SUCCESSFUL COMPANIES STRATEGIES FOR EMPLOYEE RETENTION by Daniela Colombo

In the current job market, where job changes have become increasingly frequent and close together, especially for young people, one of the challenges that companies face is not only attracting the new generations but also retaining them within the company. The ability to "retain" (known as retention) the best resources within the company has always been among the goals of HR functions, and today, given the growing difficulties in finding suitable personnel, it is even more so.

As a company specialized in the research and selection of Middle Management and Executive profiles for clients, we have the chance to meet and get to know companies of different sizes and sectors. We find that companies investing more in employee retention policies and strategies have lower turnover, which translates into lower direct costs (selection costs for finding new personnel, training costs for new employees) and indirect costs (the impact of high turnover on other employees and the company's image), leading to greater corporate and organizational solidity.

Among the most successful strategies in retaining young people there is the ability of companies to design growth and career paths with clear and defined professional steps over time. Feeling part of a journey and sensing that the company believes in your abilities and "invests in you" are highly motivating factors for young people who are in the phase of building their work identity. Additionally, all those activities/programs that many companies implement to promote corporate well-being positively impact employee retention. These include creating "healthy" and sustainable work environments where people are heard, relationships at different levels are based on trust and sharing, and communication is clear and transparent. The most sensitive companies offer employees not only welfare benefits, like bonuses convertible into discounts on products and service agreements, but also wellbeing programs aimed at promoting the physical, mental, and social well-being of workers, thereby influencing their quality of life. Employees feel more motivated to stay within a company that supports them in a "holistic" manner.

Finally, another important aspect that affects companies' ability to retain employees is organizational flexibility. Companies that today offer flexible working hours, have introduced smart working, and meet personal needs by allowing for a better work-life balance are more successful in retaining especially young people, who consider this aspect among the main factors when evaluating new job opportunities.

In conclusion, we can say that companies that place the employee at the center by implementing concrete tools and actions are those that not only succeed in attracting but also retaining young people, thus gaining a competitive advantage in the market.

Kennedy PartnersAugust 1, 2024