<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!
Search
word-map-thumb

The Alternative Board Blog

Clamoring for Talent: 3 Ways To Improve Employee Retention

Apr. 29, 2022 | Posted by The Alternative Board

It is still a tough labor market out there. The Great Resignation and the dearth of eager job candidates are keeping business owners shorthanded and clamoring for new talent. In many cases, this results in a business’s profound inability to meet customer needs. This negative dynamic is glaringly apparent, even post-pandemic, in some very notable sectors. Restaurants continue to limit operating hours due to lack of service staff. Construction companies are seeing project completion dates pushed way out due to construction labor shortages. And many argue that the lack of workers in freight and shipping is largely responsible for ongoing supply chain issues.

While the unemployment rate is down below 4% and last month’s U.S. Jobs Report showed strong growth, that growth is actually the smallest one-month job increase in the last six months. So the rebound is slowing down even before employers can establish any real labor acquisition foothold.

Employee Retention Is Everything

One of the best solutions to current labor market challenges is for businesses to retain the employees they already have. Employee retention has so many advantages that it really should be the foundation of every business’s human resource strategy.

Realistically in this market, almost any employee can easily jump ship for their next big gig. For many businesses, salary coffers only run so deep, so an employee bidding war is usually out of the question. The good news is that salary is only part of what attracts employees to a job. And often, not even the most important part.

As a modern business owner, you likely know company culture is a really big deal. But implementing rewards programs, giving shout-outs at sales meetings, and stocking the snack basket just doesn’t cut it anymore. Your employees will never remain loyal if your company culture amounts to a bag of chips and a monthly atta’ boy.

So what can you do to foster a more satisfying company culture in your business and, in turn, better employee loyalty and retention?

Create Leadership Alignment

You might have some amazing leaders in your business. Smart. Talented. Great at managing people. But is there misalignment in your leadership team that leaves employees dissatisfied?

Leadership misalignment, also known as organizational misalignment, is a productivity drain and eats away at employee satisfaction and retention. In short, it makes working for your business far less enjoyable.

To counter the impact leadership misalignment may have on employee retention (and really your entire organization), start by defining and creating a company vision statement. Then build buy-in for your vision throughout your leadership team. Communicate that vision clearly and consistently.

People like to work for businesses that have a clear, tangible vision that is easy to support. A united and engaged leadership team that consistently reinforces your company vision may have a surprising effect on your talent retention.

Show Authentic Appreciation Often

Sure, it is nice to celebrate employees at a team meeting or give them a five-star performance review. But showing personal appreciation for your employees when no one is looking can be far more impactful and feel more authentic. Small business owners in particular have enormous opportunities to engage with employees in this manner.

Build authentic relationships with your employees. Personally let your people know what a good job they are doing or how appreciative you are of their performance. Don’t make an announcement, make a connection.

Prioritize Employee Development

One main reason employees jump ship is outside opportunities to grow their careers. Which by default means they didn’t feel they had comparable or better growth opportunities within the parameters of the job they left.

Professional development programs are increasingly important to employees, with younger workers especially invested in career education opportunities.

Employee development initiatives may take the form of mentorship programs or leadership training . They can be formal or informal. They can be a series of seminars, workshops, retreats, or really any number of formats. How you offer employee development programs is less important than that you offer them.

Businesses that implement employee development programs are rewarded with happier, more seasoned, more loyal employees. As a bonus, these initiatives also create a pipeline of talent ready to leverage their newfound skills for the betterment of the company. It really is a win-win.

So look inward; the answer to the labor shortage is closer than you might think.

 

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

The Most Common Ethics Mistakes Made by Business Leaders
Mar. 20, 2024 | Posted by Lee Polevoi
Most business leaders regard themselves as ethical individuals, particularly when it comes to running a business that values integrity above all else. At the same time, even the most conscientious...
How to Build an Ethical Workplace Culture
Mar. 6, 2024 | Posted by Lee Polevoi
Most of us understand what it means to act in an ethical manner. CEOs and business owners frequently advocate a set of ethics by which to run their organizations, helping the workforce maintain a...
Unlearning Conformity: How to Overhaul Old Business Paradigms
Feb. 14, 2024 | Posted by The Alternative Board
Industry is evolving at a record pace, particularly in the post-pandemic era. While COVID lockdowns and shutdowns temporarily changed the way businesses operated and employees engaged, today’s...
Goal-Setting Tips for Your Remote Work Team
Jan. 31, 2024 | Posted by Lee Polevoi
Is there any difference between setting goals for your on-site team and your remote workforce? Certainly, there are striking familiarities. For example, whether employees work in-house or are...
How to Cultivate a "Goal-Focused" CEO Mindset
Jan. 17, 2024 | Posted by Lee Polevoi
The coming of a new year is the best time to re-think the past year’s professional and personal goals and start cultivating new goals for the weeks and months ahead. Of necessity, this means...
What is Talent Optimization?
Aug. 16, 2023 | Posted by Lee Polevoi
Think how much easier hiring new employees would be if the process was an exact science. Well, in some respects, it already is. According to The Predictive Index, “Talent optimization” is “a...
Ay Yi Yi: The Fascinating World of AI
Jul. 12, 2023 | Posted by The Alternative Board
Artificial intelligence. What once felt wildly futuristic has suddenly become mainstream and is growing more ubiquitous by the minute. You are likely already interacting with AI, even if you are not...
When Is It Time To Fire an Employee?
May. 10, 2023 | Posted by The Alternative Board
Terminating an employee is never fun. Even for the most polished and seasoned business owner, the process of letting someone go is almost universally stressful, unpleasant and emotionally...
3 Surprising Trends That Will Change the Way You Run Your Business
Feb. 9, 2023 | Posted by The Alternative Board
There has been a lot of talk lately about Artificial Intelligence and how it is poised to change how nearly every business owner runs and grows their company. And it’s already happening. The recent...