Last month, comedians spanning five decades gathered to celebrate one of TV’s longest running shows, Saturday Night Live’s 50th anniversary. Fifty years is quite a remarkable accomplishment, considering shows rarely last longer than 5 seasons. SNL’s longevity has been a mixture of the ability to stay current and the ability to retain talent for decades. Several of its stars have spent 10-15 years on the show, and many of those behind the scenes have worked at SNL their entire career. While the work is often demanding, with long hours, many of those behind the scenes have remained with the show, largely due to the station’s (NBC) great benefits, including comprehensive health insurance, great retirement plans, and most importantly – a strong emphasis on creative freedom.
Finding that magic mixture, which leads to retention, is essential in keeping great talent, especially in an era where job-hopping has become not only the norm, but a phenomenon companies have come to accept, especially post-COVID.
A recent Gallup poll revealed that 21% of Millennials and 33% of Gen Z (currently the largest workforce) indicated they had changed jobs within the past year, and more than 60% of Millennials were open to a new job opportunity. 30 years ago, bonuses and cash incentives were the motivating factors in retaining these employees. Not anymore. Now, the younger workforce prioritizes alternative benefits like great workplace flexibility and great health care, with an emphasis on mental health. This seems to be the magic mixture that is working for many employers across the US.
A company’s HR department often plays a large role in keeping good employees and has the most direct influence in increasing employee retention rates. From developing workplace policies to promoting employee well-being, HR is often responsible for promoting a healthy workplace and shaping the company culture.
For those of you in HR, what are you doing to ensure you retain your workforce? Here are some additional ways employers are attracting and retaining their employees:
- Promoting creativity and feedback
- Providing proper training
- Focusing on development and career growth opportunities
- Investment and financial planning benefits
- Fostering an inclusive workplace
- Commitment to social and environmental responsibility
- Investing in the latest technology
Remember, this is not a one-size-fits-all. Finding the right mixture will depend on the makeup of your workforce, the current trend of the industry and/or the state of the economy. While job-hopping may be a fixture for years to come, staying engaged and understanding the needs of your workforce can help you retain those rockstar employees.
