7 Strategies To Improve Employee Retention
When companies lose their talent to competition, they suffer well beyond disruption at the role/ team level. Not having the right person who is well trained and acquainted with the demands of the role can cost an organisation dearly, and negate their long-term investments in learning, development and organisation building.
Experts indicate that “it costs as much as twice an employee’s salary to find and train a replacement” and therefore it makes sense for companies to stay highly invested in driving quality employee retention practices and avoid needless financial and knowledge repercussions.
Here, we list some of the top employee retention strategies that HR leaders and managers can drive in ensuring employee retention.
1.Ensure quality hiring and selection processes
When an employee leaves fairly early in their tenure with an organisation they are doing so because they feel they are unable to align with the workplace culture, values and beliefs.
Such situations can be avoided when recruiters and managers take great care and attention in driving detailed interview processes. They can also deploy psychometric tools to understand the candidate’s real motivations and assess the quality of his/ her fit with the role. These tools also generate sufficient data to help engage in future conversations and structure meaningful roles and work areas, once the new hire is on-board into the organisation.
2. Acknowledge employee efforts, offer credit and drive visibility
Employees feel valued when managers take note of their efforts and credit them for having given their best. Particularly, making employees feel recognized at group company events such as Annual Days and Offsite meetings help motivate them better, and encourages positive attitudes towards the workplace and co-workers.
In addition to giving credit, recording employees’ positive contributions also offer useful reference points and enable managers to engage in authentic conversations about the challenges the employee has overcome, and areas where they can transfer their learnings within the organisation.
3.Look beyond competitive salary and benefits
It can be stated without a doubt that offering a competitive salary and well-structured benefits such as life and health insurance, and retirement-savings plan can help companies attract top-notch talent and retain high-performing employees.
However, it is important to note that even highly paid employees can look for a change if they are dissatisfied with their work environment or unhappy with their co-workers or supervisors. In addition to salary and benefits ensure that employees are offered a comfortable work environment and granted perks such as telecommuting, flexible working hours and sabbaticals. Workplaces that embrace a positive and authentic work culture, and are designed and offer well-designed spaces with superior ergonomics drive increased employee well-being and engagement. These factors enable stronger employee commitment and contribute to increased retention.
4. Invest in continuous learning and skill building
With incremental changes to technology and automation capabilities, skill redundancy is emerging as an area of deep concern for both employees and employers. Given that augmenting employability and relevance is a growing priority for employees, many choose to leave their employers only to seek organisations / roles that offer hands-on exposure to the latest technologies.
Therefore, creating opportunities for increased learning across diverse technology areas and investing in continuous learning can help companies hold on to their talent for longer. It also offers them the opportunity to engage with their internal talent pool – who are already well acquainted with the company’s work culture, and have a verifiable performance history, as against external resources when a need arises.
5. Engage in frequent performance check-ins
Gone are the days of annual and mid-year performance reviews with feedback sessions managed more as a customary exercise as against a meaningful exchange between employee and supervisor.
These mundane review discussions are now being replaced with frequent employee-driven performance check-ins. Check-in sessions help managers and employees get together and address any performance gaps in the immediate term. While protecting employees from last minute feedback and surprises, frequent check-ins also foster greater performance accountability, trust and engagement, and contribute to increased employee retention.
6. Recognize employee accomplishments using the right rewards
Employees who feel valued for their efforts and contributions, and feel they are being recognized with the right rewards, are likely more easily retained by their employers.
Further, it is important to note that rewards don’t have to be monetary in nature to feel meaningful and relevant. For instance, non-monetary rewards such as a handwritten “thank you”/ “well-done” note, sponsorships for industry events and conferences, invitations to present and interact at senior member forums, and mentorships and direct working assignments with senior leaders can work just as well in making employees feel valued and recognized.
7. Encourage a positive work culture
Finally, when talking about employee retention, the need to create workplaces that are respectful, open, supportive and transparent can’t be emphasized enough. It is also important to acknowledge that by far the single biggest reason that employees leave organisations is because they are unhappy working with their immediate supervisors.
For employees, the everyday experience of the workplace is primarily reinforced through interactions with their managers. And when managers interact with them frequently and communicate with openness, positivity and respect, employees achieve greater connect and engagement with the organisation, and feel strongly motivated and committed to driving organisational goals. Investing in managerial training is therefore necessary – and offering them the necessary skills to communicate better, act with fairness and lead their teams with positivity is a vital step in driving quality employee retention practices.
7 Strategies To Improve Employee Retention
When companies lose their talent to competition, they suffer well beyond disruption at the role/ team level. Not having the right person who is well trained and acquainted with the demands of the role can cost an organisation dearly, and negate their long-term investments in learning, development and organisation building.
Experts indicate that “it costs as much as twice an employee’s salary to find and train a replacement” and therefore it makes sense for companies to stay highly invested in driving quality employee retention practices and avoid needless financial and knowledge repercussions.
Here, we list some of the top employee retention strategies that HR leaders and managers can drive in ensuring employee retention.
1.Ensure quality hiring and selection processes
When an employee leaves fairly early in their tenure with an organisation they are doing so because they feel they are unable to align with the workplace culture, values and beliefs.
Such situations can be avoided when recruiters and managers take great care and attention in driving detailed interview processes. They can also deploy psychometric tools to understand the candidate’s real motivations and assess the quality of his/ her fit with the role. These tools also generate sufficient data to help engage in future conversations and structure meaningful roles and work areas, once the new hire is on-board into the organisation.
2. Acknowledge employee efforts, offer credit and drive visibility
Employees feel valued when managers take note of their efforts and credit them for having given their best. Particularly, making employees feel recognized at group company events such as Annual Days and Offsite meetings help motivate them better, and encourages positive attitudes towards the workplace and co-workers.
In addition to giving credit, recording employees’ positive contributions also offer useful reference points and enable managers to engage in authentic conversations about the challenges the employee has overcome, and areas where they can transfer their learnings within the organisation.
3.Look beyond competitive salary and benefits
It can be stated without a doubt that offering a competitive salary and well-structured benefits such as life and health insurance, and retirement-savings plan can help companies attract top-notch talent and retain high-performing employees.
However, it is important to note that even highly paid employees can look for a change if they are dissatisfied with their work environment or unhappy with their co-workers or supervisors. In addition to salary and benefits ensure that employees are offered a comfortable work environment and granted perks such as telecommuting, flexible working hours and sabbaticals. Workplaces that embrace a positive and authentic work culture, and are designed and offer well-designed spaces with superior ergonomics drive increased employee well-being and engagement. These factors enable stronger employee commitment and contribute to increased retention.
4. Invest in continuous learning and skill building
With incremental changes to technology and automation capabilities, skill redundancy is emerging as an area of deep concern for both employees and employers. Given that augmenting employability and relevance is a growing priority for employees, many choose to leave their employers only to seek organisations / roles that offer hands-on exposure to the latest technologies.
Therefore, creating opportunities for increased learning across diverse technology areas and investing in continuous learning can help companies hold on to their talent for longer. It also offers them the opportunity to engage with their internal talent pool – who are already well acquainted with the company’s work culture, and have a verifiable performance history, as against external resources when a need arises.
5. Engage in frequent performance check-ins
Gone are the days of annual and mid-year performance reviews with feedback sessions managed more as a customary exercise as against a meaningful exchange between employee and supervisor.
These mundane review discussions are now being replaced with frequent employee-driven performance check-ins. Check-in sessions help managers and employees get together and address any performance gaps in the immediate term. While protecting employees from last minute feedback and surprises, frequent check-ins also foster greater performance accountability, trust and engagement, and contribute to increased employee retention.
6. Recognize employee accomplishments using the right rewards
Employees who feel valued for their efforts and contributions, and feel they are being recognized with the right rewards, are likely more easily retained by their employers.
Further, it is important to note that rewards don’t have to be monetary in nature to feel meaningful and relevant. For instance, non-monetary rewards such as a handwritten “thank you”/ “well-done” note, sponsorships for industry events and conferences, invitations to present and interact at senior member forums, and mentorships and direct working assignments with senior leaders can work just as well in making employees feel valued and recognized.
7. Encourage a positive work culture
Finally, when talking about employee retention, the need to create workplaces that are respectful, open, supportive and transparent can’t be emphasized enough. It is also important to acknowledge that by far the single biggest reason that employees leave organisations is because they are unhappy working with their immediate supervisors.
For employees, the everyday experience of the workplace is primarily reinforced through interactions with their managers. And when managers interact with them frequently and communicate with openness, positivity and respect, employees achieve greater connect and engagement with the organisation, and feel strongly motivated and committed to driving organisational goals. Investing in managerial training is therefore necessary – and offering them the necessary skills to communicate better, act with fairness and lead their teams with positivity is a vital step in driving quality employee retention practices.
