As we experience, live and ultimately thrive in an ever-changing business landscape, the jobs, skill sets, and businesses of today are not necessarily those of tomorrow. With a booming job market, it’s easy for employees to find reasons to move on from a company if they’re not completely satisfied in their role. When employees lose trust in management or find that their employers don’t value them – they will start looking for something new and this should cause pain for management. At every level…
While fair compensation is important and crucial, creating a supportive and inclusive work environment is equally vital. Statistics show that when employees feel engaged and supported, they’re more likely to stay. In this recent workplace study, 81% of job seekers are dissatisfied with their work environment, and 43% are dissatisfied with their career path.
In the BPO & Service Desk organization at Beyondsoft, we make supporting the people who support our customers a top priority. I firmly believe that it is this commitment to our staff that has helped us achieve a 95% employee retention rate.
But how do we do it? While there is much that can be done to encourage employee retention, below are the core fundamental principles that we follow to create a workplace culture where our employees thrive.
Recognize that employee retention is good business
It’s simple: when you keep qualified people around for longer periods, you save money. A recent report from the Bureau of Labor Statistics indicates that the average monthly employee turnover rate is 3.7%. And when you consider the costs of hiring and onboarding in addition to lost efficiency, increased workforce strain, and customer impacts, the cost of turnover can skyrocket.
Of course, most businesses realize the value of employee retention. But because we retain great people for more extended periods, we can operate more efficiently. And this helps to keep costs down—savings that we’re pleased to pass on to customers. In turn, our customers enjoy the consistency, depth of expertise, and engagement levels that our employees provide.
Prepare employees for what’s next – even if it’s outside your company
Professional development is critical, and if you don’t provide it, someone else will. In this study by Ceridian, 86% of employees consider it important for employers to provide learning opportunities.
We prepare our people for the future. From the moment a new hire arrives at Beyondsoft, we work to understand their career goals and then create a path for them to train and grow. We provide mentorship and coaching to enable them to develop the skillsets needed to move to the next level. I’ve sat with members of my team on multiple occasions and interview prepped for positions outside of the company and even provided solid references. I’ve gone as far as helping with resume writing and offering assistance when it comes to salary negotiations.
It may seem odd to some, but that’s the reality of our world. People want to grow and be able to provide a better life for themselves and loved ones. I want everyone who I work with to know that a big part of my job is to ensure they are able to achieve success in those areas from a professional point.
While we are sad to lose awesome people, we also celebrate their achievements and desire to move forward in their careers. I’ve found that this open communication lets my people know that although we are here to do a job, they matter to me. When employees know they matter, they are happy. And when employees are happy, they aren’t out looking for their next gig. It’s that simple.
Build a culture of trust and transparency
Building trust takes commitment but pays off with more engaged and productive employees who are more likely to stay. At Beyondsoft, we work diligently to foster trust and transparency. An example would be when there is a shift in the organization, we communicate as much as possible. We walk our employees through what is happening, what to expect, as well as what we expect from them.
Additionally, we create a safe environment where employees feel empowered to request help when needed and to take thoughtful risks in pursuit of new and better solutions. My team is encouraged to mentor across the board – and at any level openly. Failure is rewarded. It’s always a good time to create valuable learning opportunities, and successes along with failures, enable us to deliver an even more robust solution platform for our customers.
Of course, there’s plenty more that goes into creating a supportive environment here at Beyondsoft, such as a focus on diversity, flexible work options, and top-notch benefits. To learn more about the fantastic people at Beyondsoft and what it’s like to work here, check out our blog.