Retaining employees has always been one of the most challenging situations for company HRs. With remote working options increasingly becoming the norm of the day, the time has come when employees are considering it as a deciding factor for choosing employment opportunities.
Studies show that companies that allow remote work have 25% lower employee turnover than those that don’t. 76% of workers said they’d be more than willing to stay with their current employer if they could work flexible hours. 89% of companies report better retention rates because of their flexible work options.
In such a scenario, what recourse would you, as an employer, have in ensuring the retention of your remote employees? Let us take a look at some of the best strategies.
- Flexible Work Structure
Among the top contending causes of remote employees choosing to discontinue their employment in their places of work today is the uncertainty of whether they can carry on working remotely.
With offices opening again, employees are being called back to their physical workplaces. Workers, on the other hand, are opting to look for vocational opportunities that ensure them better working conditions.
If you are looking to outsource your business to a remote team, this is your chance to shine. You would already be a step ahead because it is not required for your workers to be physically present for you. What you could also offer is flexibility in the work structure.
Often, employees complain that they get more work in the remote working structure, or that they are always expected to be glued to their screens. Being mindful of these inconveniences could go a long way in remote employee retention.
- Remote Work Expense Reimbursement
When setting up a conventional workplace, business owners have traditionally bore the costs of providing tools and equipment for the worker. This obviously included providing them with office space, too.
However, in the wake of remote work, numerous studies have reported that employees were either not allowed to carry equipment home, or not reimbursed for costs incurred by them to buy it, leading to lawsuits.
The Fair Labour Standards Act, in many states of the USA, entitles employees to remote work expense reimbursement. Hence, if you own a business and do not necessarily provide these, you open yourself up to possible litigations. This can be counteracted by implementing existing business solutions to practice.
Many staffing companies take care of this by absorbing all employee liabilities, relieving you of the burden of spending thereby relieving you of the burden of expending time on peripheral tasks.
- Learning and Career Development
According to a survey on workplace learnings by LinkedIn, an odd 91% of employees reported to stay back in their companies if they invested in their learning and career development. In fact, the lack thereof is one of the contending contributing causes for experienced employee attrition.
Being a small or medium sized enterprise owner, this piece of information is crucial to you, in that it can make or break your organizational setup.
Top talent would always be on the lookout for personal growth which, in a cyclical way, would gear their businesses, too. Investing in their careers could be in the form of organizing in-house mentorship programs, providing networking opportunities, enabling them to interact with seasoned industry experts, and so on.
The less the attrition rate, especially that of experienced employees, the less the money you must spend on re-hiring and re-training a whole new individual.
- Employer Branding and Reputation
It is no secret that most top talents are likely to want to work with or get attached to larger sized companies that have either been in business for long enough to earn a name for themselves or have grown rapidly in recent years and have managed to become a popular household name. After all, they graduated from top-of-the-line universities, spending all that money, for a reason.
Hence, it must go without saying that in order to attract and retain top notch talent in your business, you need to be able to provide them with what they want.
Despite doing the aforementioned, they might choose to leave you one day simply because they got offered a better job- in terms of money, position, or simply a bigger and better brand name. You have to ensure that you consistently generate enough interest in your top talent for them to want to stay with you, by the kind of business you do (and the revenue that generates).
- Acknowledging Employees’ Contributions
Finally, it is a well-known and widely accepted fact that human beings, being social beings, thrive on acknowledgement and appreciation from time to time. Your top talent is bound by their human instinct to work, at the end of the day, for your pat on their backs.
Be it feedback in the form of appreciation, constructive criticism, or just an acknowledgement of their contributions, it is imperative that you indulge in that regularly.
Not only does it help in establishing yardsticks of accepted workplace behaviors in particular, and work ethics in general, an interactive form of conversational feedback process also provides you with the unique opportunity to get a glimpse of what are and are not working for your business process. That also leads to shedding light on possible insights into retaining those employees who might be unhappy with existing practices. Remember, the exit of a long-term top talent is not just a cost burden.
What started out as part of one of the major concerted efforts to contain the COVID-19 pandemic, has turned out to be the most preferred mode of work. And understandably, it has its reasons to be so, especially from the employee perspective. So, after almost three years of working from home, employees are demanding more flexible work structures. Fortunately, this culmination of an HR nightmare can easily be resolved by following the 5 simple, yet impactful, tips from our blog.