‘Love what you do’ is a popular expression, but is it attainable in today’s new era of work?
A recent study by consulting firm Eagle Hill found that a whopping 71% of tech employees (and 51% of all employees) in the Washington DC Metro Area would consider leaving their current job to work for Amazon. This statistic is a cause for alarm for any manager or CEO.
So, how can you compete to retain the best talent and even go one step further by getting your employees to actually love what they do? Here are tips on the 6 for most important factors in loving work: culture, benefits, values, remuneration, and progression.
A positive company culture can be built no matter the size of the organization. Whether that’s a strong commitment to learning, excellence, work-life balance or diversity, a great culture might just keep someone happy in their job. Building, growing and emphasizing this culture is a fundamental part of a retention strategy.
To get your people to love work, place your efforts in establishing an authentic work culture that fits your organization.
Benefits and perks
While the Googles and Facebooks of the world may offer meals, snacks and other perks, that doesn’t mean smaller companies can’t be creative with benefits packages and fun perks. One offer that many firms give is flex time, work-from-home and remote work options, and you don’t have to be a tech giant to offer this kind of flexibility.
Employees love the option of remote work as a perk because it provides recognition from the company that the “life” part of “work-life balance” is important.
In a large organization, employees can sometimes feel overlooked or lost. A personalized employee experience is something that companies can offer to stand out by centering employees’ career growth, recognizing their individual circumstances and rewarding their value to the company.
A beloved employee experience should be baked into every part of their journey with the organization, from first seeing the job advert through onboarding to the exit interview and even beyond.
Values and mission
This is an area where smaller organizations can punch high above their weight – it can be difficult to see or get attached to the company values and mission of an organization. Creating and communicating a very clear statement of values and goals can be a powerful way of engaging employees, particularly Millennials and Gen Z, who prioritize doing meaningful and inspiring work with companies who are making a difference.
Younger generations love brands that align with their values and make an effort to contribute to meaningful causes.
Plenty of studies show that money isn’t the only factor in the decision to move jobs, however, to remain competitive, you’ll need to keep an eye on the going rate and at least keep pace to keep your top talent happy.
Transparency in terms of salary negotiation is key to starting off on the right foot when it comes to getting your employees to love work.
Many believe that in order to progress in their careers they have to leave the company. Part of a retention strategy is making sure that employees know what their future with the company looks like. This may include setting specific targets for promotion, investing in learning or working closely with high potential employees to help them reach that potential with your organization, rather than with another. Opportunities for both lateral and vertical growth tend to motivate employees.
Retention is a fine art and requires a combination of the above factors to succeed. However, it’s worth it: with attrition and turnover costing far more than just the cost of recruiting a new team member, businesses can’t afford to fall behind when it comes to engaging and retaining their staff. Retention isn’t just about individual top performers, but about how they connect to a larger team, a department and company, and the work itself.
So if you’re facing potential the loss of your top performers, implementing a great retention strategy – focusing on culture, personalization engagement, and ultimately, a love for the company – will be your best opportunity to hold on to your top talent for as long as possible.
From Nora Stark
Nora is Product Marketing Manager at Hibob. She brings her background in psychology and passion for storytelling to her role. Often confused with the Starks from the North, Nora is also on a mission to travel and explore other cultures. An avid reader and podcast listener, she can be found discussing the latest pop culture news around the office. Nora is thrilled to discover where the future of work is headed through bob.