Retention for purpose: four ways organisations can retain the right employees

It’s no secret retaining top talent has been one of the greatest challenges facing Australian organisations over the past few years. In a twelve-month period ending February 2022, 1.1 million Australians or nearly 10 per cent of the Australian workforce changed jobs – the highest rate of employee turnover in a decade.

Together with the ongoing national skills shortage, organisations are struggling to hold onto talent despite offering a range of incentives such as inflated salaries. While this may help plug talent gaps in the short term, it can also set an unrealistic precedent for the future and lead to stunted growth in the long run for both organisations and individuals.

When it comes to retention, in my experience, focusing on intrinsic rather than extrinsic motivations leads to more fulfilled employees overall. At Symbio, we call this a 'retention for purpose’ mindset, which involves supporting employees who want to make a difference in their roles and their community and ultimately leave a legacy that will help the company grow. It is not about offering more money to encourage engagement, but rather it’s about creating an environment where employees feel part of something that is not only bigger, but also has a positive impact on the world around them.

Here are four ways organisations can implement a retention for purpose mindset:

1. Communicate the why

Organisations must be able to demonstrate how they can provide a sense of fulfillment for employees that fits into their wider purpose as individuals. Leaders should be asking themselves important questions like, why does my organisation matter and how does it impact society? And what value do my employees bring beyond helping me turn a profit? If leaders don’t know the answers to these questions, they can’t expect employees to.

2. Take people along the journey

Keeping employees in the dark on the goals or priorities of your organisation is one of the main contributors to disengagement. When people don’t see how they are adding value or why their work is meaningful, they can quickly become disenfranchised.

No matter the size of your organisation, make an effort to involve your employees in your process to give people a sense of feeling part of something bigger. Identify touchpoints where you can connect with employees – whether that’s holding open forums to ask for ideas on what could be improved or simply chatting with employees in the office about how you can be doing better. Don’t forget to also celebrate important milestones and success.

3. Develop the person not the position

Too often organisations spend time trying to fill a position forgetting there is a person behind it. Employees want to know they are valued not just for the skills they bring to the role, but for who they are as individuals and what they can offer organisations. Humanising the workforce and focusing on developing the person – not just the worker – can help people feel more respected and secure in the workplace.

Collaboration is a great way to achieve this. For example, providing opportunities for employees to work on a set problem and come up with a solution together. Implementing rotational programs where people can spend time in a different department and learn from new people is another way. Celebrating diversity and creating an inclusive workplace can also help cultivate a sense of belonging, particularly for marginalised employees.

4. Develop great leaders, not managers

One of the many consequences of the national skills shortage has been the trend in promoting people to fill a resource gap without having the necessary skills and experience to do the job properly. The result? Large numbers of employees across Australia are suffering from poor management. This is especially concerning as according to Gartner’s Global Labour Market Survey, manager quality, respect and people management are the top three drivers of attrition for Australian employees.

Creating a learning culture from the outset is critical to equipping people with the skills they need to become effective and compassionate leaders the moment they enter the business, no matter their level or title. Prioritising personal and collective learning can help create a culture of employees that not only lean into problems, but also care more about outcomes.

While the skills shortage isn’t going to be solved overnight, organisations should be doing all they can to ensure their employees remain actively and purposefully engaged. Employees inevitably come and go, but implementing a retention for purpose mindset can support organisations with retaining the right employees that will foster a strong culture and leave a positive legacy.

Cathy Doyle is the chief people experience officer at Symbio