In the times of especially high attrition within talent pools, it is critically important to understand how to build strong succession plans and enable internal recruiting where possible. Knowing what your team members are looking for in terms of career growth is critical to convincing them that internal recruiting is a priority. Finding opportunities for cross-functional collaboration and networking also helps make this goal more achievable. Here are a few ways your company can convert attrition into attraction.
Firstly, Recognition Matters
Recognition is big in the workplace, no matter which field you may be in. Financial incentives matter, but they do little to distinguish you from other employers who are willing to offer just a little bit more. If your employees don’t feel recognized and valued, you are risking them moving on to a company who does. Recognition has a huge part to play in that satisfaction and confidence in career path and long-term success. So even though you think you may be providing the organizational structure and tools needed to support professional development, make sure that individual recognition is also a part of your strategy.
Recognition can even take the form of a simple statement of thanks, but the long term value is often immeasurable. Employee engagement is built and supported by both recognition and compensation. Too many employers forget that recognition is as much a part of the equation. Don’t let your staff feel like they are working a thankless job. Rather, boost moral with on the spot recognition and meaningful call outs. It’s a budget friendly and moral boosting leadership strategy.
Encourage and Nurture Career Growth With Professional Development
In a recent Randstad US Survey it was revealed that the number one reason employees leave their jobs is the lack of a career path. Think about that for a moment, because it’s a huge problem. A lack of an individualized career path for employees shows a lack of commitment to long term staff, and those employees who leave know it. Companies must reevaluate their long-term retention strategies to include the kinds of succession paths and career growth opportunities that encourage and engage workers. If an employee feels that their company is committed to their success as an individual and in supporting their long-term growth within the company, they are more likely to feel satisfied on the job and motivated to do their best work on a day-to-day basis.
Offer Training Opportunities
Employees are motivated to do their best work when they are learning the new skills and technologies that will make them more effective on the job. Employers who invest the ongoing education of their staff are likely to see employees more committed and loyal to their companies in the long term. It can be a challenge to stay on top of all the latest trends and processes that are needed to stay ahead of the competitors, but that doesn’t mean that they’re not interested in staying up to date. The support and investment of their employers will go a long way to employees empowering themselves to keep learning.
Employers know that it’s much more effective to retain and even retrain the employees that you have already invested in. Moral and career growth are both critical to employee retention because industry leaders want to work for employers who are invested in their future. Particularly for younger generations, employees are ready to move to a different job if the opportunity presents itself. Hiring managers need to address that issue upfront with a clear and effective retention strategy.
For more help growing a strong and motivated team, connect with the experts at Williams today.