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.