Hiring top talent is only the start to creating an outstanding workforce. The next step — and just as vital — is keeping them around. Let’s dive into employee retention: your company’s ability to maintain a work environment that supports staff in remaining with you.
Employee turnover is often a symptom of deeper unresolved issues, such as low employee morale, unclear career development options, lack of recognition, or poor employee-manager relationships. In addition to lost productivity, employee exits also hurt your bottom line.
One analysis found that businesses spend about one-fifth of an employee’s annual salary to replace that worker. Costs come in the form of recruiting and training, as well as institutional knowledge.
Ready for new ways to keep strong employees with your company? Below we’ll explore specific strategies for creating a better work culture in which your people want to stay and grow.
Strategies for employee retention
By focusing on the fundamentals, you can go a long way toward developing a high-retention workplace. To further develop your retention program, consider the following strategies.
Listen to the employee voice
As part of your new retention program, it’s vital to pinpoint the root cause of employee dissatisfaction or turnover. Collecting and analyzing this information will help ensure your employee retention program meets your company’s needs on an ongoing basis. Try out the following tools:
- Employee surveys: By surveying employees, you gain insight into your employees’ motivation, engagement, and satisfaction. It’s important for your organization to understand the employee perspective in order to create programs that works well for them.
- Exit interviews: To gain insights from departing workers, request an anonymous survey as part of the offboarding process. Were they lacking career development? Employee recognition? Work flexibility?
Hone your onboarding process
A new employee’s first few days are extremely important. It’s critical to offer respect, transparency, and clarity from the beginning. An effective onboarding process may include a company overview, a team lunch, and a CEO meet-and-greet. The idea is for the employee to be integrated as quickly as possible, so they can connect with colleagues and dive into their new role.
Embrace remote work and flex scheduling
Now is the time to consider flextime and telecommuting. Beyond COVID-19 workplace responsiveness, these perks demonstrate to employees that you value their work-life balance and are willing to accommodate. . .