According to a study by Deloitte, organizations lose over $100,000 for every team member who quits. This is without indirect costs like previous training, institutional knowledge, and lost customer relationships. A key answer to the problem of attrition is employee experience. The employer who wins their employees over is the one who finds out how employee experience and talent retention are linked.
What is employee experience? This refers to all the feelings, perceptions, and observations that your staff has about your company. The way your staff feels about the organization and their roles have a significant impact on their engagement, morale, and productivity.
So, if you are looking to achieve talent retention, be sure to offer great employee experience. It is paramount you pay special attention to the onboarding process, workplace, career development, company culture, and working conditions.
And keep in mind that the off-boarding stage of an employee is also crucial. The way they exit your firm is crucial to their employee experience. It can help retain other employees.
How to Retain Employees through Employee Experience:
1. Foster Career Development
Research shows that 58 percent of employees quit their jobs due to a lack of growth opportunities. Employees will have a good employee experience when they feel that their input in the organization is valued. An excellent way to value the input of a staff member is to improve their skills continually.
But how can this be achieved? Implement a career development program. An effective professional development program will ensure that there is a customized career development plan for each employee. The careers of your staff members will grow, and you will enjoy higher productivity. Studies show that learning organizations experience a 218 percent higher income per staff member as compared to those companies that don’t offer career development programs. Learning organizations appreciate the link between employee experience and talent retention.
2. Boost Internal Communication
The average employee spends 2.5 hours per day searching for crucial information needed for their tasks. Many organizations are using obsolete intranets for their internal communication, which frustrates the staff due to poor information flow. Frustration equals attrition.
Seamless internal communication within an organization allows employees to perform tasks more effectively. They take less time to acquire the necessary information needed to do their duties. As a result, there is more cohesion and teamwork within the company.
Remote employees require constant engagement to feel that they are part of the company. When this happens, you will notice fewer attrition rates as employees will have a reason to stick around.
3. Take Employee Wellness Seriously
“Train people well enough so they can leave, treat them well enough so they don’t want to. “
- Richard Branson
Getting health benefits for your staff is a big part of employee welfare, but you need to look further than that. You have to invest in programs that improve their mental, spiritual, and emotional well-being.
When they are happy, employees will be more productive and will be willing to work for you in the long haul. So, HR professionals should be keen on trending wellness programs, like yoga, financial fitness, and others.
4. Give and Seek Feedback
When companies offer their staff regular feedback, they experience a 14.9 percent less attrition rate. Employees want to know if they are doing well or not so that they can improve themselves. An organization that understands this part of employee experience can retain its top talent.
What’s more, your staff has opinions about your organization, and listening to them makes them feel valued. Therefore, you need to seek their views about the things you can do better.
Many organizations overlook the impacts of attrition on their bottom-line. A closer look suggests that it would be more beneficial to retain talent than to hire new staff now and then. Don’t you think so? So why not optimize the employee experience? Ensure that your team has the best feelings, observations, and perceptions of your organization.
Do this by fostering the development of their careers, improving internal communication, implementing wellness programs, and taking feedback seriously. What will the results be? All these items make your employees happy. A happy employee equals a happy customer. Hence, high productivity, motivated workforce, and even loyal customers will be the tip of the iceberg when you look at what employee experience can achieve. But the key takeaway here is that your employees will make your workplace their second home!
And that, ladies and gentlemen, is how employee experience and talent retention are linked