In 2021, nearly two-thirds (63%) of staff departures were ‘preventable’ according to Work Institute’s 2021 Retention Report. Some of these preventable reasons include the manager you worked for, work/life balance (or lack thereof), perceived career opportunities, and rewards.
Employee retention rates are important to build momentum and strong teams, but it also saves resources (time and money).
So, how do you improve employee retention rates?
The answer is simple: invest in your people. Here are the top three ways to help your staff stick with you.
Provide opportunities for growth
Anecdotally, one of the common reasons people leave a job is wanting to move up the ladder and/or face a different set of challenges. As humans, we like to grow, learn, and develop our skills, so if we aren’t being challenged or granted opportunities, we get bored. To help, you need programs that strengthen bonds, and bring new perspectives on how to lead and get people what they need. Our Leadership Track is a good place to start.
Prioritise your people
Customers are essential to a business’ success, but are they really your most important stakeholder? The research is clear – engaged employees results in better service. According to a Temkin Group study, 79% of organizations with engaged staff had a significantly better customer experience than those who didn’t. By prioritizing employees and their needs, you will create a domino effect that positively impacts your customers. One way to do this is to create bonds amongst teams and emotionally support your staff through shared experiences.
Set aside time for fun
The job needs to get done, but as Mary Poppins said, that doesn’t mean there can’t be an element of fun. In the virtual world, building team cohesion and interpersonal relationships has never been harder.We see how teamwork changes when an opportunity to work together outside of the workplace is presented. People can let their hair down and get to know each other on a more personal level, which is then translated back into the workplace. Whether this is having a well-being break or a happy hour, investing in your team will create a more engaged workplace. It really is a win-win for businesses.
That is why smart companies invest in teams.
SongDivision are experts at using the science of music to bring the fun to your teams while having them collaborate, build bonds and create unforgettable moments.