Time changes everything and employee retention approach is no different. A few years ago, as an employee, getting a job and being able to keep your job for a long period of time was a bonus. However, in today’s market for employers, finding a talented employee and being able to retain them for a year is a bonus.
Due to a shortage of talent and dedicated employees in today’s market, it has become imperative that employers manage their staff in a way that helps them retain their best people.
The cost of hiring new employees can be enormous and can cost employers a third of a worker’s annual salary to hire a replacement when that employee leaves. Of course, the employment retention rate varies by industry, but every business is committed to keeping their rock stars.
If your company is finding employee retention challenging, then here are few tips on how you can retain employees and stop your rock stars from leaving.
Make your onboarding process just as important as the hiring process. The hiring process should not end after a job offer and securing a new employee. Ensuring that your employees have a positive and engaging onboarding experience is a great way to gain their trust and build a long lasting relationship.
Employee tenures are getting shorter and new employees are expected to adjust to their work environment quickly. The onboarding process is your first impression so put your best foot forward and get them quickly and fully productive.
Competitive Salary Package
The skills and talent shortage in the today’s market means that companies need to change their current approach to salary packages. Applicants want to know what other benefits and perks are linked with their salary package.
Benefits and perks are the icing on the cake when you are wooing applicants. A competitive benefit package will add to employee satisfaction and engagement, however and important factor to keep in mind is that a targeted benefit program is far more attractive than a one-size-fit-all program.
Depends on your industry, workplace flexibility is an additional advantage to attract applicants and retain good employees in your business. Do you really need your employees to be in the office from 9-to-5, five days a week?
Incorporating flexible work schedules might help your employees to be more productive and satisfied in their role. Workplace flexibility means less conflict between work time and their personal obligations. It is very important to discuss the workplace flexibility policy prior to employees starting and get it right so there is no uncertainty around work hours.
Recognition and Acknowledgement
Recognising your employees for a job well done is an essential part of ensuring continued employee engagement. We all like to be appreciated and acknowledged for our hard work, and your top talent is no different.
Conduct an employee satisfaction survey every 6 – 8 months and use the feedback gathered from the survey to improve employee engagement practices. People who feel their best efforts are being recognised will be loyal and stick around for longer than if their best efforts are continually being unnoticed.
Hard working and dedicated employees that will give you their best work and longevity are hard to find. Recognising and showing appreciation towards your top performers will encourage your loyal employees to stay in the business for longer.
What does professional development look like in your organisation? Do you have a professional development programme for all your employees? Believe it or not, but your top talent will want to continue enhancing their skills to become even better.
Making professional development and growth a top priority in your organisation will ensure your talented employees are loyal to you. Create a mentorship program to pair senior-level executives with your high performers and this will contribute to a positive culture in your company.
When you focus on your employees and encourage them to develop themselves professionally, you are also developing a pool of potential new leaders from within your company. Leaders promoted from within are more likely to succeed than leaders brought in from outside the business.
Investing in your employees by delivering personalised training and development programmes will help towards company growth and reduce cost around your staffing issues. Your employees will appreciate the company’s effort to support their professional growth and this will lead to employee engagement and retention.
Upgrading Equipment and Software
We are in the year 2019 so look around your office space and see what is outdated and needs to be replaced. Companies need to keep up with the times and technology and cannot expect employees to work with old and outdated equipment and software.
I have experienced the frustration of using outdated office equipment and software in the past. It slows you down, makes your productivity level drop and further adds to you being demotivated and your drive quickly disappears.
Employees are unproductive when they have to deal with old and outdated technology and office equipment. Your company does not need to upgrade the office equipment or software every time a new product is launched into the market but needs to be line with the current times. This shows your staff that your organisation has an interest in staying up to date with the latest tools and technology. You may not think this is important, but a quick survey around the office will give you a different answer.
We all know that a lack of communication can cause many issues. Encouraging open and honest communication in the work environment can make a huge difference.
Employee frustrations can be resolved quickly when your business creates channels for honest, specific feedback from and to your employees and by taking advantage of ways to provide praise and constructive criticism. Focus on direct, one-on-one conversations where possible and provide spaces where employees are allowed to come together and solve issues without management always being in the middle.
Your HR team needs ensure managers are receiving proper training on coaching and communication techniques to help facilitate more meaningful conversations among your employees.
If you have a top-quality performer in your business, then recruiting new management from outside does not make sense. Employees want to know they have a career path to promotion and the best way to retain your talented employees in the business is to promote from within.
Make it easy for your strong performers to work their way to a promotion within the business by developing a solid internal advancement program. Employees can get disheartened when a role they are fit for goes to someone from outside the company.
Why lose your top talent to the competition or any other company when your organisation needs talented and dedicated employees for the growth of your business.
Teamwork – “No I in Team”
Employee retention is one of the critical components in creating an effective people management strategy. Teams do well when executives invest in supporting social relationships and demonstrate collaborative behaviour themselves. Encouraging interactions across all levels is valuable and will make a great impact in your organisation.
Your employees will feel valued and be more satisfied at work when job titles don’t create barriers between leaders and employees. There is nothing worse than working for a company where hard-working employees are seen as just another worker. Your hard-working dedicated employees are the reason for your company’s growth and in today’s market you want to retain your top talent.
Author: Dee Chand - Strata Recruitment