In light of the pandemic, many employees started quitting their jobs seeking more independence, remote-work options, or for monetary reasons in the tighter market. Since covid restrictions have been lifted and everything seemed to go back to normal, the mentioned desires of employees haven't changed and still cause a high number of resignations despite the recession. While you don't want to stop them on their professional journey, an employee retention strategy is important to make sure that highly valued talent stays within your company for as long as possible.
Onboarding experienceLet's start at the beginning. A successful onboarding process is very important to set the right tone and create an environment where the employees feel comfortable. The first weeks are a time when they should not only learn about their work tasks but also about your company culture and how you can help them grow. Adding a mentorship program to the onboarding process not only benefits the new employee but also provides a fresh pair of eyes to the experienced staff, ultimately helping the company to stay up to date. Such a program and the resulting relationships are especially valuable in the context of remote work since the distance can make it harder to build relationships.
Employee compensation and recognition
Paying employees competitive compensation is key for companies to keep up with the competition. This comes along with regular evaluations and adjustments of salaries which could be achieved by implementing an annual or semi-annual evaluation plan. Besides monetary rewards, bonuses and benefits such as healthcare can have a great impact on employees' job satisfaction. Additionally, providing employees with perks such as flexible work options, remote work, and parental leave can persuade employees to stay on board.
Letting employees voice their opinions and professional aspirations is not only valuable to their own personal development. When you provide them opportunities to broaden their skills and continue their education, employees are driven to be more productive within your company – for you. Offering financial support for training and conferences can be highly effective in keeping your employees on board and building your own specialized leadership team for the future.
Implementing the mentioned strategies successfully can be a lot of work, but it is worth it. And EuroDev can help. With EuroDev, you can hire abroad fast without worrying about setting up an entity. You will stay compliant in every European country of your choice, and you will have an excellent experienced team to offer necessary HR support. Let's chat about the next steps for your hiring in Europe.
EuroDev, established in 1996 with offices in The Netherlands, has a single, defined purpose to help mid-sized North American companies expand their business in Europe. We have created a proven, successful business development model and since our founding, have partnered with over 500 companies to help them define and meet their European business goals. Services provided include Sales Outsourcing, HR Outsourcing, and Digital Marketing.
Source: Robert Half Talent Solutions, BBC, Unleash