Employee retention refers to a business’s ability to retain its employees. Although many people think that employee turnover is not a big issue as there are lots of jobseekers waiting in the wings to fill the vacancy. But what one needs to keep in mind is that, though there are many job seekers, there are very few talented people who can be the right fit for the role.
On top of that, hiring another person might seem like an easy task, but the cost involved in hiring and training people is very high. Thus organizations should build proper employee retention strategies to ensure their employee turnover rate stays in control.
A hardworking and talented employee not only performs his/her tasks well but is hard to find. So, it’s the job of the organization to take care of its employees. Although a lucrative salary is the most popular way to please the employees, many other perks and strategies can increase employee retention. Let’s look at a few of them.
1. Hire The Right People:
Yes, your employee retention strategy should start right from the hiring phase. Hire people who are looking for a long term career and have clarity on what he/she wants to do in the future. See if their long-term vision matches the company’s goals and objectives.
Ensure there is utmost transparency in job roles and responsibilities. Likewise, state clearly what the company can offer in terms of salary and other benefits. In this way, everyone is clear on their roles. Candidates who are looking for short-term benefits might not be the right fit for the organization as they might leave the company soon.
2. Provide Growth Opportunities:
When there are enough growth opportunities within the organization, employees are more likely to stay in the company for longer periods. Offer them employee training programs that can make your employees more engaged, inspired, and knowledgeable. Realizing that their organization is willing to invest in their growth and development tends to make them more loyal and committed towards the company.
Recently many organizations are opting for online training by leveraging tools like LMS, which are cost-effective and convenient. Choose an LMS like Absorb LMS that offers a free trial to check if it’s feasible to you or not. Moreover, the Absorb LMS pricing model is subscription-based, which is a convenient payment option for many.
3. Provide Better Work-Life Balance:
One of the biggest reasons why most of the employees leave a company is poor work-life balance. Offer flexible timings and don’t be so particular about working for fixed hours per day.
Each individual is different and thus, employees require flexibility in their work schedule that allows them to work from any place, anytime, they feel comfortable and productive. You can offer flexible timings and day-offs unless it starts hampering productivity. Such settings will instill motivation and increase commitment towards the organization.
4. Provide Positive Feedback:
Employees need feedback to improve themselves. Feedback can be positive and constructive advice. Positive feedback should be given to motivate employees and give them the determination they need to work. Also, feedback should be both ways. So, allow your employees to give their feedback to the managers. In this way, you can develop a transparent work culture that everyone loves to be part of.
5. Build A Positive Workplace:
Office politics is one of the biggest culprits for high employee retention. Encourage the right talent without any prejudice. When the organization gives promotions based on favoritism, it hampers the whole workspace. This will lead to employee turnover in the long run.
Organizations should build a strong employee retention strategy for the betterment of it, the only requirement is it should be effective. You can also take feedback from your employees to know where you can improve as an organization as a whole. Hope this article helps you increase your employee retention rates.