Published by Jacqlyn Nedvin | April 15, 2022 at www.forbes.com
With the Great Resignation in full swing, retention has become a top priority for employers. However, the culture-building employee benefits popular just a few years ago have now become the standard and may not be as important anymore. What companies need to focus on now is employee happiness and segmenting their approach by employee lifestyles.
Most employees do not stay at a company long-term for snacks or a fun break room. Those benefits are still helpful in recruiting and satisfying certain employees; however, the pandemic has changed work environments and personal priorities. For employees to invest in their future at the company, they need to see pathways to achieve not only their professional goals but their personal and lifestyle goals as well. The culture must be inclusive of all employee lifestyles in order to truly retain talent.
The shift to remote work environments and employers being more empathic to childcare challenges during the pandemic has opened up a pandora’s box—and most employees are not looking to go back.
So, the new challenge is how do you achieve employee happiness for all? The key for most will be focusing on employee lifestyles. It is true that there are benefits that nearly all employees want, but based on lifestyles, some should be implemented that target different employee groups. The offering of an attractive office environment with engaging activities and great snacks will likely be important to some. However, for others, to unlock happiness within a company means having the ability to maintain a work-life balance and having access to benefits that connect to their life stage. This group often includes those employees with a certain level of work experience who are further along in their careers. Those employees’ institutional knowledge and experience are a value that cannot be overlooked, so it is important that their happiness is part of the company’s overall retention plan.
Retention of these specific employees goes beyond working hours. Does your company provide sufficient maternity, paternity and sick leave? Many companies still only provide FMLA and state-provided disability benefits.
Many other talent retention strategies are outdated and need revising. Employers must ask scenario-based questions when thinking about policies. Does your culture only reward those who work until midnight? Does management mentor staff without the formal request of your HR department? Are you flexible in allowing workers to attend valuable life moments (e.g., kids’ sports games, weddings and anniversary dinners)? The list goes on.
Not sure where to begin? Management should check in with staff to uncover short-term and long-term professional and personal goals. It is key to have the CEO’s full support when attempting any culture transformation. Many CEOs and upper management fall into the habit of not approving policy changes because it is not exactly what everyone else is doing in their industry.
During the Great Resignation, employees and candidates are in the driver’s seat, so it is crucial that companies lead the talent market and stand out against the competition. Companies that were just providing the standard set of benefits and generic company culture are now lagging in the market—and in some cases, they are the ones losing top talent. Like in any area of business, paying attention to or setting trends often opens the door to big rewards.
Lastly, policy and words matter, but culture goes beyond that. Employees can see through a manager’s approval because it is a policy versus authentic support. If employees feel judged or uncomfortable with utilizing these benefits, there is little reason to have them. Polling your organization by department to identify gaps where the culture is falling short for select employee segments. Adjust your policies, benefits and culture to be inclusive of all. This will allow team members to grow within the organization, expand recruitment capabilities and more.
To read the original article, visit https://www.forbes.com/sites/forbeshumanresourcescouncil/2022/04/15/talent-retention-is-not-one-size-fits-all/?sh=b53a38f6ae16
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