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Let's be real—the job market has evolved, and so have your team's expectations. It's no longer enough to just offer a paycheck. In the past, individuals sought new opportunities for better compensation and benefits. In 2024, the career quest is aimed at improved work-life balance, positive workplace dynamics, and avenues for career advancement.
We've seen it ourselves; it's not only big reasons like salary increases or more benefits that people leave their jobs for; a dedicated team member can be satisfied with all of the above but can start looking elsewhere for work due to limited growth opportunities, no work/life balance, bad management, unclear expectations, disrespect of boundaries, and lack of appreciation and recognition of effort.
Even as you read this, there is probably at least one person on your team who could be plotting their exit, and their role isn't easily replaceable. Your team members have ample global job opportunities available, and with many options, they're looking for roles that resonate with their personal and professional goals. Now more than ever, it's crucial to nurture them and ensure they feel appreciated and supported.
Retaining your best team members isn't just about keeping them around; it's about creating an environment where they actually want to stay. Understanding your team members' professional motivations is crucial in retaining your team. When team members feel valued, are managed fairly and empathetically, and are rewarded for their hard work, they are far less likely to look for other job opportunities.
At Virtual Work World, we believe that retention is a key pillar of success, and we're here to share our tried-and-true tips on Global HR Retention to ensure team happiness, with a primary focus on retaining dedicated members.
Surveys indicate that work-life balance is now a top priority for many workers, even surpassing salary in importance. This trend reflects a growing desire for flexibility, mental health support, and a work environment that aligns with personal values (Source).
It's also found that today's young professionals feel more empowered than ever to find a job they love. That means they won't hesitate to hop from one job to the next until they find the best fit. A study highlights that over 22% of workers aged 20 and older spent a year or less at their jobs in 2022, the highest rate since 2006 (Source).
Losing valuable team members also takes a toll on various fronts - from recruitment and training expenses to the loss of organizational knowledge and skills and, most importantly, the team's morale. Numerous studies among HR Professionals show that retention outweighs talent acquisition in resource allocation and priorities (Source).
Simply put: Losing key team members is money lost. It can cost up to two times a team member's annual salary to replace them. Creating a work environment where team members feel recognized and supported can mitigate their desire to leave and save your company money. So rather than struggling to redistribute work and spend on hiring new people, it's better to focus on retaining your current talent first.
We've found that nothing beats regular 1:1 meetings when it comes to understanding what your team members need. These personalized conversations offer a chance to understand what truly drives your team members. Are they happy in their role? Are there challenges they're facing that you can help with?
💡Virtual Work World HR Tip: We recommend a monthly 1:1 meeting at the end of every month. To maximize the impact of your meetings, use our Global HR ACTS Framework to Improve 1:1s & Performance Reviews to make these check-ins count.
Everyone on your team has dreams and goals outside of work. We've seen how powerful it is when you show genuine interest in those dreams. Discover your team members' long-term career and personal life goals and explore how your company can align with these aspirations. Are they interested in learning more about another department? Are they hoping to advance their current skills to gain a promotion? Are they seeking a more challenging role?
💡Virtual Work World HR Tip: To support your team members' professional objectives, consider offering opportunities such as job rotations and internal transfers, providing exposure to new areas of interest, learning and development. You can also invest in relevant upskilling or advancement programs. Showing interest and giving support to develop their goals inside and outside of work will form a closer team bond and increase the likelihood of retention.
Let's not kid ourselves—money matters. While it's not the only factor, fair compensation plays a big role in retention. Make sure your team members are being adequately compensated for their contributions. We understand that not everyone can offer substantial salaries, but equitable pay aligned with their growing workload, spot bonuses, or quarterly and annual bonuses for outstanding performance goes a long way.
💡Virtual Work World HR Tip: Even with a tight budget, a little can go a long way in terms of recognition and appreciation. For more budget-friendly creative ways to reward your team, check out our blog: How To Reward Your Global Team Members (with a small budget!).
In this remote-first world, team bonding can be challenging as we lack those spontaneous "water cooler" office moments where you can run into your colleagues and chat about their lives. To bridge this gap, it's important to prioritize team-building activities and events to learn more about each other inside and outside of work. What was the highlight of their week outside of work? What is their favorite hobby or pastime? What's their go-to feel-good song?
💡Virtual Work World HR Tip: Don't let working remotely disconnect you from your team. Consider hosting monthly team meetings or celebratory events where you don't just talk shop but also dedicate a portion to showcasing "wins" both professionally and personally. Sharing and engaging with your team members' interests outside of work helps maintain a strong, connected team, even when you're miles apart. If you're looking for fun ways to have virtual team bonding, check out our blog: Virtual HR Bonding: Budget-Friendly Events for Global Remote Team Appreciation.
A happy team is a productive team! Offering wellness initiatives or time off not only contributes to a healthy and motivated workforce but also enhances retention. Focusing on work/life balance shows that you care about your team members' lives outside of work, their individual goals, mental health and overall quality of life. Simply encouraging your team to unplug at the end of the day can make a world of difference and promote retention and growth.
💡Virtual Work World HR Tip: Remember, relaxation is a key component of success!
Never underestimate the power of a heartfelt "thank you." Recognize your team's achievements regularly, and make it clear how much you value their hard work. If you don't communicate to them how they make a difference, they may go somewhere that will. Regularly expressing gratitude, recognizing their contributions, and acknowledging their effort within the team go a long way in building a positive work environment.
💡Virtual Work World HR Tip: Make time throughout your day to say “thank you” to your team for their work! Consider implementing regular shoutouts in team communication channels and celebrating accomplishments weekly or monthly. For more creative ways to turn non-monetary gestures into massive motivation, check out our blog: How to Reward Your Global Team Members (with a small budget!).
Finally, introspection is key. We should ask ourselves a tough question: Would I want to work for me? The best leaders are those who continually strive to create a work environment that's positive, supportive, and inspiring. Make the changes you need to ensure your team feels valued and heard.
💡Virtual Work World HR Tip: Consider what changes you can implement to create the best possible work environment—one that people are eager to be a part of. Support your remote team by understanding their needs and providing the necessary tools and assistance for success. Also, showing genuine interest in their lives outside the office fosters a sense of importance, and when people know they genuinely matter and are being heard, they are more likely to stick around.
It's essential to remember that the most effective approach to team retention combines both financial and non-monetary benefits tailored to your company's culture and your team's preferences. Regular communication and attentiveness to your team's needs will ensure the success of your retention strategies.
Need help putting these strategies into action? Virtual Work World is here to help you every step of the way! Our Global HR Team can assist with:
If you need assistance in developing and implementing these strategies, Virtual Work World is your HR Business Partner. Reach out to info@virtualworkworld.com, and let's ensure your team remains motivated, satisfied, and committed to your company's success.
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