4 Strategies For Employee Retention
Employee exit requests continue to flood leadership inboxes, and pharmacy managers in particular are increasingly facing the challenge of high employee turnover.
Recent data shows that employee resignation rates remain elevated, with approximately 25% of workers leaving their jobs voluntarily each year, a trend that has been partly fueled by ongoing shifts in work preferences and values post-pandemic.
The pandemic has not only redefined career trajectories but also amplified the importance of job satisfaction. For pharmacy professionals, this often translates to top performers seeking roles that not only offer competitive compensation but also align with their career aspirations and personal values.
Now is the time to heat up your retention efforts so you can have fewer exit interviews and a more fulfilled workforce.
Top Reasons Employees Are Saying Goodbye to Their Employers
While pay and career advancement are two typical reasons employees say goodbye, the pandemic has definitely accelerated turnover trends.
- Limited career progression
- Inflexible working hours or locations
- Subpar working conditions and environments
- Lack of learning and development opportunities
To combat this trend, it’s crucial for your organization to refine its retention strategies. High turnover not only imposes significant financial burdens due to the costs associated with recruiting and training replacements but also affects organizational productivity and morale.
Four Proven Retention Strategies
Here are four retention ideas to help cultivate a workplace culture of purpose where employees feel supported, valued, and have a sense of belonging:
- Have career conversations
- Offer work-life balance
- Transparent communication
- Make investing in your employees a top priority
Have a Career Conversation
According to a 2023 LinkedIn Learning report, 93% of employees said they would stay at a company longer if it invested in their career development.
That’s a pretty emphatic number, and is something that is easy to take action on right now.
Regular career discussions can help managers understand employee expectations and assist in aligning organizational goals with individual career aspirations. Ask your employees:
- Their current satisfaction levels
- What their motivators are
- What could be better about their work experience
- Where they envision the next stage of their career within the company
Focus on having an honest conversation that helps you understand what can be done within the next six months to a year to make sure your employees are thriving, feeling valued, and happy about working with your company.
Offer Work-Life Balance
It’s time to forget what the workplace looked look like pre-pandemic. Today’s workforce expects flexibility.
A recent survey by FlexJobs found that 80% of employees would be more loyal to their employers if they had flexible work options. Implementing policies that accommodate flexible schedules, more PTO, and mental health days can enhance job satisfaction and retention.
And guess what? Employees are still productive — some data even shows more productive — when they have more control over their schedule and work environment, and more time for family and exercise. If they can’t have that with your company, they are more likely to leave for one who does.
Implement Transparent Communication
If you’re not supporting open communication and transparency within your organization, you’re missing out on an opportunity to drive meaningful change and improve employee retention.
Give your employees a voice through regular surveys, and — this is the important part — facilitate meaningful change based on that feedback. This demonstrates a commitment to addressing their concerns and adapting to their evolving needs before it’s too late.
Prioritize Employee Growth and Success
A survey by Gallup Workplace found that employees who are feel undervalued are twice as likely to quit within the next year. To lower your quit rates, invest in your team’s professional development and recognize their achievements.
Try these strategies:
- Offer ample growth and training opportunities
- Promote from within
- Recognize and reward hard work and personal achievements
These are all smart approaches often satisfy both an individual’s professional and personal needs.
Summing Up: Effective Retention for Pharmacy Professionals
Effective employee retention is a continuous process that requires attention and adaptation. By implementing these strategies, pharmacy hiring managers can create a supportive and engaging work environment that not only retains top talent but also attracts it.
Each step towards understanding and addressing the needs of your employees can significantly reduce turnover rates, ensuring your team remains strong and cohesive in the face of industry challenges.
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