As the new year unfolds, with research indicating increased restlessness among employees, retention is front of mind on HR directors and leadership. The Conference Board CHRO Confidence Index and a survey by esphr by WorkNest highlight growing concerns about retention, putting HR directors in the spotlight.
To tackle the lack of engagement, HR directors are urged to assess employee initiatives. A Deloitte Insights report reveals a significant misalignment between C-suite perceptions and employee realities regarding wellness emphasizing the need for benefits that align with actual needs and better communication.
Leadership style is another critical aspect. The concept of the "bottleneck boss," discussed in a Harvard Business Review article by Greg Alexander, highlights the impact of micromanagement on employee progress. Studies consistently show that a lack of advancement is a primary reason for professional resignations.
As HR directors embark on the new year, a proactive assessment of leadership styles and employee benefit structures is essential. This not only applies to internal staff but also resonates with the competition of staying aligned with industry standards. The data underscores a growing desire for change among employees, and HR directors play a pivotal role in addressing these concerns. Here are some best practices your organization could implement:
- Employee Initiatives: Ensure initiatives align with employee needs. Regularly assess the effectiveness of benefits, focusing on mental, physical, social, and financial aspects to foster a healthier, more engaged workforce.
- Leadership Development: Encourage a culture of delegation, autonomy, and continuous learning, addressing one of the primary reasons professionals resign—lack of advancement.
- Strategic Communication: Improve communication by promoting and explaining the offerings, ensuring employees understand and utilize the resources provided.
- Professional Growth Opportunities: Enhance credentialing and certification programs to meet current professional needs. Create a pathway for continuous learning and skill development, demonstrating commitment to supporting employees' progress in their careers.
- Tailored Recognition Programs: Implement personalized recognition programs that acknowledge individual contributions. This helps employees feel valued and appreciated, contributing to a positive and engaged work environment.
By actively implementing strategies that prioritize employee wellbeing and professional growth, HR leaders can navigate the challenges posed and foster a resilient, engaged workforce.
Employee Retention Pulse Survey - The Employee Retention Pulse Survey gives you incredible insight into the warning signs of employee turnover so you can take proactive steps to assess and address issues before they grow out of control. Learn more here.
Sources: hbr.org; Deloitte Insights