Employee Retention: 5 Strategies for Keeping Top Talent

With employees jumping ship in record numbers (1), tough decisions must be made. Hiring replacements may feel like the priority, but it doesn’t address long-term issues around employee engagement and satisfaction. Instead, we need to switch our focus to employee retention.

How exactly do we keep our best people from walking out the door? Based on my own experience and some extensive research, here are five of the best strategies for improving employee retention.

Employee Retention: 5 Practical Strategies

1. Bring Purpose to Life

Purpose is the fundamental reason that your business exists. It’s a big part of why people join your company in the first place, and why they choose to stay.

During turbulent times, it's very easy to get caught up in conversations focused on incentives and pay. Flip the focus. Prove to people that there’s much more than just the bottom line. And don’t just talk about purpose; bring it to life in what you do and how you do it.

Frankli tip: Align your teams across team, department and company goals through Frankli’s Goals feature.

2. Embrace Flexibility 

Embrace the future of work.

Listen to the needs of your people and make them feel like they’re an active part of shaping new policies and approaches. Prioritise flexible work environments regarding place, time, role, and career.

If your people feel involved, they’ll want to stick around to see the business evolve.

Frankli tip: Use the Surveys and Polls feature to gather information on how your people are feeling.

3. Prioritise Social Connection

Down the tools and set aside regular time to connect and build relationships with your people.

Studies show that people rank "meaningful relationships with colleagues" as highly motivating (2). Instead of leaving it up to chance, get your people together, in person where possible. Repeat.

Frankli tip: Invite your people to connect over shared interests through Frankli’s Socialising feature.

4. Conduct Stay Interviews  

When people leave, we conduct exit interviews, but what about those who stay?

Why do people stay working for you? How would they describe the culture? Stay interviews are a great way to reinforce positive culture, learn more about what’s working, and ensure your long-term employees feel heard.

Frankli tip: Schedule regular stay interviews with key people through Frankli’s 1:1 Meetings feature.

5. Support Career Growth

Make sure your managers are intentional about discussing career and growth regularly.

Show your people new opportunities to grow and advance by promoting internally over hiring externally. Fast track great performers and publicly celebrate promotions.

Frankli tip: Give your people an invaluable tool for growth by allowing them to connect through Frankli’s Coaching and Mentoring feature.

The Great Resignation is, undoubtedly, a cause for concern. But if you prioritise employee engagement and satisfaction, and, by extension, employee retention, your teams should weather the storm.

Frankli takes the guesswork out of employee retention with intuitive and research-based goal alignment and communication tools. A member of our team would be happy to tell you more, or. if you prefer, you can show yourself around the platform.

Take the guesswork out of employee retention with Frankli

60-Second Version: Employee Retention: 5 Strategies for Keeping Top Talent

1. Bring Purpose to Life. Prove to people that there’s much more than just the bottom line. And don’t just talk about purpose; bring it to life in what you do and how you do it.

Frankli tip: Align your teams across team, department and company goals through Frankli’s Goals feature.

2. Embrace Flexibility. Listen to the needs of your people and make them feel like they’re an active part of shaping new policies. Prioritise flexible work environments regarding place, time, role, and career.

Frankli tip: Use the Surveys and Polls feature to gather information on how your people are feeling.

3. Prioritise Social Connection. Set aside regular time to connect and build relationships with your people. Set your people together, in person where possible. Repeat.

Frankli tip: Invite your people to connect over shared interests through Frankli’s Socialising feature.

4. Conduct Stay Interviews. Stay interviews are a great way to reinforce positive culture, learn more about what’s working, and ensure your long-term employees feel heard.

Frankli tip: Schedule regular stay interviews with key people through Frankli’s 1:1 Meetings feature.

5. Support Career Growth. Make sure your managers are intentional about discussing career and growth regularly. Promote internally over hiring externally. Fast track great performers and publicly celebrate promotions.

Frankli tip: Give your people an invaluable tool for growth by allowing them to connect through Frankli’s Coaching and Mentoring feature.

Frankli takes the guesswork out of employee retention with intuitive and research-based goal alignment and communication tools. A member of our team would be happy to tell you more, or. if you prefer, you can show yourself around the platform.

1. Viser, Four Things We Learned About the Resignation Wave–and What to Do Next. 2. Robert Half, Deconstructing workplace happiness: foundations for sustained employee satisfaction.

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