Employees rarely stay with the same employer for their whole careers. In fact, the most recent biennial report from the US Bureau of Labor Statistics showed an average tenure of only 4.1 years.
I'm proud to be an outlier. Since joining Bailard 30 years ago, I've witnessed the company's evolution while upholding its great heritage of developing people.
Every fall, we hold an annual celebration to commemorate staff milestones. While my tenure is unusual nationally, it is more than typical for us. Over the years, I've discovered what keeps me at Bailard—and, consequently, what encourages employee loyalty here and elsewhere. It all starts with an adjustment in mentality. And it must start at the top.
Employee retention has become increasingly critical in today's competitive job market. Companies that prioritize retention strategies not only save on recruitment and training costs but also benefit from a more experienced and loyal workforce. By focusing on creating a positive work environment and addressing employee needs, organizations can significantly improve their retention rates and overall productivity.
Have Your Company's Values Serve As A North Star
Company culture has a significant impact on employee satisfaction and well-being. While corporations evolve, certain core beliefs should not change. These ideals serve as the firm's foundation, driving all other decisions.
Since its establishment 55 years ago, Bailard has prioritized independence and accountability. While these essential principles may emerge differently over time—our employee ownership model, for example, ensures our independence as leadership evolves—the base remains the same.
This combination of history and innovation promotes diversity and thoughtful change while preserving the organizational culture. Tenured personnel and new hires contribute a variety of experiences and viewpoints, which are critical for growth that is consistent with fundamental values.
Fostering a sense of purpose and belonging among employees is crucial for retention. When individuals feel connected to their organization's mission and values, they are more likely to remain committed and engaged in their roles. Companies can achieve this by regularly communicating their vision, involving employees in decision-making processes, and recognizing contributions that align with core values.
Allow Flexibility And Work-Life Balance
In today's workplace, flexibility and work-life balance are more crucial than ever. Offering flexible work schedules and encouraging a good work-life balance can have a substantial impact on employee happiness and retention. Our organization recognizes that when employees can balance their professional and personal life, they are more engaged, productive, and loyal.
Policies that promote work-life balance not only benefit employees but also improve the company's capacity to attract and retain top personnel.
Make Space for Different Points of View
There isn't just one way to expand a business. Organizations that are built in silos may accidentally generate separate teams led by business leaders. Even well-intentioned leaders may have work or management styles that are not appropriate for everyone. It is critical to recognize many conceptions of "good" and to give opportunity for people to feel valued and appreciated.
Companies may assist retain top talent by providing an environment in which employees can seek support and mentorship, as well as share ideas. Even better, this strategy promotes dispute resolution and innovation.
Implementing a robust feedback system is essential for improving employee retention. Regular check-ins, performance reviews, and anonymous surveys provide valuable insights into employee satisfaction and areas for improvement. By actively listening to employee concerns and taking action to address them, companies demonstrate their commitment to creating a positive work environment and fostering long-term employee relationships.
Link Financial Incentives to the Company's Success
Financial incentives are another approach to bring employees closer to the organization. Many public firms provide stock as part of their remuneration packages, and private corporations can do the same. Employee ownership ties their performance with the company's.
According to research, organizations that provide employee stock ownership plans perform better and are less likely to go out of business. When management does not own the entire company, everyone feels like they are working toward the same goal. The change in ownership connects employees' long-term performance with the company's.
At Bailard, around 70% of our employees are stockholders. This structure helped Bailard achieve B Corp certification, and I've seen firsthand how it improves employee recruitment, satisfaction, and retention.
Promote Continuous Learning and Development
Ongoing learning is critical for employee satisfaction and corporate progress. Bailard values professional growth and encourages its staff to learn new skills and information. Whether through formal training programs, industry certifications, or simply the ability to take on new tasks, employees' drive to learning keeps them interested and devoted to their jobs.
Investing in your employees' development helps them improve their abilities and demonstrates your dedication to their long-term success. This investment can yield rewards through increased retention and improved corporate success.
Recognizing and rewarding employee achievements is a powerful retention tool. Beyond financial incentives, companies can implement non-monetary recognition programs such as employee of the month awards, peer-to-peer recognition platforms, or public acknowledgments of outstanding contributions. These initiatives boost morale, foster a positive work culture, and reinforce the value placed on employee efforts, ultimately contributing to higher retention rates.
Company values should be integral to the talent recruitment process. Employees that embody these values in the workplace and with clients make hiring the right people one of the most important investments. Bailard is highly deliberate in its employment approach. I make it a point to meet with every prospect before making an offer, even if they aren't client-facing.
Tenure can be both a strength and a tactic. Consider whether this person, regardless of level, has the potential to be a future leader. Do I trust them to shape the company for the next 30 years?
Prioritizing the right personnel is an investment in your company's future and leadership. Talent is your most important asset, and it should be developed with an eye toward future growth and potential. While diversity is important, every decision must be consistent with your organization's values in order to produce leaders who will propel the company forward.
