How To Foster Autonomy In The Workplace

It’s no secret that the past few years have introduced many new challenges and changed our day-to-day lives. Remote and hybrid work models are more common, and soft, transferable skills are in high demand. That’s why employee autonomy, the ability for a worker to take ownership of their work and thrive in their own way, is such a sought-after skill.

If you’re an employer, you want to set your team up for success and provide avenues to promote autonomy. But it’s not always easy to do so, especially if your team is working remotely. But if you take the initiative by following these tenets, you can create a space to foster autonomy for your team.

“When you delegate authority, you’re giving your team the opportunity to fully invest themselves in their jobs and take ownership of the process and outcomes. Nothing but good can come from that.” –John Hall, Forbes

Be clear about expectations

In any leadership role, your job is to set the tone by communicating expectations and norms. While it can appear autonomous to let your employees run totally free, it’s better to create clear expectations and guidelines to steer your employees along the right path.

Success’ Melanie Clark suggests that a good project outline can help any worker starting a new project. Clearly defining the goal of a project, mentioning potential risks, and offering suggestions for helpful resources give the employee a great starting point while allowing them to handle the project in their own way.

“Before you give someone more autonomy over their work, make sure they understand the key objectives of their role and the metrics by which success will be measured.” –Rubina Malik, LinkedIn

Keep regular contact

Offering an employee autonomy doesn’t mean leaving them totally to their own devices. We don’t have to toss our employees to the wind and hope they fly. Being in regular contact and offering to be a point of contact promotes autonomy and fosters a healthy mindset.

Providing opportunities to check in can allow your employee to clarify any questions they have while providing your progress reports and their insights. Melanie Clark says this is a great time to be an active listener. You’ll learn more about the employee’s leadership style, strengths, and weaknesses and build a strong rapport with a future leader.

Focus on results

We all approach problems differently. Having a team of autonomous workers is a boon because you’ll have different minds finding different ways to tackle each obstacle. But in order for this to happen, you have to trust your workers’ process. Focus on their results, even if you’d take a different approach to get there.

LinkedIn’s Rubina Malik mentions the idea of a Results-Only Work Environment (ROWE). ROWE is the ideal way to view work in a remote environment since it focuses on the output and outcomes rather than micromanaging the process. Managers need to adapt to the changing work atmosphere, and even if you don’t work remotely, this philosophy still allows the worker to find their best process and achieve results.

“Today’s workforce is looking for more control over their personal and professional lives. This means giving employees the freedom to work in a way that suits them.” –Teresa Smith, UKG

Foster growth

An autonomous workforce makes life easy for you and the organization, but it also promotes growth in the employee and elevates their career. Works want to work for companies that invest in their growth, so offer any opportunities you can to assist.

HBR’s David Lancefield says to create as many learning opportunities as possible. Help your employees reach their own decisions and then find the best ways to build on those decisions. If you can act as a mentor and sounding board while they take on new challenges, you’ll be promoting valuable growth. CoachHub writes that by allowing employees to experiment and take risks, they’ll gain confidence and be more willing to try to take on new projects.

Allow mistakes

In the midst of these efforts will come mistakes. Autonomy is a developed skill, and in any skill, we must struggle to grow. Punishing these mistakes will create a fear of trying again, Instead, accept that some mistakes will be made along the way and help the worker view them as a learning opportunity.

BetterUp’s Maggie Wooll writes that delegation is about responsibility, not punishment. Frame your response as a manager as one of growth and teaching. This will increase productivity, motivation, and skill development instead of stagnating them.

“If blame and punishment are assigned for mistakes, this will only discourage future free-thinking and creativity.” –Maggie Wooll

Wrap up

Fostering a growth of autonomy in the workplace is a lot like teaching or raising children. Create opportunities for your workers to try new things while providing guidelines and a safety net for them. Let them attack problems in their own way and let them make their own mistakes along the way. The best leaders have to start somewhere, and you can help provide those steps and help both the employees and the organization grow!

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Top Trends And Advances In The Financial Services Industry

In times of economic uncertainty, financial advisors remain in high demand thanks to their ability to assist others with their financial needs. But thanks to the recession, new competitors, evolving customer needs, and technological innovation, even this titan of an industry faces big questions in the back half of 2023 and beyond.

“The competition to meet the growing demand for financial support will continue to be fierce, with banks, wealth management firms and fintech companies all looking to fill the gap.” –Mike Sha, CEO of SigFig

Resiliency and adaptability, as always, will be the key to keeping the financial services industry thriving in the future. By looking into expert predictions, combing through the statistics, and researching emerging industry and technological trends, we compiled our ultimate guide for the financial industry.

*Courtesy of the experts at Forbes, DocuSign, FinTech Futures, Finance Magnates, Fast Company, FICO Blog, Ring Central, IBM, Wells Fargo, Microsoft, and more!

Improving the consumer experience

For those outside the industry, working with hard-earned money is an intimidating and often alien process. Finding the right financial advisors and banking services are crucial, and the best organizations will prioritize the consumer experience in order to attract and maintain clientele.

Digital experience

BAI research found that new customer acquisition is the number one priority for banks in 2023, which makes sense. Attracting younger clients is the best way to accomplish this, which means embracing online and digital banking. BAI found that 70% of millennials and Gen Zers have already opened accounts online. Gen Zers, in particular, will be a significant focus as more enter the workforce and require these services. Paul Hindle of Fintech Futures notes that the average Gen Zer gets their first smartphone by age 12 and a large percentage spend up to five hours a day on social media platforms.

Embracing digital trends is the key to keeping this demographic happy. 44% of BAI’s respondents found gaps in onboarding processes and seek a more streamlined experience. Meanwhile, more than 70% of respondents said they would switch to a financial service provider with better digital experiences.

“To address these needs, organizations must prioritize offering mobile-friendly solutions and digital self-service options that provide customers with anytime, anywhere access to their financial lives.” –Manas Baba, financial services industry expert

Interpersonal needs

A digital Renaissance isn’t the only thing customers are seeking. Customers are seeking a more personalized experience, ease of use, and a sense of trust in their financial service providers.

Personalized banking is expected to be the norm, which the experts at Finance Magnates believe means embracing AI-based algorithms to track individual preferences and behaviors. Forbes’ Mike Sha notes that beyond standard investment advice, a financial advisor can use personalized information to advise a family on specific goals they need like how to pay for a family reunion or consolidate credit card debt.

Fast Company notes that in today’s world, many consumers are using different financial institutions for different purposes rather than putting their eggs in one proverbial basket and that their financial lives are connected in ways beyond a traditional nuclear family. Financial service providers can embrace this mindset by making alliances with one another to cover services they can’t. The easier an institution, or group of institutions, can make a consumer’s life, the more likely they’ll stick with that institution.

Finally, trust is a significant concern for consumers. While this has always been true, it’s even more critical in a digital world where you aren’t making face-to-face interactions with your service providers. Trust is essential in any relationship, and it takes a leap of faith to trust someone with money. A dedication to trust can be built by prioritizing security, privacy, and ethical practices according to Darryl Knopp.

Embracing emerging technology

In order to meet these evolving consumer needs, financial service providers must stay on top of trending technological advances. Three emerging technologies are particularly relevant to the industry: artificial intelligence, cloud-based systems, and digital banking.

Artificial intelligence

AI is becoming more widely available and used in more and more industries, and financial services are no exception. In terms of gathering and presenting data and in working directly with consumers, AI is becoming a major part of how financial institutions do business.

Chatbots, AI programs used to gather necessary information from consumers and provide information back, are increasingly prevalent in the industry as a way to improve customer service and innovate tasks according to Forbes’ Murtaza Hussain. Studies have shown that chatbots can save banks up to 30% of their customer service costs alone. Programs like ChatGPT, while imperfect, are great for providing human-like answers and being easy to interact with.

AI will continue evolving and offering even more crucial benefits for financial services. Ring Central’s Matt Lehman says that AI can direct customers to the right services, increase personalization to increase a sense of empathy and find the right solutions, and more quickly share information between industry employees. Studies predict AI capabilities will lead to a 35% boost in productivity by 2035.

“In contrast, AI is being used to provide personalized recommendations and insights to customers based on their transaction history. According to a PwC report, AI adoption in the banking industry is expected to rise from 16% to 77% by 2022.” –Finance Magnates

Cloud-based systems

Top-performing financial organizations have been embracing a switch to cloud-based platforms for years, and smaller organizations are starting to catch up. IBM found a plethora of good reasons for switching to the cloud, including increased speed, decreasing costs and operational expenses, and making life easier for remote employees. Thanks to the nation embracing more remote and hybrid models, the last point is particularly noteworthy.

DashDev’s Igor Tomych reiterates that the cloud is just the beginning of advanced innovation for industry needs. Breaking free from legacy systems means becoming more consumer-focused and data-driven while leading to better communication and resource sharing.

Digital banking and increased consumer support

As mentioned above, millennial and Gen Z users are heavily focused on ease of use and a well-designed digital interface. Innovations focused on clean, easy-to-access tools and an optimized orientation process will lead to happier consumers.

This starts with mobile-friendly tools and well-made self-service options, according to Manas Baba. Younger consumers are more inclined to do things on their own at their own time. The more an institution’s platform allows a user to operate autonomously, the happier this emerging consumer base will be.

Another innovation discussed by Ather Williams of Wells Fargo is the idea of creating a digital ID, or a way to prove there is a real person on the receiving end of any financial transaction. Third-party services that don’t rely on credit cards like Venmo and Cash App are popular, but their ease of access can lead to fraud. Williams suggests institutions will find their own way to create these IDs but the long-term solution would involve a standardized approach.

“We’re going to have to work to solve this problem of how to know that both the buyer and seller are who they say they are.” –Ather Williams, Wells Fargo

Increased focus on risk management

As technology in this industry advances, you can be sure that those who would disrupt the industry are making technological advancements of their own. According to Microsoft’s Bill Borden, cybercrime is expected to cost the world $10.5 trillion by 2025, tripling the annual amount of a decade ago. Financial institutions have a challenge ahead of them to create more robust risk management techniques while complying with government regulations.

Financial crimes and money laundering are serious concerns and have only become more prevalent thanks to new technology and a shift to remote work. Receeve found that 42% of businesses said that digital fraud prevents innovation and stops expansion into new channels. Because of the shift in remote work, data is constantly moving through different services and software, making it an easier target for ne’er-do-wells.

Forbes’ Sudhir Pai writes that while reporting standards and guidelines have risen, they aren’t always consistent. Because financial data is so complex, firms need to find constantly evolving and innovative software to combat the constantly evolving and innovative software of their enemies. Pai believes digitization, decentralization, and decarbonization will be the top three priorities.

“There will be a rise in the number and growth of regtech firms that offer technological solutions suitable for financial firms to achieve regulatory compliance.” –Sudhir Pai, Forbes

Finance Magnates believes that biometric authentication, artificial intelligence, and machine learning will dominate cybersecurity efforts. These efforts should assist with the previous points as well. Better technology creates a better user experience while building a sense of trust thanks to these efforts will bring in more satisfied consumers.

Matt Lehman says that regulation efforts add an additional challenge. There is more pressure on banks and other institutions to achieve compliance and successfully manage risks, and those that can’t are subject to hefty fines. Finding the right tools to maintain compliance and increase cybersecurity efforts will be a difficult balance.

Cost-cutting versus optimization

There isn’t a single industry out there that isn’t trying to do more with less—it’s a constant truth in business. And financial organizations are no exception. The above points all point to a need to innovate and find better ways to fulfill customer needs, and that isn’t cheap. Finding a way to cut costs across the board while optimizing available resources is the tricky balance financial service providers need to find.

Matt Lehman cites that the majority of financial institutions don’t expect an economic recovery until sometime in 2024, though some are optimistic we could see a turnaround in late 2023. Many institutions are embracing a more conservative approach in the face of this uncertainty and are risk-averse. This leads to the industry trying to do more with less.

via Ring Central

Bill Borden says that a core component of doing more with less is letting technology handle processes by automating tasks and digitizing data. Being able to optimize day-to-day actions better will free up money and time that can be spent on innovating in other areas. It isn’t cheap to invest in new technology, and not every attempt at innovation will work. Being able to free up extra resources by automating more mundane tasks creates more breathing room.

Final thoughts

More than ever before, the last few years have shown us just how uncertain the world can be. For the financial services industry, economic uncertainty, changing cultural needs, and a surge in technological advances are the biggest challenges of an uncertain future.

“With the rapid rate of change in the financial services space, it can sometimes be difficult for banks and fintechs to keep their finger on the pulse amid a sea of technological advancements and ever-changing consumer demands.” –Paul Hindle, Fintech Futures

Organizations dedicated to crafting a better experience for their customers, finding innovative ways to use technology to create that experience while minimizing risk, and optimizing resources to cut existing costs to fund this technology will be best able to navigate this uncertain future.

Learning About NexGoal

Want NexGoal to help you access the often-closed community of passive candidates and start sourcing top-performing employees for your organization? Filling positions in Accounting, Tax Management, Assurance, Auditing, Analysts, and more, we would love the chance to showcase how our industry expertise and candidate database can benefit you. Contact our CEO, Kevin Dahl, at kevindahl@nexgoal.com to start putting this plan into action.

*Reference this article, and we will also include free paid promotions for your company on online job boards such as LinkedIn and Indeed.

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Recapping Our Top Five “Athletes And Business” Articles

At NexGoal, we specialize in matching organizations with top-tier talent with a focus on former athletes and those with the athlete’s mindset. While our history working with and being founded by former athletes may make us biased, we’ve found time and time again that ex-athletes and those with the athletic mindset tend to exceed in the business world thanks to their highly-sought after skills.

But you don’t have to be an athlete to have these crucial skills, and those who have never played a sport can still learn valuable career lessons from their favorite teams and athletes. Over the years, we’ve looked at what makes former athletes so successful in business and found insightful takeaways from the biggest sporting events in the world. For your enjoyment, we’ve compiled five of our favorite articles comparing the sports world and the business world.

Why Should You Hire Former Athletes?

While our history working with and being founded by former athletes may make us biased, the experts agree that you can’t go wrong filling your company with ex-athletes. Studies show that former athletes may make 5-15% more than their peers. Meanwhile, Japanese companies are heavily turning to retired athletes in order to achieve competent workers. Many hiring managers and CEOs like ASM Sports Groups’ Christopher Vidal have found former athletes to be some of their best candidates.

The traits that allow athletes to succeed at their chosen sport translate seamlessly to the business world. Even those who didn’t play organized sports can still embody the traits of a successful athlete—this is what we refer to as the “athlete mindset.” If you’re seeking to fill your organization with quality talent, you can’t go wrong with hiring someone with the athlete mindset thanks to these virtues.

Learn From The NFL Draft And Recruit Like The Pros

This is an exciting week in the world of sports as the 2022 NFL Draft begins. For those who don’t follow the sport, during the National Football League’s annual draft, the 32 teams recruit former college football players through an arranged system over the course of seven rounds.

The draft is the best way for teams to bring in new talent, and the process of talent evaluation is extensive. Each pick is a risk, as you’ll never have a complete picture of a prospect’s ceilings, and the fit with the right team can change everything.

In that way, business recruiting is similar. Recruiters must hire who they believe the best candidate is based on the information they have, and they can’t ignore their gut feelings. If your organization wants to recruit like the pros, you need to approach the process like the pros. Embrace these NFL Draft principles for your next hiring cycle.

Career Lessons From The 2022 World Cup

The World Cup is the largest global event in the sporting world, and every four years, millions watch to see how their country fares against the best competition on the planet. Argentina, led by the legendary Lionel Messi, took the FIFA World Cup Trophy home this year.

Argentina showed how to excel on the world’s biggest stage, but you don’t need to be a pro athlete to find some valuable takeaways for your own career. If you’re looking to achieve new career goals, take these lessons from the pros and become a champion in your chosen field!

Career Lessons From The 2023 Masters Tournament

The beginning of spring not only means warm weather is finally arriving but also one of the most exciting events in professional sports—the Masters Tournament.

One of the four major events in professional golf, the Masters is an iconic tournament where legends are made at the iconic Augusta National Golf Club. Each individual storyline at the Masters is fascinating in its own way, and we can take many lessons from the pros for our own life. If you’re looking to advance your career, take these cues from golf’s most iconic event!

Career Lessons From The 2023 Stanley Cup Finals

With the Vegas Golden Knights defeating the Florida Panthers in the Stanley Cup Finals, the 2023 NHL season has reached its end. As exhilarating as watching hockey can be, if we take a closer look, we can find some valuable lessons for our own lives.

“Playoffs are like a quarter-long sales battle, minus the injuries.” -Kevin Dahl, NexGoal CEO and former NHL player

Two teams of committed team members working toward an ultimate goal is always something we can learn from, even if we aren’t athletes ourselves. Here are valuable career lessons those of us not on the ice can learn from hockey’s ultimate games.

Wrap up

We hope these articles can highlight why we believe so strongly in former athletes and those that embody the athlete’s mindset. You don’t need to be a pro athlete to learn valuable business insights from the sporting world’s biggest stars, and we hope these pieces can assist in your own career. Expect to see even more parallels between athletics and business in the future, and please don’t hesitate to share your own experiences or observations with us!

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Emerging Trends and Outlooks For Construction & Manufacturing

The commercial construction industry is an odd spot entering 2023. With the country staring down a potential recession, there may be fewer projects available thanks to high-interest costs and perceived reduced spending. But Forbes’ Bill Conerly notes that industry employment is on the rise for both actual building work and specialty trades. The manufacturing industry is in a similar spot—while momentum carried the industry through 2022, inflation and economic certainty paint a cloudy future for 2023, according to Deloitte.

“This year my motto is: Don’t just get ready, stay ready. If you haven’t started planning for next year, now’s the time — then you’ll be ready to tackle 12 months of come-what-may.” Dave Evans, Forbes

Even facing economic uncertainty, the simple truth is that things need to be built and skilled labor will always have a place. By researching market trends, assessing expert opinions and predictions, and looking into the statistics, we’ve created the ultimate guide to the commercial construction and manufacturing industries for 2023.

*Courtesy of the experts at Big Top Manufacturing, Revolutionized, Building Design + Construction, Forbes, Exploding Topics, Deloitte, Armacell, and more!

Labor shortages

It’s no surprise that the COVID-19 pandemic had a massive effect on available jobs and created a multitude of layoffs in the construction and manufacturing industries as it did many others. While the country started opening back up and alleviated some of the shortage, the pandemic is far from the only reason there is a labor shortage in these industries.

Nick Grandy, senior analyst at RSM US, believes there are 25% more unfilled construction positions than hires. Grandy compares the shortage to that of the early pandemic toilet paper shortage—a lack of inventory creating a market filled with desperate buyers.

Revolutionized’s Emily Newton writes that many long-standing construction professionals have either left the workforce, are near retirement, or have faced layoffs. In this industry, it can take a long time for information and skills to transfer from veterans to new hires, leading to a dearth of particularly qualified professionals. In addition, it’s more difficult to get those entering the workforce to consider construction in the first place.

Luckily, there are solutions on the horizon. CBS News’ Nancy Chen reports that there has been a 50% increase in the number of women in construction thanks to targeted marketing campaigns. Deloitte reports that despite the high number of voluntary exits in the manufacturing industry, organizations industry-wide are researching retainment strategies.

Reducing Costs

With inflation at work and a shortage of laborers, it’s crucial for companies to find a way to reduce costs around the board. Construction management firm Skanska found that construction spending will increase in many vital sectors, including manufacturing, transportation, highways, multifamily housing, lodging, and communications. In order to help meet the demand, industry leaders are looking for creative ways to reduce costs.

via Building Design + Construction

Material costs

Skanska’s Vice President of National Strategic Supply Chain, Tom Park, noted that a reduction in housing has eased demand for raw materials, making it both cheaper and less time-consuming to acquire many necessary building components, including commercial roofing materials, architectural interiors, lumber, and plumping.

Emily Newton found that while the labor shortage and sourcing difficulties led to a rise in the cost of construction materials in recent years, the burden should be eased in 2023, corroborating Skanska’s findings.

Outsourcing

In order to further reduce costs, companies will start outsourcing manufacturing more than ever before. The 2022 State of Manufacturing report found that 48% of companies increased their manufacturing outsourcing in 2022, and that number is expected to rise in 2023. Forbes’ Dave Evans says that while finding the right outsourcing partners are key, a good diversification of geographic partners will further slow any potential disruptions.

Construction sites

Big Top Manufacturing suggests that rethinking the literal foundations of construction and manufacturing sites is a key way to reduce costs without sacrificing quality. Switching to fabric buildings is not only more cost-effective but they take much less time to build, meaning these sites can start producing, and thus become profitable, much more quickly. These sites are surprisingly more resilient to the elements, don’t require as many expensive repairs, and are more environmentally friendly than traditionally-constructed buildings.

Emerging Technologies

A rise in emerging technologies means rapid changes are constantly occurring worldwide, and the construction and manufacturing industries are no strangers to technological growth. Advancing technology should lead to smoother training and more efficient processing industry-wide.

VR training

As mentioned above, many qualified professionals are leaving the industry, and the labor shortage makes it difficult to replace that productivity. An effective way to speed up training and reduce the skill gap is the use of virtual reality training programs.

Big Top Shelters notes this technology can allow new hires to get hands-on experience with concepts that are difficult or expensive to organically practice otherwise. VR also allows workers to see structures before they are built in real space, speeding up the process by allowing them to eliminate blueprint errors and test designs before work begins. This ultimately saves the company a great deal of money while also creating a safer environment.

Robotics and IoT

Both robotics and the Internet of Things (IoT) are becoming commonplace in many industries thanks to their ability to save time and money.

Nidhi Aggarwal mentions the importance of IoT in allowing companies to remain productive with remote work sites, which became a necessity during the pandemic but persistent thanks to how much time and money they save. The more work that can be done offsite, the more money the client and the company can save while also keeping workers safe.

Robotics meanwhile serve to assist workers by decreasing the time tasks take while keeping laborers safe. Robotics don’t exist to replace human workers but enhance what they can do. Emily Newton notes how robotics can help with manual tasks like bricklaying to allow humans to work faster and without as much strain on their bodies. A common trend is the rise of exoskeletons that can reduce the fatigue common in many physical labor tasks.

Supply chain innovations

Supply chain disruptions have been a frequent topic when discussing these industries, and that isn’t going to change anytime soon. Industry innovations to stay ahead of disruptions while further lower costs will be essential.

At the surface level, finding ways to automate processes and lowering the amount of physical labor will save time that could be better focused elsewhere. Exploding Topics’ Josh Howarth says that reshoring, or looking to other countries for material processing plants, is estimated to be around $443 billion in the US. With this in mind, those manufacturers best able to incorporate new technologies that can reduce delays will be highly-profitable and sought out.

Dave Evans reports that the companies that will best weather potential disruptions are those that are agile and strategic and that taking time now to reevaluate processes and create redundancies will save time when delays inevitably occur.

Smart factories

All of the above will coalesce into “smart factories,” a concept that has surged in recent years according to Josh Howarth. Gartner defines these as “a concept used to describe the application of different combinations of modern technologies to create a hyperflexible, self-adapting manufacturing capability.” The ability to automate tasks, minimize errors, and promote worker safety will allow productivity to surge. Howarth reports that automotive manufacturers expect to have one-quarter of their plants as smart factories and that those factories could create $160 billion in value. Other industries will certainly follow suit.

“Industry 4.0 continues the push towards automation, employing technologies such as IIoT (industrial internet of things), big data, machine learning, artificial intelligence (AI), and advanced analytics.” –Josh Howarth

Howarth also believes there will be a rise in microfactories, or small, highly modular setups that make use of leading-edge technology like artificial intelligence, robotics, and big data, to enable hyper-autonomous manufacturing, thanks to the ascension of smart factories and the need to restructure supply chains. Microfactories can be built closer to points of trade and cut down on travel time, errors, and costs.

Environmentalism

As more companies make concentrated efforts to have less of an impact on our environment, green technology and environmental efforts will be prioritized heavily in 2023.

Key components of green building include energy efficiency, renewable energy, water efficiency, using recycled materials, reducing waste, increasing air quality, and smart growth. Emily Newton lists incorporating solar panels, recycling materials during and after projects, and using sustainable materials like bamboo as tangible methods to achieve these goals.

Via Armacell, green buildings accounted for just 8% of construction spending in 2013. In 2022, green buildings made up 47% of new construction processes, and that number is expected to skyrocket to 60% by 2025. These 60% are believed to be net-zero ready, or able to be built with zero carbon emissions.

Not only are these green buildings much better for the environment but will be profitable as well—Armacell cites that the green building market will be over $81 billion. Tax incentives are being created to further entice companies to invest in energy-efficient buildings.

The aforementioned emerging technologies should factor into making environmentally-sustainable buildings as well. By increasing digital efforts, utilizing VR training, and using robotics for environmentally-friendly construction, an organization will be able to lower its carbon footprint.

Final thoughts

The construction and manufacturing industries are in a challenging but exciting state entering 2023. Forbes’ Bill Conerly cites the growing costs and upcoming recession conflicting with the rise of employment opportunities and activity increasing as factors that make projecting the 2023 landscape difficult.

What is clear is that the pandemic forever altered the face of these industries, and companies willing to evolve and embrace new technology and rethink supply chains will be the most successful moving forward.

Learning About NexGoal

Want NexGoal to help you access the often-closed community of passive candidates and start sourcing top-performing employees for your organization? Filling positions in Sales, Quality Assurance, Quality Control, Manufacturing, R&D Design, Factory Leadership, and more, we would love the chance to showcase how our industry expertise and candidate database can benefit you. Contact our CEO, Kevin Dahl, at kevindahl@nexgoal.com to start putting this plan into action.

*Reference this article, and we will also include free paid promotions for your company on online job boards such as LinkedIn and Indeed.

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The Most Effective Employee Retention Strategies

With the aftershocks of the Great Resignation still in play, many organizations have struggled to replace those lost workers. As worker wants and desires change, we’ll continue to see a shuffling as potential employees flock to places that can meet those desires. Smart organizations need a retention plan to keep their best employees engaged, satisfied, and willing to stay with the company.

Training a new employee can be an expensive affair—roughly twice their salary according to Visier. While you can’t prevent all employees from seeking greener pastures, creating a work culture people want to be a part of can limit the risk and help keep your best employees around. Embrace these modern strategies to encourage your top talent to stick around!

Have a good hiring process

Keeping your employees around starts before they even become your employees. Your hiring process sets the tone for the employee’s future with you, so the more transparent and accurate it is, the better.

Visier says to start with an accurate job preview and clear employee expectations. This means being honest about your culture and your potential employee’s role. Not every work environment and employee work style complement each other, and that’s okay. But if you’re dishonest, you’re setting yourself up for a messy breakup down the road.

A good onboarding process is likewise important to set the tone for a new hire’s early days.

Create a culture of value

Ultimately, an employee wants to feel like they fit in with the organization and that they matter to the parent company. A Pew study found that while low pay was the main reason people left their jobs (63% of respondents), feeling disrespected was a close second. 57% of respondents cited disrespect as a reason they left their job, with 35% claiming it was a primary reason.

“Your company likely has clear values and ideals in the handbook. Do you work on them to create a company that makes your employees proud? Maybe your company values equality, charitable acts or protecting the environment. Demonstrate those values through the work you do.” –Indeed

Take a deep look at your culture and how it treats its employees. Do your day-to-day operations align with the company mission statement? Are you recognizing employees for their accomplishments? This self-scouting is vital when asking why employees are leaving.

Focus on work-life balance

To create that culture, the work-life balance needs to not only be respected but prioritized. Pew found that 40% of respondents quit their job due to burnout—often caused by a lack of work-life balance. Combating burnout is an important step in maintaining employees.

Forbes’ Chauncey Crail lists remote work, flexible scheduling, and a reduced workweek as ways the modern organization can foster a healthy work-life balance. We’ve talked at length about how rejuvenating spirit that comes with remote work and how it can lead to better productivity. If you fear these concessions will be bad for your business, not only is that incorrect but you’ll be left in the dust as your competitors evolve.

Offer competitive benefits and invest in careers

Of course, even the happiest employees want to be paid what they are worth—no one is going to work for free.

The cost of living is high and grows at an exponential rate, and at the bare minimum, a company needs to keep up. But that’s not the only way to stay competitive. Ellie Taylor writes that as an employee takes on new roles and projects, they should be compensated for it. Taylor also adds that beyond base pay, retention bonuses, sales commissions, and additional bonuses after big projects will keep employees invested.

In addition to financial investment, investing in an employee’s career growth will keep them around. LinkedIn found that 94% of respondents would stay with a company longer if it assisted with their career growth. Emeritus lists mentorship programs and educational courses as ways to do so. We live in a skill-based career culture, and helping your employees gain the skills they need for a long and rewarding career will create skilled employees that can better help your organization.

“Today’s workforce wants to know what’s in store for their future and whether they can see themselves working with you long term. Stagnation can lead to disengagement, quiet quitting and eventually, actual quitting so provide your employees with opportunities to expand their skills and grow professionally.” –Lisa Shuster, Forbes

Learn from exit interviews

While these strategies are designed as a catch-all to help any organization, all companies are different and face different challenges. If you find you’re having trouble keeping people around, you need to pay closer attention to your exit interviews. Ellie Taylor mentions that many managers don’t see the workplace dynamic in action, especially if they’re busy. Exit interviews give you a better insight into how the employees view the organization. Taking these concerns seriously can lead to actionable results.

You may even learn what external factors are leading to turnovers. Your company may not be problematic, but if competitors are consistently offering higher salaries or benefits, it will give you something to think about.

Wrap up

Employees want more than money from their careers. They seek value and recognition and want to align with their employer’s vision. Keeping these simple ideas in mind is the core of any good retention strategy. Create a place of work that employees will want to stay with and make sure they’re invested in and rewarded properly and you’ll have an environment your top talent is happy to stay with.

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