What Approaches Help Improve Employee Retention?
In the quest for innovative strategies to boost employee retention, we've gathered insights from CEOs, Founders, and other top executives. From implementing a hybrid work environment to establishing a mentorship program, discover the thirteen unique approaches these leaders have successfully employed to keep their teams engaged and committed.
- Implement a Hybrid Work Environment
- Introduce a Well-Being App
- Adjust Leadership to Employee Needs
- Offer Professional Growth Opportunities
- Launch a Sustainability Ambassador Program
- Create a Personal Growth Sabbatical
- Develop a Personal Career Growth Program
- Encourage Skill Development and Exploration
- Promote Work-Life Balance with Flexibility
- Hire for Long-Term Team Fit
- Introduce Monthly Creative Days
- Encourage Employee Feedback
- Establish a Mentorship Program
Implement a Hybrid Work Environment
As the CEO of a hybrid workforce management solution company, by far the easiest thing I've ever done to boost employee retention is practicing what we preach and ensuring a hybrid work environment from day one. It should come as no surprise that employees with a more flexible work environment, one that perfectly aligns with the overall company values and culture, are ones that are more happy to stay long-term. Your mileage on this solution may vary, but all of our research points to flexibility being a massive driver of employee happiness and well-being—which has a significant impact on retention.
Introduce a Well-Being App
Employee retention is critical for any organization. With stats showing that mental well-being can impact everything from employee physical health and productivity to absenteeism and ultimately retention rates, we felt it was a critical area to focus on.
To do this, we recently introduced the well-being app Spectrum.Life, which offers up to counseling sessions, financial advice, and 24/7 access for employees and their families. Using an app means that employees can easily access support no matter the time of day or where they are based. It also makes it easy for people to get support without needing to have what might feel like an awkward conversation with a line manager. The technology has given us a way to provide a really comprehensive range of well-being services that has supported employees and helped retain them where they may have otherwise felt the need to stop work.
Adjust Leadership to Employee Needs
Adjusting my leadership style to work better with the employees I have in my current enterprise. I'm a serial entrepreneur, and this is a lesson that I've learned quite well over my various businesses over the years. What works at one place will not necessarily work at another, and you need to be the leader your current employees need. This, I've found, is a good way to inspire loyalty and good retention numbers because your employees will be able to tell that you're trying to adjust to them rather than making them adjust to you.
Offer Professional Growth Opportunities
One of our biggest challenges is retaining ambitious, upwardly-mobile employees when there isn't another rung on our ladder for them to climb. We know that we're going to lose these workers eventually, but one of the things we try to do in order to keep them around—hopefully until an opportunity opens up for them—is to provide them with paid opportunities to grow professionally. If we can help them develop new skills and round out their resumes, they're more likely to stick around as long as they can, and to recommend us as an employer to others.
Launch a Sustainability Ambassador Program
In our pursuit of fostering a committed and passionate workforce, we implemented a unique approach to employee retention: the 'Sustainability Ambassador Program.' Recognizing that our team is deeply invested in our mission of promoting sustainable products, we empowered employees to become advocates for our values both within and outside the organization.
Each quarter, we selected a group of employees to serve as Sustainability Ambassadors. Their role was to lead initiatives that aligned with our eco-friendly ethos, such as organizing community clean-up events, hosting workshops on sustainable living, and collaborating with local environmental organizations. This not only allowed employees to take ownership of their work but also connected them with like-minded individuals, enhancing their sense of purpose.
The results were remarkable. Employee engagement scores soared, and we witnessed a significant decrease in turnover rates. Team members felt more connected to our mission and to each other, fostering a collaborative and innovative workplace culture. The program not only reinforced our commitment to sustainability but also cultivated a sense of pride and belonging among our employees.
By aligning our retention strategies with our core values, we transformed our workplace into a thriving community of passionate individuals dedicated to making a positive impact. This innovative approach has proven that when employees feel valued and connected to a greater purpose, they are more likely to stay and contribute to our shared vision.
Create a Personal Growth Sabbatical
One innovative approach I've taken to employee retention is implementing a Personal Growth Sabbatical program. Rather than focusing solely on traditional incentives like bonuses or promotions, I wanted to address the deeper needs of my team—their passions, aspirations, and personal well-being. Every few years, employees are given the opportunity to take a paid sabbatical to pursue a project or interest that is meaningful to them, whether it's writing a book, volunteering for a cause, or learning a new skill outside of work.
The outcome has been profoundly positive. Not only does this initiative show our commitment to their personal development, but it also brings back rejuvenated employees who are more engaged, inspired, and loyal to the company. The sabbatical program has strengthened our culture by encouraging a balance between work and personal fulfillment, and has helped retain top talent by demonstrating that we value their whole selves, not just their professional contributions.
This approach goes beyond retention—it fosters a deep connection between the company and its employees, creating an environment where people feel truly valued and empowered to grow, both professionally and personally.
Develop a Personal Career Growth Program
At KBA Global, our leadership team has spearheaded a game-changing plan to keep our employees on board: the program for personal career growth. We understand that each team member has their own dreams, so we've set up this program to give everyone a custom-made plan to grow. We offer deep dives into career advice, checks on what skills people have, and chances to learn from mentors. This way, we give our folks the tools to take charge of their own path up the career ladder within our company.
By investing in our employees' development and showing them clear ways to move up, we've created a strong feeling of purpose and belonging among our staff. KBA GrowthPath has boosted job satisfaction and has had an impact on employee engagement and productivity. We've noticed a real drop in how many people leave, as our team feels appreciated, pushed to do better, and committed to our shared goals. What's more, this program has made our company more attractive to job seekers, drawing in skilled workers who want opportunities to grow both personally and in their careers.
Encourage Skill Development and Exploration
One approach we took to improve employee retention was implementing an L&D effort where employees could focus on nurturing or developing a new skill. How this worked in practice: We encouraged employees to dedicate a portion of their workweek to taking a course or focusing on projects they were passionate about, even if these weren't directly related to their current roles.
For example, one of our customer service reps, who was interested in graphic design, started helping the marketing team with social media content. This not only boosted her job satisfaction but also uncovered hidden talents within our team. By giving people the freedom to explore their interests, we've seen a noticeable increase in morale and loyalty, as employees feel more valued and creatively fulfilled.
Promote Work-Life Balance with Flexibility
Work-life balance is crucial. Most employers opt for offering more incentives in the form of salary increases, but all that is for naught if employees don't have time for other activities that they enjoy.
In our case, we encourage work-life balance in a number of ways. For one, we have a shift-swapping system, which allows team members to trade shifts, making work more flexible.
We also offer rewards in the form of extra paid time off. For example, our Employee of the Month gets a free day off to be used at their discretion. This strategy has helped us reduce turnover while keeping the workplace buzzing with energy.
Hire for Long-Term Team Fit
From my practice, the best strategy to retain talent on my team is to hire matching people right from the start. Such strategic hiring is all about ensuring a smooth candidate experience and predicting the success of a candidate in a new role. When we have a minimum number of interview stages and responsively send feedback, candidates become loyal to us. When we analyze candidate data (including cultural fit) with the help of structured interviews and AI, we see which of those loyal candidates can cope with a new team role better in the long run.
Yet, it's important to be consistent. Onboarding is an inevitable part of the hiring process, and it needs to be fast and streamlined too. In our team, we onboard newcomers step by step, from signing documents to issuing credentials — only one process at a time. Plus, a person who's joined our team gets a mentor who curates their training. It's worth noting that we typically build comprehensive training programs covering operational interactions relevant to a newcomer, professional standards, and security policies.
If you don't develop and refine your onboarding and knowledge transfer programs, your hires risk being overwhelmed in their first days or months. And early burnout will make all the other retention techniques ineffective.
If you develop and refine your onboarding program and knowledge transfer, then you can focus on flexible working hours, individual upskilling plans, informal gatherings, performance reviews, and other practices to build long-lasting professional relationships with your team.
Introduce Monthly Creative Days
One approach I took to employee retention that worked wonders was introducing a "creative day" once a month. I'd let my team experiment with new floral designs, color schemes, or arrangements they wouldn't usually get to try. As a florist, creativity is a big part of what keeps us passionate about our work. This small initiative not only boosted morale but also brought fresh ideas into our offerings, which our clients loved.
The impact was noticeable: Employee engagement went up, and turnover dropped significantly. When employees feel valued and encouraged to express their creativity, they're more likely to stay committed to the business and contribute their best work.
Encourage Employee Feedback
From my professional experience, I believe every employee wants to be heard. So, an innovative approach that I leveraged to promote employee retention is allowing my team members to voice their opinions during crucial discussions of the organization. Through surveys, they are allowed to give open and honest feedback. Irrespective of how simple or critical the matter is, taking the suggestions and feedback of the employees proves to be beneficial.
The feeling that they are being listened to can invoke a sense of belonging among the team members and motivate them to stay longer. Moreover, it can make them feel valued and enable them to better connect with the organization.
Establish a Mentorship Program
One innovative approach I have taken to employee retention is implementing a mentorship program where experienced team members guide newer employees. This not only helps new hires feel supported and integrated into our company culture, but also empowers seasoned employees to take on leadership roles, boosting their engagement and job satisfaction. The result has been a noticeable increase in employee morale and a reduction in turnover, as everyone feels more invested in their personal growth and the success of the company. This program has strengthened our team and created a more collaborative work environment.
