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Key Factors in Employee Retention

By Martin Pupil, Executive Managing Director and Partner | Greater Los Angeles

The Great Resignation–yet another buzzword taking over the news–signifies the current trend of high employee turnover throughout nearly every sector over the second year of the pandemic. The mass exodus points to employee burnout, lack of alignment in COVID protocols, and minimal workplace engagement. High resignation rates, combined with a mounting list of open positions, are wreaking havoc for companies and the job market alike. In January of 2022, the U.S. had 11.3 million jobs to fill and not enough workers to do so, according to the Bureau of Labor Statistics.

Successful employers have, and will, start to implement tactics to retain their existing employees in today’s highly competitive job market. Poor or low employee retention can be catastrophic for a company, ranging from abysmal company culture to a shrinking bottom-line. Effective decision makers must consider what they can do to retain the top talent at their company and bolster continued growth.

FACTORS TO RETAIN EMPLOYEES

Key factors important to employees that align with retention in a pandemic and post-pandemic workplace include effective physical office space, growth and development opportunities, and flexibility. Employers must acknowledge and continually support these factors for a greater chance to keep their top talent within the company.

Space

Historically, office space pulls in new talent, but now more than ever, it is also an important tool to retain the talent companies currently have. Office space capable of facilitating face-to-face interactions and having a place to come together is a key aspect of company and employee growth. The work environment and culture are created in the physical space and are crucial to fostering a productive and committed employee community. The more camaraderie that exists among employees the quicker they will help each other out and provide support.

Physical space is crucial, especially for younger staff or those transitioning to new industries. Newer employees need to have space to make connections, network, learning, and mentorship. According to a survey completed by Sharp Corp, nearly 60% of workers 21-30 voiced the importance of in-person working, and as the pandemic has progressed, they stressed the need for access to a modern workplace.

Growth and Development

Growth and development opportunities are crucial to attracting new candidates and advancing careers. Learning opportunities, whether financial support for degrees/ certificates or internal learning platforms, engages employees and pushes them to develop further.

The potential to grow within a company through promotions and pay increases is vital for employee longevity. At the end of the day, employees are focused on themselves, their personal growth, and how their current company can help them become better professionals.

Flexibility

Flexibility means a lot of different things for employees. Obviously, one major aspect of this is remote working, especially when it pertains to childcare, limiting commutes, work/life balance. Workers would like the best of both worlds–the ability to work from anywhere or within the office.

In a greater sense, flexibility helps build a culture of trust making a meaningful difference in both employee engagement and company productivity.

OUTLOOK

In a time when employees are quitting more than ever, retaining top talent is an essential aspect for an organization to maintain a stable and productive workforce. Companies that address the need for workplace flexibility, support growth and development, and provide a space to come together are more likely to create a culture of engagement. Employee engagement keeps workers passionate about their jobs, committed to the organization, and motivates others to do the same.

ABOUT THE AUTHOR

Martin (Marty) Pupil is an Executive Managing Director & Partner in Stream’s Southern California office. Marty is focused on growing Stream’s service offerings expanding and real estate services platform in the Orange County, Inland Empire, and Los Angeles markets. He is a real estate veteran, whose visionary approach to business makes him an invaluable asset towards the growth and acceleration of Stream’s success in Southern California.

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