5 Ways to Increase Employee Retention in the Time of Generation Z
Hey Leaders,
You’re aware of all the phrases - quiet quitting, quiet firing, employee engagement, retention, turnover, remote, remote-hybrid, and the list goes on. A whole new list of terms has been brought to us in just the past couple of years.
Here’s the thing, we are in a new era of workers. Gen Y, and even more so, Gen Z is driven to be entrepreneurs and be their own boss. Waiting for a career to find them is not a tactic used by the new generation.
An article by the Huffpost quoted a study that “72% of high school students want to start their own businesses someday. 61% percent expect to start a business right out of college”.
Now, you can mumble under your breath about how you think this generation expects too much, doesn't know what hard work looks like, and needs to try to climb their way up the corporate ladder. Take your moment if you need, to gripe.
Now, let’s look at it another way.
What can we learn from this next generation? What could it mean for your team if you understood their generational DNA? “Generational diversity is the widening gap between the five generations that still influence our world yet don’t seem to understand one another.” -Tim Elmore
If leaders and employees understand one another’s mindset, we could adopt better communication. Could you imagine the impact on your business and the upcoming workforce? Maybe you are unsure of your own leadership voice. Learn more about your voice by taking the 5 Voices Quiz.
There is a lot to be optimistic about with the upcoming generation. They are usually a wiz with technology. They can provide a lot of insight into self-care, career opportunities, mental wellness, diversity, and inclusion. In this post-pandemic time we are in, the world of remote work, building independent businesses will continue to grow.
Now, here’s the good news.
The upcoming workforce still needs you. Mentorship and leadership are also on the rise. They yearn to be successful leaders. This entrepreneurial attitude that this new workforce strives for still needs mentors and leaders. They also need the funds while they build their business and gain valuable experience. On top of that - YOU have the opportunity to provide them with an engaging and inclusive work environment and a chance to understand them better. You’ll want to be sure that you are leading the best way you can and to the best of your abilities. Make sure you have a solid take-off by taking the Altitude Training Course.
Let’s take a look at some ways you can increase employee retention. These ways should impact the success of not only your business but the future of your employees.
Establish a strategic hiring and onboarding process that flows
Make things simple from the get-go! Having your potential employees undergo a long-drawn-out hiring process can cause stress and burnout before they even begin the job! Yes, it’s essential that you hire someone who possesses the right skills for the job. But, you can set them up for success by establishing a process that encourages their learning styles and abilities. This could mean adjusting the position that is more suitable for their talents instead of handing them a bulleted list of demands to fulfill.
Exceptional communication with an emphasis on listening
Sometimes, as a leader, we can feel like the elder in the relationship. And it can be easy to lay in on all the knowledge and wisdom in our power to give our team. While mentoring from you is valuable, there is ample opportunity to do some reverse mentoring. We can practice our leadership through influence. Simply listening can be vital to avoiding a toxic culture.
Laying out a path for career advancement
A successful way to retain employees is to help not only guide but lay out a career path for your employees. We have seen that our workers do not like to stay stagnant or feel stuck in any job. When any member of your team starts to feel stuck in their job, they won’t always flat out tell you “Help, I’m stuck”. But you can see it in ways of your employees quiet quitting. They’ll quickly seek out a new job with a company that is more excited about seeing them grow. Get on board and show them a visual of growth and development. Better yet, teach your employees about ways to ask for a growth plan that can lead to pay raises, promotions, or education training.
Bonuses, Incentives, and Employee Referrals
When you provide a work environment of great communication, work-life balance, and empathetic listeners, then your employees are usually down to recommend your company to their friends. Great employees that refer their friends are a huge bonus for your company and it is a terrific marketing strategy. The power of employee referrals is truly a win for both players in this situation! Having a referral program that is laid out and simple to understand can increase the engagement of your team. When you offer an incentive as simple as a bonus on their paycheck due to a successful referral, an employee can feel like their opinion is valued and appreciated. According to the article, The Power of Employee Referrals on Your Entire Organization, when it comes to the working conditions of your company, the employee's voice is three times more credible than the CEO’s.
Provide a healthy work-life balance
As surprising as it may be, one of the biggest reasons for employee turnover is due to poor work-life balance. People want to be led, not managed. You want to provide a sense of being present over productivity. The quality of your team’s work takes precedence over the amount, for your employees. Over-productivity can play a huge player in contributing to burnout, and in the end, it can be counterproductive. Allowing your team the ability to get their work done without micromanaging is essential to establishing a sense of trust.
Final thoughts
As a leader, you have the best opportunity to teach and to provide better communication and empathy. You have the chance to make an impact through influence and when you are leading a group of diverse personalities and learning types. When you put yourself in the shoes of the Gen Z workforce when establishing healthy hiring, engagement, and retention processes, you are well on your way to being a great leader with a winning team.
https://www.huffpost.com/entry/72-of-hs-students-are-ent_b_7922384