How can corporate legal departments improve staff retention?
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I think about this a lot. Companies should begin by providing competitive compensation packages. This is the baseline expectation; employees must feel fairly compensated. However, there are other reasons for employee turnover other than salary. Key areas that companies should focus on are work-life balance, flexibility, and development opportunities.
First, offering a work-life balance that promotes flexibility and supports your staff's mental and physical health is crucial. Happy, motivated, and energized employees are more likely to stay committed to their work.
Secondly, flexible working opportunities must exist, whether through flexible working hours or a hybrid model. Employees don’t want to feel confined and limited by their work outside their professional lives.
Lastly, to retain key employees, you must invest in their development and provide clear growth opportunities to prevent them from seeking such opportunities elsewhere. Without ongoing development, there's a risk of talented employees feeling stagnant and ultimately leaving. In the case of in-house lawyers like myself, we are less affected by the decisions of individual business units. We operate as a cross-departmental part of the organization, often leading to stronger loyalty and longer tenures. Still, offering the same to lawyers is essential to keep them engaged and loyal. Designing these career paths and providing various opportunities for those eager to advance is crucial.