Without a doubt, retaining top talent is more challenging than one can imagine. However, there’s a successful solution: prioritizing employee engagement. While there is no magic pill for reducing turnover, understanding your employees' needs and drafting a strategy to meet them can significantly improve retention. With proper engagement practices in place, employees find fulfillment in their work, build strong connections with colleagues, and are far less likely to seek opportunities elsewhere.
In this blog, we have shared strategies, tips, and tricks to improve employee engagement and retention.
Employee retention is the ability of your organization to maintain a low turnover rate. In simple words, it refers to fewer employees leaving your company for opportunities at other organizations. In the past, employee retention meant offering your workforce competitive compensation and benefits and all the necessary tools for performing well. But the understanding of drivers of employee turnover has evolved, and so have the strategies to retain top talent.
Now, an employee’s workplace experience has direct reflection on retention. Employee engagement is at the heart of this, as employees who are engaged are more inclined to stay with your company and contribute to fostering a positive company culture.
We can say that employee retention is a reliable measure of how well employees are performing in your organization. It will also help determine if you need to provide additional perks or incentives to boost engagement.
Understanding the importance of employee retention and engagement was the first step. Now, you should consider implementing the following strategies to enhance both. You might also find it helpful to explore employee engagement survey providers to help attract and retain the best candidates for your organization.
How to improve employee engagement and retention? If you are thinking about it, then you are not alone. We know that employee engagement is a powerful tool through which you can increase retention in the workplace. When employees are engaged, they have a sense of belonging and purpose, which can dramatically increase their desire to stay with the company.
You can improve retention rates by creating a strategy based on the four pillars of employee retention: well-being, company culture, training and development, and recognition. Here are nine strategies to boost employee engagement and, consequently, improve retention:
By implementing the above-mentioned employee engagement and retention strategies, you can create an engaging and inclusive workplace where employees feel valued, heard, and motivated to contribute to the company’s success. This can lead to increased employee retention, reducing the costs and disruption associated with high turnover.
Let’s take a look at some examples of how leading companies have adopted such policies to maintain high levels of retention.
DreamWorks Animation
The first example is DreamWorks Animation. The company offers its employees various perks, such as free refreshments and paid opportunities to personalize their workspaces. They also host company parties after the completion of significant projects. A unique aspect of these events is the encouragement for employees to display their personal projects or artwork related to their work. This practice not only enhances creativity but also fosters a sense of belonging beyond their job roles.
Another example is Google, which is renowned for its innovative and employee-centric work environment. They offer perks like free meals, wellness centers, and generous parental leave. These benefits, coupled with a strong emphasis on work-life balance and employee development, have helped Google maintain a high employee retention rate.