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How to Retain Your Top Talent

October 25, 2021 SHIFT

employee-retention-turnover-leadership
After serving 50+ companies over the last 18 months of the pandemic, SHIFT and Latch CEO and founder Joe Mechlinski found that retention is the top concern for executives right now.

That’s why we hosted a live webinar dedicated entirely on how to stop regrettable turnover. We explored why turnover is happening and what leaders can do about it.

Watch the video recording to catch the full session and keep reading to get a taste of what was discussed.

 

The Great Resignation in Action

 

More people have left the workforce this year than any other year. In August, 4.3 Americans quit their jobs, and with over 10 million open positions, it looks like the war for talent is just getting started.

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Consider Reasons for Turnover


The top three reasons why people are leaving their jobs come down to burnout, company going through organizational changes, and lack of flexibility.

Executive teams need to ask themselves these questions:

  • How are we helping or how are we hurting this burnout dynamic?
  • How are we informing employees of changes happening in the business?
  • How are we thinking about flexibility and freedom?

To get a sense of the financial impact of your team turnover, check out this “Cost of Attrition and Disengagement Calculator” that can help you take a look at the hidden costs in your business.

Leaders Feel Out of Touch


When you move your team from passenger to co-pilot, you stop making decisions about them without them.

Evolving employee expectations mean that people want to be able to decide how they want to live and work in the way they want. Freedom and flexibility empower people to feel emotionally invested and like they have a real stake in the game.

In this remote and hybrid environment, it’s more important than ever to start deep listening. For example, you have to be intentional about showing your people that you care and creating space to have non-work-related conversations. You can explore EAP programs like LifeGuides to offer additional support and resources to help your team inside and outside of work.

Keeping a pulse on how your team is feeling and thinking needs to be based on more than gut feeling. You need data. It’s like the difference between making decisions off of taking your blood pressure once a year versus having real-time data from a wearable tracker like Whoop or Fitbit. In the same way, leaders can’t rely on annual or quarterly surveys. Nothing beats real-time data.

This is Uncharted Terrain


Often in business, we’re looking for patterns and use the past to help predict what might happen. But, what do you do when this hasn’t happened before?

Remember – employees want to be seen, heard, and inspired.

This moment in time is an opportunity to rethink everything.

  • How we work → Extreme flexibility
  • Where we work → Anywhere
  • Why we work → Purpose
  • When we work → Anytime
  • Who is working → 5 generations

work-arrangements-in-place-and-time-hbr

Prioritize Authentic Connection


Enabling people to connect authentically will drive higher levels of engagement and retention. 

In order to thrive, people need to feel connected to their company, manager, peers, work, and self.

authentic-connection-dimensions
So, what can you do to make that kind of authentic connection happen?

We’re seeing it happen through the oldest form of human technology – storytelling.

When you share stories, you’re able to communicate from the heart. The neuroscience that happens when you tell a story creates an empathetic connection where people can see themselves in the story. This has massive impacts on change management and behavior change.

This perspective gives a new depth to stories about everything from the progress your company is making to the rockstar teammate who is crushing it.

How can you leverage storytelling to communicate what you think is most important – from the top down or from the employee’s vantage point – to help your team feel seen, heard, and understood?

Through our Latch tool, we’re helping teams share their stories in a way that feeds those five points of authentic connection.

Joe Webinar Oct 2021 - Micro Clip - Beths Story


Meet Your Team Where They Are


Real-time pulse checks, storytelling, and data are the three key components that need to be built into your employee experience strategy. 

Using Latch can help inspire and align your team – all while having data and insights at your fingertips so you can make decisions with confidence.

BOOK A DEMO

latch-employee-engagement-platform

 

TOPICS: Business Growth, Employee Engagement, Workplace Innovation, Leadership Development