Good talent is hard to come by. It's even harder to retain.
A high employee turnover rate affects the time and productivity of businesses. Having a long-term employee in the company not just saves costs but also adds to the morale and credibility of a business.
Employee retention matters a lot; especially in the corporate world. To retain the top talent, companies must act proactively and make retention a priority. However, it can be a struggle for many businesses.
Employee Retention Strategies
To help you employ a better retention policy, use these strategic tactics to make employees want to stay longer than the average tenure.
Having clear communication between employees and management is a key to success for many businesses. However, the communication must be two-way; employees should not feel that they are not heard as it can lead to distrust, low performance, misunderstandings and various other repercussions.
Communicate openly with the employees and discuss the objectives and goals of a business. Organize staff meetings, employee satisfaction surveys or employee suggestion programs on a regular basis. These communication tactics need not be a burden on the HR community. With Top HR Software, implementation of these tactics becomes a smooth sailing.
Pay Attention to Employee Development
In order to retain the best talent, organizations must foster employee development. This can be in the form of training or learning new skills and technologies. Provide your internal employees with a clear path of their career development within the company.
Recognize & Reward to Keep the Employees Motivated
By recognizing employees you are making them feel appreciated for their hard work and efforts. Monthly recognition programs like “Star of the Month” or “Employee of the Month” can be conducted either on a team level or department level. Apart from this, appreciation emails from senior or head of the organization and announcements in the monthly company newsletter can also be a part of the recognition.
Rewarding employees with monetary benefits such as bonuses, incentives and shopping or food vouchers can keep the employees motivated to do better.
Encourage Top Performers
Finding a replacement for a top performing candidate is a big hassle for any company. Therefore, it is essential to pay attention to the bright talent and give them reasons to stay in the company. Giving them more responsibilities and performance-based bonuses would keep them encouraged to perform their best.
Offer Workplace Flexibility
Employees today seek companies with flexible workplace culture. They don’t want to stick to their work spaces for the 9 to 5 slot anymore. Implementing flexible work facility such as work from home or compressed workweeks not just makes the employees happy but more productive too. Give the mobility & flexibility that employees want in the workplace.
Conduct Employee Stay Interviews
Similar to exit interviews, stay interviews should also be a part of the retention strategy in the corporation. This would help companies to understand what makes the old employees stay in their organization. Also, ask questions like what would make you leave from here? Or what would you improve or change? This information can be utilized in the employee retention strategies.
Offer a Competitive Benefits Package
Besides providing employees with a competitive salary package, it is also important to offer other benefits such as life insurance, health insurance and a retirement saving plan. These benefits not just attract the good talent but also give them a vision of a secured future with the company. Various cloud based Payroll Software can easily provide these benefits.
Provide a Friendly & Comfortable Workplace
A friendly and comfortable workplace attracts employees and makes them feel safe. Nobody wants to spend their 8 hours in a poorly maintained building without any modern or basic facilities. Employees want to work in a positive surrounding that provides them comfort. Make sure your office design is aesthetically appealing, well-lit, properly ventilated with comfortable temperature facility.
Nurturing your current employees can help you emerge as a powerful organization with a positive work environment. Having a strong workforce does not mean hiring hundreds and thousands of new employees per year but retaining the already existing pool of talent. Make them feel wanted and a valuable part of the company as then you can win their trust. Investing in a strategic employee retention program would reduce the employee turnover rate and boost the knowledge base of the company.
About the Author: Chirantan Patel is the Content Marketing Manager at Softwaresuggest & Callhippo, an Inc. 275 company that researches and analyzes software to educate, advise, and connect buyers and sellers of business technology.