- September 7, 2021
- Posted by: Trust Bill Atorudibo
- Categories: Business Development, For Employers, Talent Management
The present-day business landscape is going digital rapidly and as greater technological exploits are made, the demand for new employable skills is rising.
As for employers and employees, the pendulum swings both ways when it comes to the benefits of employee retention. While companies increasingly adopt and require digital expertise, employees are forced to acquire new digital skills to stay employable.
Why is Employee Retention Important?
Any company with a strong eye on its growth curve will notice that the cost of losing top talent could be massive. Usually, when an employee decides to leave a company, they turn off the steam and could easily disregard long term deadlines.
Even worse, when a company has a pedigree for low retention rates, the staff usually lose motivation and creativity.
Replacing employees can also be a headache: From sourcing for a replacement to conducting numerous interviews, the time and money involved in replacing top staff are pretty substantial.
If a company decides to outsource their recruitment process to a HR company, they could effectively streamline the process. However, the time and productivity lost will still be felt.
Benefits Of Employee Retention
Top companies in the world today thrive from building a strong foundation around their recruitment and retention policies. They understand that a strong onboarding process is very pivotal in ensuring that staff become motivated and committed to the future of their organization.
From entertaining diverse creative ideas to improved task timelines, maintaining a happy workforce can quickly accelerate the rate at which you smash your goals.
Talent Retention Strategy
HR Reports state that the rate at which employees leave their jobs will rise to about 40% by 2023. And with the rise of Work-From-Home jobs and remote roles, it’s easy for more employees to entertain the idea of becoming digital entrepreneurs.
A wide range of online job platforms have made it easy to do three jobs at once. This can adversely affect an employee’s focus and dedication to any particular boss.
But HR managers can manage good employee retention rates by developing a suitable talent retention strategy mirrored after the company structure.
By adopting a variety of strategies such as a healthy work culture, feedback channels, in-house employee surveys and exciting incentives, you can inspire your employees to commit to long term objectives.
How To Improve Employee Retention
These proven retention strategies can help you develop a solid foundation for retaining your top employees for as long as possible.
1. Make Employees Feel Valued
Saying thank you for a job well done on a regular basis goes a long way. Furthermore, monetary prizes, bonuses, and gifts enhance the significance of a “thank you”.
Wage raises related to successes and achievement will most likely help you keep employees more than any other activity. Commissions and incentives that are simple to compute and understand on a daily basis also tend increase motivation and help retain employees.
To make continuous recognition a reality, your company should prioritize both social and monetary benefits, preferably through the use of a recognition platform that allows everyone to participate. These platforms offer point-based incentive systems, which allow workers to earn and spend points for benefits that are meaningful to them.
2. Create a One-of-a-kind Onboarding Experience for New Workers
A successful onboarding process usually lasts throughout a new employee’s first year at the business. An employee may take up to two years to attain the same level of productivity as an existing employee, so making them feel at ease and capable from the start might help with retention.
Assist new employees in becoming part of the team by informing them of their responsibilities, giving agency and resources to assist them in doing their tasks, and creating a friendly atmosphere for them.
If the new employee is being recruited into an active team, the team lead or manager can considerably assist with a smooth onboarding process by creating a pleasant mood and scheduling introductory sessions to gradually acquaint the new recruit with the work environment.
3. Quality Supervision
Providing excellent management or oversight is important. Surprisingly, people quit organizations more frequently because of managers and supervisors than because of actual job issues.
The connection between managers and their team members may have a significant influence on the employee experience.
According to Gallup, just 26% of employees firmly believe that feedback from supervisors improves their work efficiency.
The greatest managers operate as coaches, focusing on bringing out the best in their subordinates. They are upbeat and aggressive, acknowledge the importance of their employees, and give constructive feedback.
A coaching method develops team spirit, making supervisors and their direct subordinates feel like more on the same page.
Coaching, maybe most importantly, decreases stress. Employees understand precisely what is expected and what they need to do when goals are defined, workers are given authority, and progress is evaluated on a regular basis.
4. Encourage Employee Creativity
Recognizing and showing that you value your employees’ talents and abilities as much as possible can be a huge source of motivation. Motivated individuals try to make a difference in areas that aren’t directly related to their employment.
Begin by learning about your workers’ abilities, capabilities, as well as previous and present experience. Then proceed to make the most of it.
Coaching is successful for both employees and managers because managers take the time to study each employee’s background and play to their unique skills. According to Gallup data, employees who are aware of and capitalize on their abilities have a 10 to 19 per cent increase in sales and contribute to their company’s bottom line.
As a result, managers who fully understand their employees reap the benefits of greater employee confidence and achievement. When managers listen to their employees, it strengthens their bond and fosters trust.
5. Build a Positive Work Culture & Environment
A company’s culture must be the focus in order to attract and retain excellent employees. According to a Glassdoor research, workers consider a firm’s culture when seeking for work, and the Associated Press says that almost half of employees would quit jobs for a lower-paying role at a company with a healthy working environment. Building a strong company culture will reinforce current employee ties, improve customer service, and retain top talent.
Is your organization receptive to new ideas and fosters an environment in which employees feel comfortable providing feedback?
If this is the case, workers may share ideas, critique freely, and commit to continual improvement—all of which contribute to employee retention. Provide a forum for workers to openly express themselves within the business.
6. In-house Promotions, Salary Bumps & Bonuses
Creating a culture of recognition requires more than simply recognizing people on a regular basis. According to the Brandon Hall Group, businesses that recognize workers on a regular basis improve employee retention by 41% and employee engagement by 34%.
Employee incentives are a practical method to thank employees for their hard work. When an incentive is provided, 85% of employees feel more motivated to achieve their best.
There are a variety of creative ways to retain employees and motivate your staff.
First and foremost, ensure that the remuneration your company provides is enough; this is a key factor in employee retention. Some companies offer fitness incentives to high ranking staff members.
Increasing the quality of the incentives by rank can also serve as a means to motivate other employees.
Consider alternative financial incentives such as referral schemes, tuition reimbursement, and profit-sharing. Bonuses and increases are also always welcome.
7. Set Clear & Realistic Goals
Make sure your staff are aware of your expectations. Management experts reiterate that constantly shifting expectations generates excessive stress and makes employees feel incompetent and less motivated. Establish a clear structure within which individuals understand what is expected of them.
8. Create Room for Professional Growth
It’s not unexpected that there’s a link between inadequate investment in staff development and high turnover rates. Supporting professional development and lifelong learning, on the other hand, elevates your employees and promotes retention.
If you educate your employees, establish clear career paths, and implement coaching programs, they will be more productive at work. Consider funding continuing education and certification programs for employees, as well as trade shows, seminars, and other industry events.
You may also hold internal knowledge exchange events where employees teach one another new strategies.
9. Prioritize Employee Wellness
Burnout manifests itself in a variety of ways, including a loss of energy, negative emotions, and feelings of isolation.
Basically, this means that your employees may be forced to leave your firm as a result of physical exhaustion.
Fortunately, your organization is capable of stopping employee burnout in its tracks. Allow workers additional scheduling flexibility if feasible, and ensure that tasks and objectives are properly stated and understood by all.
Learn how to recognize signs of burnout and how to assist people in need. Encourage your employees to take use of their vacation time and assist them in discovering new hobbies.
10. Hire the Right Employees
Top professionals seek out colleagues who encourage them rather than those who bring them down. Seek out ways for recruiting high-quality applicants who are compatible with your company’s culture and will remain loyal for years to come.
Employees, for example, expect to sell themselves, but they also want to be sold on your brand.
Can you highlight any special traditions on your professional page?
What about incentives like monthly massages, on-site fitness centres, or generous parental leave policies?
It is important to carefully consider how well you can effectively promote your workplace for each candidate and role.
It’s Retention Time
When HR managers properly understand the benefits of a good employee retention process, it’s easier to effectively adapt your business model to stay ahead of your competitors.
It is important to note that the best employee retention strategy usually begins from the recruitment process.
So like the top companies in the corporate world, investing in a solid onboarding process – whether in-house or through a top HR company – sets the tone for maintaining your retention efforts.