How to retain employees in competitive industries

Having worked in large companies both as an employee and as a manager, it has been very interesting to see others’ strategies in team managing teams, sometimes comprising hundreds of employees, and then to apply my own strategies having learned from prior experience. At Ocwen, our employees worked closely with our research department to develop our optimization program. They were trained in how to speak to our customers directly, to develop a relationship of trust, and ultimately to help them out of a situation where they were facing homelessness.

Create a sense of purpose

One of the reasons our optimization program was so successful was because our employees fully believed in our mission, and they worked hard to put their knowledge and skills into practice and help out clients facing hardship. In any company or industry, retaining employees goes beyond offering competitive compensation and benefits. It really comes down to creating a workplace environment where individuals feel a sense of purpose and fulfillment. As an employee, you need to find meaning and significance in the work you do, as well as a sense of enjoyment and satisfaction.

Cultivate a vision

Employers should really focus on cultivating a vision that resonates with their team. When employees buy into a shared vision, they are more willing to invest in a journey they find meaningful and exciting, one in which they can actively participate. This clear sense of purpose not only attracts top talent, it also provides a foundation and a standard for retaining employees.

Engage and inspire

Well-defined, positive values and practices also help motivate employees to work towards the common mission and stay for the long haul, especially when these are aligned with employees’ values. By creating a company culture that involves and inspires employees, and makes them feel like integral parts of a larger mission, they are granted intellectual ownership over their contribution and feel connected and invested in the company’s journey. As such, they are more likely to commit and engage in the long term, ultimately leading to higher employee retention and a more productive workforce.

Learning opportunities

Prioritizing employee development and offering learning opportunities, as we did at Ocwen, can also help retain talented team members. This demonstrates that a company is invested in its employees’ professional growth, and fosters loyalty and longevity, as employees feel valued and empowered. Overall, a company’s vision, mission, and its investment in talented employees will contribute to its success, and the commitment and dedication of the entire team.

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