Employees’ needs and priorities have shifted progressively and increasingly in the last few years, but how are companies responding to this trend, and what does it take for a good employee retention strategy?
It seems as though companies and organizations struggle more than ever before to keep employees happy and fulfilled as cultural and scientific expectations grow.
With purpose and sustainability becoming the most recent must-haves for a business’ success in employee retention, many already feel the pressure to modernize and change accordingly.
But what exactly are companies facing today and what does it take to create a successful employee retention strategy?
Why employee retention matters
We can’t walk pass the idea that a business needs to make profits in order to survive, and so, money is a natural priority. However, the problem arises when profit becomes the only lenses through which we understand company purpose.
And while monetary concerns are legitimate, it is people who make everything possible, meaning employee wellbeing should be as much a priority as money is.
Keeping employees happy and fulfilled should be at the core of any business strategy, as it is the catalyst for productivity, innovation and good employer reputation.
Engage employees in the sustainability strategy
Employee wellbeing has been a key priority for years, however, the cultural and scientific shifts of the last few have called for a new and very specific way of understanding employee retention strategies. Here are some of the main current concerns for companies’ employee retention efforts:
Retention before attraction
No, this does not mean attraction and recruitment are not important priorities for any given company; however, there is a palpable shift happening among HR departments to focus in retention as much as, or more, than in new recruitments.
The answer to this shift is simple: it doesn’t matter how many new and talented people you can recruit, if you can’t keep them for long. Salaries, motivation, good relationships, and an overall healthy working culture are some key aspects Human Resources need to put at the centre of the business itself.
It has become clear that people want to feel a sense of belonging and ownership, a sense of knowing that their job is relevant and valued, through constructive and periodical feedback, for example, and that they have room to improve and keep on growing inside the company. But overall, the key to retention is for people to feel a true sense of purpose.
Diversity enriches a company
In line with the idea of feeling valued, we also find the sense of being respected and safe in our diversity and differences as individuals. Companies that understand this can enrich themselves from diversity, both in a cultural sense and a monetary one.
Culturally because diversity brings in a set of values that allow for people to feel free, secure and open in the workplace. Additionally, such values of inclusivity help build a responsible employer branding reputation that translates in a workspace where everyone can be themselves and work carefree.
And monetarily, investors increasingly look for sustainable businesses, which includes businesses that are able to attract and retain diverse talent and which have an overall good ESG performance that tackles environmental issues as much as social ones.
Guide to employee wellbeing
Invest in sustainability
Consumers, investors and potential employees are increasingly concerned about the environment, making corporate sustainability a logical top priority for businesses.
Investing in sustainability can take many shapes, from science-based actions such as decarbonization, to employee benefits and education that help raise awareness and make sustainability an embedded cultural element.
All of which are key to employee retention, as numbers show an increasingly amount of people choosing to work for companies that take climate change and social action as a central part of their business strategy.
But furthermore, companies that don’t succeed in making sustainability part of their corporate culture, will most likely fail to overcome the obstacles of the near future, as resource scarcity and social erosion, for example, take over their profit-based strategies.
Make employees part of the sustainability strategy
Sustainability is a must for most workers today, and will continue to be so as younger employees begin to enter the job market. But far from being indifferent from participation in sustainable efforts, people look for the opportunity to be actively engaged and find purpose in having a positive impact through their jobs.
In DoGood we believe that working collectively can help us find that which alone may seem unattainable or useless. That is why we think the workplace is the perfect environment to find that collective eagerness to make a difference, both for the sustainability and purpose of the company and a more sustainable way of being for all.
Through our technology we are able to activate and track employees’ impact, creating engagement that translates into improved ESG metrics, reputational value and an overall positive impact for the environment and society.
