Strategies to Improve Employee Retention
June 4, 2023
By Mary E. Corrado, President & CEO, courtesy of SBAM-approved partner, ASE
In today’s competitive business landscape, companies must find innovative ways to incentivize and reward employees in order to remain competitive in order to both attract and retain employees. We have all seen articles on recruitment and retention strategies, but it is sometimes good to be reminded. A recent article in the Wall Street Journal does not necessarily showcase anything new, but it does serve as a reminder to all of us. It was a good reminder for three important considerations:
Compensation models need to be updated to reflect the changing needs of the workforce. Some experts recommend not only focusing on an employee’s contributions to the department they work in, but also how that employee contributes to the company’s mission. Rely on more than just input from their manager when considering salary adjustments. This will keep it objective and avoid any personal issues interfering with how that employee is rewarded.
Grey Collar Training
Investing in the right people is also key. Companies should focus on developing their current staff and providing them with the training, education, and coaching they need to reach their full potential. Companies should look to diversify their workforce in terms of gender, race, age, and skillset. By investing in a wide range of candidates, companies can ensure they have the right people in the right roles. Don’t forget about your older generations when looking at training opportunities for your teams. A recent article in the Wall Street Journal calls this “Grey Collar Training.”
Emotionally Aware Managers
Often, a good manager is the only thing standing between an employee staying or leaving. An emphasis should be placed on identifying managers who prioritize company culture and excel at making people feel a part of a team. Transactional managers who may have coasted along in the past will need to learn new skills or risk losing staff. With ample training and coaching in this area, employee retention can be improved. Consider setting up a training or coaching program for managers who need to become less transactional and more emotionally aware.