After the emblematic events of these last years – Pandemic, Great Resignation, and Silent Resignation – where the turnover rate had a considerable increase of 24.7% compared to 19% in 2019, many companies questioned how they could generate engagement and retention of their employees.
Engaged employees are much more productive and willing to go the extra mile. Because of this, a highly engaged team creates an exponentially higher ROI than an unengaged team. While retention increases profitability as it reduces the high costs of replacing an employee and even having an unfilled vacancy for weeks or months.
If you have a high turnover rate, not only do you have a lot more expenses than other companies, but you also have productivity issues due to the difficulties of the learning curve of the position and the time invested in replacing the employee.
So what to do to increase engagement and retention
Although every organization is different and has no answer, three factors can be a common denominator for long-term employee retention.
Professional growth
According to a survey by Statista, 41% of employees who quit during 2019 and 2022 did so because they felt a lack of professional development. This is not only limited to promotion but to all available resources that allow employees to grow in their area; these can be training, greater responsibilities with their due recognition, change of position, or leadership role.
Fellowship and shared activities
When there is a sense of belonging in the workplace, the need for employees to seek opportunities elsewhere is substantially reduced. Employees value a good work environment and supportive colleagues.
Remote work
According to the site facilities.net, technology employees are looking for flexible work environments with options to work from home or remotely from anywhere. This lack of flexibility led 18.3% of tech sector employees to quit in 2022. For this reason, it is of utmost importance to leverage the remote work talent pool to find more comfortable and motivated team members.
Work-life balance
This is an increasingly discussed topic in the work environment and fundamental to retaining employees. According to the Statista survey, 53% of people who have problems with recruitment and retention are due to how difficult it is for them to meet the expectation of the balance between the two.
With the advancement of technology, especially after the pandemic, many people find it difficult to disconnect from work, leading to stress and burnout. However, while work shouldn’t consume all our time and energy, it shouldn’t feel like a burden. Why? Because regardless of how many breaks a team member has, if their environment and work dynamics are so stressful that they crave an exit, leaving the business is only a matter of time.
Therefore, the root of the work-life problem is not about separating an inevitably onerous environment from life as much as possible but about making the workplace a healthy and safe environment where work feels fulfilling and exciting and part of an overall successful life. Because of this, we advocate a work-life fit, i.e., the consequence of connecting our personal lives and our jobs to create a fulfilling life rather than just living outside of work.
