These days, known as “the Great Resignation,” it's more difficult than ever to keep employees.
That’s why at BBN Times we share a few tips on retaining your current employees, whether they work in-house, remotely, or are freelancers/digital nomads.
Needless to say, employee turnover costs are massive, besides contributing to overall business waste. When a business keeps losing people, new people will have to fill open positions, which spells additional costs for training and onboarding.
Not to mention that, if the reasons for people leaving aren’t being properly addressed, all that money and effort will go to waste because new people will eventually leave as well.
Fortunately, there are many ways to efficiently address employee retention for each type of employee. What’s crucial is to consider the type of employment and the preferences each of those brings forth.
Traditional employees are, more often than not, satisfied with the usual practices of doing office work. That, however, doesn’t mean that they won’t change their opinion over time, especially since new flexible and hybrid work models become more popular, yet difficult to maintain.
First of all, address the following questions:
Are your employees happy with their roles?
How do you find out whether they are?
How can you change things, if they aren't?
How do you monitor this when they are working remotely?
Employee satisfaction can be easily tracked with the help of a simple method – anonymous feedback. Anonymity, in itself, gives a sense of security to employees, because they won’t suffer repercussions even when their feedback is negative.
In addition, it will boost their honesty, so you can safely rely on this type of feedback to measure employee satisfaction.
When you don’t physically see your team on a daily basis, it’s important to be sure they’re also happy with their roles. Much has been said about keeping in touch and including remote workers in regular team meetings and activities.
What is essential to remember here is that efficient workplace communication and etiquette are crucial. Set up a viable strategy that clearly communicates the means of communication and makes sure to bring the message across to everyone.
Lastly, be sure to avoid the most common problems for remote companies, including communicating the company culture and PTO rules.
Some employers fail to consider the fact that freelancers build a steady client base and work regularly for companies for extended periods. It is also crucial to keep these freelancers on board, since they often offer out-of-the-box skills that regular team members don’t possess.
If some freelancers working for your business are from different geographical locations, consider cross-cultural training. Another good idea is to organise online meetups and team-building activities.
Similar to remote workers, freelancers also need to know how and when they can contact you but make sure to not bind them by forcing them to attend regular grooming sessions. The main reason people choose to be freelancers is so that they can keep their freedom.
Many people think digital nomads don’t work for any specific company, but that’s not always the case. As long as the company they work for allows remote work, then they can work anywhere they have Wi-Fi, paying special attention to locales that offer the best foreign tax credits.
However, they require even more engagement, so that wherever in the world they are, they still feel part of the team. Consider regular Zoom meetings, daily standups, and project management tools like Trello or Asana to keep everything in stand-ups
Tech companies, such as digital marketing, IT & web development solutions providers, etc., can gain the most from retaining digital nomads. The key is to ensure the right company culture, clearly communicated goals, and expectations management.
To succeed, you need a strategic approach.
The chief mistake many businesses make is that they think about retention once they have already hired employees.
This is a more difficult way to go about things; it is always a better idea to present company vision, mission, and business culture from day one. Let the candidates decide whether they see themselves in such an environment.
Keep in mind that not everyone fits into every business plan.
Basically, everyone is interested in security, but not everyone is willing to sacrifice their private life for a higher salary.
The term “talent” has emerged with the rise of startups. These are people who can bring experience, expertise, or soft skills to the company and are, therefore, extremely valuable.
No matter what life coaches tell you, not everyone can be creative and resourceful and, certainly, not everyone is interested in demanding roles. Creativity, by definition, is “the ability to create new things and solve problems in novel ways,” with people capable of these things being original and functional.
Talents are, hence, often observed as natural leaders who can inspire others and present difficult ideas and approaches in a simple way.
Of course, such people will look for something more than just being a cog in the wheel. As a rule, high salaries are not the first thing they are looking for. They are inspired by challenges and don’t fare well in traditional companies.
In short, talents should be motivated and allowed to do things in their own unique way, so it can be somewhat difficult to fit them into just any business.
Last but not least, motivate employees to perform better. It is natural to offer rewards for hard work and loyalty. Promotions are a good way to show your gratitude. It is also a good idea to offer online courses or pay for courses that will make employees perform better in the future.
Options are numerous; simply rely on employee feedback for best ideas.
However, no matter what you do, keep in mind that boosting employee retention is a continual process. Don’t just throw random bonuses at people; rather, show them that their efforts are being valued. Listen to the feedback and be flexible.
Dimitar Karamarinov is an award-winning digital multi-instrumentalist coming into practice as early as 2006. Over a decade of audio, graphic, visual design, along with versatile know-how of business, marketing and communication. Dimitar grows experience with Entrepreneur Franchise 500, Inc 5000 and multi-continent brands under his belt.