To Stay Competitive, Companies Need to Retain Talent. Here’s How
On average, Millennials are staying fewer than five years at jobs before moving on. Here are five ways employers are encouraging them to stay longer.
Office space is a key factor in helping employers avoid high employee turnover.
Photo by Blake Marvin
The U.S. labor force participation rate has been on a steady decline since 1992. Within the last 20 years, there has been a 49 percent decrease in worker levels, which the Bureau of Labor Statistics attributes to slowing birthrates and an increasingly aging population coupled with the severe economic impact of the 2007-2009 recession. With a shrinking talent pool to cull from, companies are redesigning their offices in an effort to find and keep the best people on their teams. Many of these solutions include implementing 21st-century solutions such as the cloud, in addition to seeking the help of architects and interior designers to create employee-oriented spaces. Here are five strategies being used to recruit and retain the best talent.
- Call in the Professionals—Companies today are moving beyond sterile offices with typical chairs and desks. Instead, they are seeking the assistance of design professionals to help them create vibrant environments, which in turn suit the kinds of employees they hope to attract. Office designers often help companies to develop strategies to reflect their brand and culture through their office aesthetic.
- Location—An organization’s locale is more important than one would think. In fact, neighborhood amenities and easy access to transportation are key factors for potential employees. As Baby Boomers age, companies looking to attract Millennials should consider that they are more likely to choose the most practical mode of transport due to cost, traffic and environmental issues.
- Health and Well-Being—On-the-job wellness programs have been proven to increase productivity, decrease absenteeism, as well as reduce long-term health related costs. These kinds of initiatives work twofold: They help to keep employees happy and healthy while limiting the amount of health costs an employer pays out via employee medical related benefits. According to the Centers for Disease Control & Prevention, at-work wellness programs can include things like on-site exercise rooms, designated eating areas and vending machines offering healthy snacks. Beyond exercise and eating, maximizing daylight, incorporating plants and greenspace, and limiting noise can all have a positive impact on employees.
- Clearly Defined Zones—Every workplace is filled with dozens of employees with varying personality types. Creating zoned areas for work and respite allows staff the opportunity to break away to focus but also to relax and refuel. Game rooms and break areas help employees to build relationships with one another—a crucial key driver in staff retention. On the other hand, quiet rooms enable concentration and privacy for those who need to focus. Together, a healthy, balanced mix of spaces designed for a range of tasks goes a long way in boosting worker productivity.
- Technology—The advent of the Internet has forever changed the way employees and companies function. In fact, companies who implement telecommuting programs using technology like smartphones, the cloud and video conferencing, have the opportunity to cast their nets farther to attract a wider variety of talent. Companies such as Yahoo and Automattic, the company behind WordPress, tout remote work as a means to foster innovation amongst their teams.
With the average millennial staying at a job less than five years and high turnover rates translating into decreased profits, it’s even more so critical for companies today to attract and retain the best talent via positive work environments.