Recruiting, interviewing and training new employees is an expensive and time-consuming endeavor. By focusing on employee retention, you not only save time and money, but also help promote organizational growth through improved productivity and morale.
Retention requires proactive involvement from the employer – especially managers, leadership and HR – to keep employees engaged in their roles and the company as a whole. Here are a few ways you can improve retention by helping employees embrace opportunities for growth and new experiences.
If your employees do not have room to grow at your organization, they’re going to look for that next step up somewhere else. Nearly three out of four employees want opportunities to expand their careers, but at least 40% reported that they don’t see a clear path to do so with their current employer. Career growth is a major component of retention, so you need to make those opportunities for advancement clear and tangible in order to keep top talent engaged.
One way to provide a clear path for growth is through documented career ladders. List out the responsibilities of the employee’s current role, then list out what would be required for them to achieve the next level of their career, as well as additional levels up. This gives the employee a direct and clear way to track their progress as they work toward a promotion.
Another option to consider is a career lattice. Unlike a ladder, the career lattice enables employees to advance their career without necessarily including upward mobility or a management track. Some employees just want to be individual contributors, which brings a lot of value to the organization, but still desire opportunities to become more knowledgeable in their field or take on leadership roles.
By advancing careers from within the organization, you’ll see improved productivity, morale and retention.
In addition to career advancement, employers can also retain employees and keep them engaged by offering opportunities to upskill, or develop their skills up to the next level. Especially as we see the rapid growth of AI and automation, many employees are concerned about job security. According to the University of Phoenix Annual Career Optimism Index 2022, over half of employees are worried they are easily replaceable due to advancements in technology – mostly because the job skills they learned in college have become outdated or obsolete.
Employees shouldn’t have to go back to school in order to advance their knowledge. By providing professional development as part of your overall compensation package, you can help employees develop higher level skills, be more productive at work and ultimately improve the company’s bottom line.
Relocation doesn’t just have to be for new hires. You can also cover relocations for employees looking for opportunities to grow their career or experience something new. Relocation, even temporarily to lead a project or undergo training, offers an incredible stepping stone for an employee who wants to increase their level of responsibility, improve their skill set and move into further leadership roles.
In a recent survey of employees who relocated for work, 71% said that moving for a new role allowed them to enjoy new experiences, both personally and professionally, and 55% feel their career is on a better track now. Consider the different opportunities for relocation within your company and ask employees if they’d be interested in a relocation. A change of pace could be just what they needed to keep the job feeling fresh.
Your employees are your greatest asset. Providing a path for growth, whether into a new role or a new location, keeps employees engaged, motivated and loyal to their employer.
Allied has been driving life’s biggest moments for 95 years, supporting organizations in their recruiting and retention goals through top-notch, customer-first moving services. We can work alongside your team to develop a custom relocation package that boosts employee morale and retention. We’ll take on the administrative and physical burden of the move so you can focus on supporting your employees. Learn more.