In my first semester in the MBA program at the Wisconsin School of Business, I learned many things about Strategic Human Resource Management. Translation – I have learned about what makes employees like you, and me, happy! There are a number of factors that contribute to employee retention. In MHR 705, we explored the following elements:
- Compensation and benefits: Employees want to be compensated fairly for their work and have access to a good benefits package.
- Job satisfaction: Employees want to feel challenged and engaged in their work. They also want to feel that their work is valued by the company.
- Career development opportunities: Employees want to know that they have the opportunity to grow and develop their skills.
- Work-life balance: Employees want to have a good work-life balance. They want to be able to spend time with their families and friends and pursue their hobbies.
- Company culture: Employees want to work in a company that has a positive and supportive culture.
- Integrity at work: People want their work to align with their values.
What can you do to Increase your chances of staying at a company for the long term?
In various applied learning and career services sessions, we explored a number of strategies. There are a number of them you may use as a graduating student from the Wisconsin School of Business in order to increase your chances of staying at a company for the long term:
- Do your research: Before you accept a job offer, take the time to research the company and its culture. Make sure that the company is a good fit for your values and goals.
- Negotiate your salary and benefits: Don’t be afraid to negotiate your salary and benefits. Remember that you are worth something, and you should be compensated fairly for your skills and experience.
- Set goals and expectations: Once you start your job, take the time to set goals and expectations with your manager. This will help you to feel more engaged in your work and ensure that you are meeting the company’s expectations.
- Be proactive: Don’t wait for opportunities to come to you. Be proactive and seek out opportunities to learn and grow. Volunteer for new projects and take on new challenges.
- Build relationships: Get to know your colleagues and build relationships with them. Having a strong social support network at work can make a big difference in your job satisfaction and overall well-being.
Employee Retention and Your Future
Employee retention is a critical concept for both businesses and employees. It’s a hot topic in HR and for good reason! By understanding the factors that contribute to employee retention and taking steps to increase your chances of staying at a company for the long term, you can set yourself up for success in your future career. And companies can set themselves up for success, too!
Here are some additional tips for graduating WSB students who are looking to stay at a company for the long term:
- Be a team player. Be willing to help out your colleagues and collaborate on projects. Yep, it’s exactly what you’ve done in school!
- Be positive and enthusiastic. Show up to work with a positive attitude and a willingness to learn.
- Be reliable and dependable. Be on time for work and meet deadlines.
- Be open to feedback. Be willing to listen to feedback from your manager and colleagues and use it to improve your performance.
- Be proactive about your career development. Talk to your manager about your career goals and what you need to do to achieve them.
Business school is teaching me its fair share, but I have also learned that it is not all about the numbers. Sure, it is important to be able to crunch the numbers and make a solid business decision, but it is also important to understand people and build relationships all along the way.
In the end, business is about connections. It is about understanding your customers, your employees, and your competitors. It’s about building relationships while working together to achieve common goals.