a lot less than you think!

6.Bring in a coach or consultant if necessary

When you're so close to your team, it can be difficult to see what needs to be addressed or what's missing.

We know your ER team is capable of handling many parts of the hiring process themselves, but sometimes a little outside help can go a long way. For example, a professional coach can take an objective look at the company culture and help identify areas for improvement and develop a realistic plan to address them. A consultant can also provide advice on specific engagement initiatives that are successful with other clients and best practice advice on how your company can incorporate them.

Actions speak louder than words. Show your team that you care about more than just performance at work by offering social engagement opportunities. Many employees want to work for companies that have a positive impact on society and stay there. By giving your employees the opportunity to volunteer, donate to charities, or participate in sustainability initiatives, you can demonstrate your commitment to corporate social responsibility in a meaningful way. The benefits of a socially engaged team go far beyond simply improving employee satisfaction and reducing turnover.

8.Keep managers continually involved

Marcus Buckingham spoke the truth when he said: "People leave managers, not companies." It's important that managers, even those who don't interact with employees on a daily basis, understand their influence on employee engagement. According to SHRM, managers need the right tools and resources to deal with ER issues, but they also need to be held accountable for their decisions. When managers show genuine interest in their employees and provide consistent feedback, they help improve employee engagement and retention.

9.Respect employees’ time.

Could this meeting have taken place via email? Everyone values their time. It is even more frustrating when we are pulled away from measurable tasks to engage in unproductive activities. Forbes reports that among top barriers to productivity, 48% of HR managers cite meeting length as the biggest problem for employees, along with 34% who worry about the lack of agendas in meetings. Keep communication efficient in the ER, and your team will appreciate that respect and ultimately emulate it at work.

10.Collaborate more efficiently

Communication and collaboration techniques have changed, especially for remote workers. With the introduction of platforms like G-suite and Slack, employees often prefer to collaborate with other team members or with management anytime, anywhere. As the number of connection options increases, the risk that communication between employees will be disrupted also increases.

IceHrm is a software platform that helps HR professionals manage employees and streamline HR processes. By using IceHrm tools and resources, companies can improve the employee experience by providing a centralized platform for relationship management, tracking feedback and sentiment, and identifying areas for improvement.