Employee Retention Strategies: How to Engage and Keep Top Talent

Why people leave & the importance of a progressive and inclusive EVP.

“Take Care Of Your Employees And They'll Take Care Of Your Business,”

-          Richard Branson

Millenials and Gen-Z now make up more than 75% of the current workforce. According to Forbes three major drivers for millennial talent are fair pay, flexibility and impact. Salaries are currently being driven by a strong candidate market where the top talent can ask for any number to move, but most people understand this will level off over the next year or so.

Flexibility in the post-pandemic workplace must be a factor in EVP planning. More than 50% of staff (Boston Consulting Group) want the option to choose how and when they work. Whether that’s compressed hours, part time, hybrid work or full remote there is a plethora of ways to offer flexibility.

Impact is the attraction component that is challenging. Victoria Pelletier tells Forbes, “The shift in employee mindset has moved from career advancement and total compensation to a greater focus on the things that matter, to what they value the most. This also includes things like a healthy organizational culture, positive and effective leadership, diversity, equity and inclusion and flexibility in how or where they work.” These are key factors that will impact what level of retention a business can achieve.

If senior leaders share their vision and values with their managers, and in turn those managers share the same vision and values with the staff via logical steps and tangible goals, each member of the team then knows how their work contributes to each stage, generating a strong sense of impact that will generate value. In his book ‘Drive’, Dan Pink really summarized the three components that all employees crave which are autonomy, mastery and purpose.  Knowing how each of us creates impact in the business, driving it towards its goals, gives us that sense of purpose.

What to do:

- Constantly assess your company’s EVP and look for areas of improvement.

- Highlight policies that address fair pay and flexible work - which show how you value and respect your employees.

- Ask your employees at every opportunity: How well are we doing for you?

- Improve lines of communication so every tier of your business understands the impact of their role and the work they do.