3 Secret Employee Retention Recipes Every Employer Should Know About
Employee retention will bring the attention back to the employees and helps to retain employees who are motivated enough or who see themselves as an integral part of the organisational work culture.
Many companies end up with a steady increase in their employee turnover ratio over the years. Although these companies allocate a considerable portion of their revenue on talent acquisition strategies and resources, sometimes, it gives a grim result anyway.
The real question is — are these employee retention strategies working in their favour?
Nowadays, retaining top talent is a significant struggle for many businesses. Employee retention has become the primary focus area of many companies as the costs involving employee turnover has become very high.
Also, the payoff is worth the time and investment as it ultimately leads to better performance and better productivity for the organisational benefits. Employee retention will bring the attention back to the employees and helps to retain employees who are motivated enough or who see themselves as an integral part of the organisational work culture.
Here’s how your company can keep hold of the star performers with these proven employee retention strategies.
1. Recruiting Strategies
First and foremost, any long term retention strategy should start with a quality recruitment process. The organisation needs to emphasise specific areas concerning its long term goals.
They should align all recruitment strategies, starting from screening and interviewing the right candidates, who according to the Rmanagement, fit the bill. Hiring the right talent can create a cohesive work culture that will improve quality service and ultimately, a motivated and capable workforce.
The onboarding process should be smooth and should excite the employees as they imbibe the values and ethical work culture of an organisation — this will help to retain them longer.
A thorough presentation on the growth opportunities, emoluments, and the functional job role should be the first step followed by a well-structured mentoring program for empowering the employees.
Promoting corporate training, along with the necessary training for employees, will generate avenues for professional development. Besides employees will see it as an investment in them and feel valued for their contribution.
Employees should be able to communicate openly with their mentors and seniors as it will boost their morals and improve their performance levels while their issues and discrepancies are adequately dealt with. As such, by knowing that their needs and expectations will be matched will only maximise the chances of them sticking around.
2) Employee Engagement
Highly engaging employees are the best drivers of organisational success while boosting productivity and increasing retention. Positive and constructive feedback, along with an ‘open-door policy’ will create a coherent atmosphere and develop a close bond between the employer and the employees.
A cordial workplace culture positively impacts overall employee performance. The organisation should be dead-on serious when it comes to the employees’ work-life balance. It can make or break his workplace belief and expectations. Flexible working hours, abundant breaks in between his shift and sometimes an extra day off may significantly contribute to a happier and motivated workplace atmosphere. It will make it easier for the employee to align his objectives with the organisation’s expectations.
Other employee engagement activities may include a generous pay besides a flexible work schedule, so they feel valued and are part of the organisational success story. Furthermore, team spirit and a culture of collaboration and accommodating individual ideas can go a long way in fostering a conducive work environment.
3) Employee Satisfaction
A developmental plan for the employees will help to establish a concrete evaluation process concerning their performance, productivity, and overall contribution. It will help to develop a realistic and specific target-oriented goal-set for their potential advancement opportunities.
This effort also paves the way for a knowledgeable and proactive workforce ready to celebrate team success through sheer hard work and effort. More than materialistic achievements, emotional satisfaction in the workplace is an essential ingredient for a successful employee retention management program.
Employee satisfaction is the overall job satisfaction of the employees. It is measured using an employee satisfaction survey. It includes a comprehensive list of parameters, including the employee’s pay and promotion opportunities, work time flexibility, support from the supervisors, teamwork, etc.
A work culture imbibed with a sense of continuous improvement of the employees with a scope to further their career opportunities in a competitive work milieu is the perfect recipe for a multi-pronged employee retention strategy.
4) Appreciation and recognition
Employee recognition can be defined as the timely acknowledgement of a team’s or team member’s behavior, effort or business goal that supports the company’s internal goals and values. Appreciation and recognition are given to eligible employees who have clearly been performing beyond normal expectations.
To be completely fruitful in the working environment at any level, you need to comprehend the psychology of lauding others for their great work, apply the standards of employee recognition yourself, and urge others to start it in their working relationships.
When employers are appreciated by their managers or colleagues, their commitment to the company increases. Appreciated employees are motivated to perform more and are propelled to keep up or improve their great work. It is also the key factor which influences employer engagement and performance. Valued employees are the happiest and fruitful of them all.
Additional read: https://www.olxpeople.com/blog/employee-recognition/
5) Be transparent and open
Transparency is crucial in a company environment. The two-way openness between employee and the employer fosters trust, improves communication and helps in enhancing employee engagement and advocacy. HR teams should try to incorporate transparency with the company culture. Believe it or not, transparency plays a crucial role in the company’s retention rates and efforts.
Without proper understanding and transparency with the company activities, employees may feel undervalued or underappreciated.
6) Leveraging technology
The connection between employee retention and technological advancements in the workplace isn’t always apparent, but it’s growing increasingly strong. Industry leaders are trying to incorporate technology to make employees feel fulfilled, recognized, and trusted. This is helping them improve the employee retention rate.
Millennials are the majority of the working population now. Companies should tap into Millennials’ intrinsic desire for emotional fulfilment and career goal satisfaction. HR teams should leverage technological advancements in learning and development to improve the job skills and aptitudes of the employees. Providing learning opportunities makes employees feel personally fulfilled in their positions and more satisfied with their company functions.
Technology can also enhance the delivery and effectiveness of employee communication. Employee communications platforms and software can improve the pre-boarding and onboarding processes, making them smoother. Such software also helps in improving employee-employer relationships by providing real-time feedback.This even helps build job satisfaction and reduces turnover.
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