3 ways to appreciate loyal employees and increase retention

With 4.2 million quits in June 2022, according to a recent Bureau of Labor Statistics (BLS) report, companies are working to find ways to retain their current talent and create a welcoming, inclusive environment for their employees. Notably, a Deloitte survey finds that 72% of employees would consider leaving their current organization for another with better diversity, equity, and inclusion (DEI) initiatives. Many organizations are turning to improved DEI programs, flexibility benefits, employee wellbeing opportunities, and even raises to retain their top talent in the post-pandemic workforce. In addition to increased compensation, here are some additional ways that companies can recognize their long-term employees’ commitment to the company.

Improve internal DEI measures

Quantum Workplace found that while 61% of employees believe DEI strategies are beneficial and essential to the workplace, almost a third of employers (29%) think there is still a long way to go to meet their DEI needs, found Lever. DEI has always been a vital aspect of employee retention. Employees who differ from their coworkers when it comes to religion, gender, sexual orientation, socio-economic background, age, among other factors, may not feel comfortable or valued at their company, and leaders have a responsibility to change that.

Improving DEI measures and programs to be fully inclusive of employees from a variety of backgrounds can ensure that all employees feel valued and important. This encourages key talent to remain at their companies longer.

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Tapping into data around hires, departures, and feedback to make decisions can be a powerful tool for organizations to uncover discrepancies when it comes to DEI. At every stage, including hiring, onboarding, employee feedback, and exit interviews, leaders can use data to identify any possible gaps in decisions or places of improvement within the company. This data can provide insight into promotion, retention and engagement rates, and HR leaders can adjust their processes to become more equitable and fair.

It is also crucial that employees feel that their beliefs align with the company’s values. Companies can provide stipends and days off for their employees to donate or volunteer to those organizations that matter to them. Companies can also initiate DEI training, and offer DEI seminars to demonstrate support and interest in improving company DEI goals. By setting public goals, factoring DEI into company decisions, and evaluating employee feedback, leaders can help employees feel valued and respected in their company, which ultimately promotes a sense of belonging, culture, and higher retention rates.

Offer wellbeing support

Another key change brought on by the pandemic was the emphasis on employee mental health and wellbeing. According to Oracle, 88% of employees’ meaning of success has changed since the pandemic, and many workers are now prioritizing work-life balance, mental health, and flexibility, over their job and salary. Leaders can provide support for employee wellbeing with resources, time investment, and benefits. Deloitte data proves that 96% of C-suite leaders feel responsible for their employees’ wellbeing, but 68% admit that they have not done enough for employee health. The study also found only 56% of employees think that their company’s C-suite cares about their wellbeing.

Deloitte data shows that more than 4 in 5 (83%) employees say their jobs are obstacles to achieving their wellbeing goals, further proving that leaders must provide clear resources and opportunities for their workers to put themselves first and provide feedback, in order to keep their valuable team members in their role. These programs can include wellness days and stipends, discounted prices on teletherapy, employee assistance programs that support the mental health challenges employees face on the job, improving productivity with mindfulness and meditation sessions at work, and providing opportunities for feedback.

Read more: Attract and retain employees with a modern employee benefits program

Listening tours, or stay interviews, serve as a time for employees to be candid with their employer about the employee experience and can also be an important tool to show employees their opinions are valued and heard. In fact, UKG proves that 74% of employees report they are more effective at their job when they are listened to.

Focus on continuous growth

Employee feedback can be another crucial way to provide value and support to long-term employees. Managers can offer frequent check-ins and provide helpful employee feedback to share praise and constructive criticism with their employees while also expressing a strong sense of empathy. Leading with empathy can be a powerful tool for managers as they work to implement a strong sense of workplace community, belonging, and commitment. Empathetic leaders can lead to more innovation (61%), engagement (76%), inclusivity (50%), and a better work-life balance (86%), according to Catalyst.

Organizations with a strong learning culture are 52% more productive with engagement and retention rates 30–50% higher, according to Deloitte. However, the employee feedback process can be improved and updated, especially since Explorance data proves that nearly half (41%) of Millennials say they do not believe their feedback leads to meaningful organizational change. When leaders implement empathy to their feedback and offer quarterly review periods and anonymous feedback strategies, businesses can ensure their employees are both seen and heard and can give them the opportunity to improve and implement change in their work life.

While the “Great Resignation” has prompted endless workplace change, one constant proved to be the desire to feel wanted and appreciated at work, and creating meaningful workplace change will encourage employees to stay around longer. Companies can ensure DEI measures are updated and inclusive and offer workplace cultures that improve employee wellbeing and feedback to prove to these workers their value does not go unnoticed.

Nate Smith is the CEO of Lever.