Employee retention strategy should be one of the top priorities on your list if you want to build a strong and stable team of employees. It can also get quite expensive to retrain, rehire, and replace top talent. The good news is that up to 77% of employee departures can be prevented using the correct measures and strategies. Let’s go over 5 employee retention strategies that can help you build a team of committed employees.
Nothing is worse than an employee that is disengaged because they can set poor examples for other employees, compromise company morale, and lower work productivity. However, there are several ways to avoid this and that involves giving your employees a voice. Employees want to be able to have a voice to provide valuable feedback, influence decisions, and overall give greater input. Oftentimes, employees can recognize issues from a different perspective and highlight them before they reach upper management. It is also useful to directly ask employees how they feel whether it be done through surveys or one-on-one interviews. This can reveal how they feel and pinpoint concerns that may have not been evidently clear to management.
Developing a company culture where employees feel a strong connection can play a huge role in your retention rate. Using company surveys to uncover how employees feel about the workplace can help managers make changes to the work environment that will create a better work culture which in turn will increase the retention rate. A big part of having a strong company culture that employees want to be a part of is recognizing and rewarding employees for their hard work. This will result in highly motivated individuals that work harder and feel more appreciated. Your culture is what will deepen relationships and create a group of team players versus employees who just work alongside each other.
Effective Hiring Process
The hiring process can impact how committed an employee is to the company right off the bat so the candidate screening process must be thorough enough to reveal characteristics that may be an issue outside of a well-done interview or well-written resume. Outsourcing the recruitment process to an employment agency may combat this as they take over the entire hiring process and often have multi-step stages that effectively analyze an employee’s strengths and skills. If recruiting is done in-house, it might be worth revisiting the interview questions, candidate assessments, and questionnaires so that you can ensure it is considering multiple aspects of the candidate’s profile.
Having a solid professional development plan for everyone in the company gives employees a sense of importance and ensures their skills are up to date for the growth opportunities that are presented to them. Whether it’s professional or personal, any sort of development will increase happiness and fulfillment. It will communicate to the employee that upper management cares about their career and is providing a supportive work environment.
The ROI on prioritizing employee wellness can be quite high as it leads to higher engagement productivity, and satisfaction at work. Even more, it creates a wellness culture which will increase your retention rate. Now more than ever, there is a movement towards putting mental and physical health before work and so if work environments do not support this and help prevent burnout, chances are the employee will leave.
Overall, if you want to increase your retention rate you have to dive deeper into the wants and needs of employees. After all, your organization is where much of their day is spent so ensuring it is a pleasant environment to work in is incredibly important in the attempt to keep them around.