07 Aug 3 Key Retention Tips
The growth of millennials in the workforce has forced leaders to rethink their retention strategies and find new and creative ways to win over employees. Leadership and company culture are two factors that must be at the heart of any retention strategy. Retention comes down to how well you can incentivize your team members, but to do this you need to understand what makes your employees tick.
Think About Diversity
One of the most important things you can do as a company to increase your retention is to understand how to manage diverse populations. In the Biotech and Rare Disease Pharmacology fields, generational differences are especially important. You want to think about what motivates different groups of people when making company policy. You also need different retention strategies for different subgroups within your team. Millennials may have different expectations for work/life balance than a baby boomer. You also want to consider cultural diversity as well. The more inclusive you can make the company, the more likely it is you will win over your employees. Employees will leave if they feel misunderstood or marginalized.
Managers Who Inspire Their Team
Managers need to motivate their employees by setting an example. Managers need to think about how their words and actions influence their team members on a daily basis. Nothing makes an employee leave faster than a boss they do not like. This makes it essential that leaders in the workplace are people who the employees can look up to and learn from. A strong leader listens to the ideas of their employees, and they invest in their goals and ambitions. A strong leader is also not afraid to take risks. A key part of any retention plan should involve training managers on leadership skills. Leaders should have the skills necessary to help employees understand their goals and to help them achieve their objectives.
Create Performance Incentives
While it is important to understand what motivates the subgroups within your team, it is also important to understand what motivates your team members individually. Some people react to vacation time. Some people react more to company parties and events. The more you understand what motivates an individual employee, the more you can align incentives to match their personal goals.
The best way to retain employees is to listen to them. What do they want out of the job? What are their long-term goals? How do their long-term goals align with the overall goals of the company? You need to be able to customize incentives, company policies, and strategies to fit the needs of a diverse employee pool. The best way to accomplish this is to have leaders who can connect with and empathize with their employees.
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