Posted by Shivali Anand
September 15, 2021 | 5-minute read (911 words)
Approximately 3 million Americans leave their jobs each month in pursuit of something better, with 31% of employees leaving within the first six months. Furthermore, according to a Work Institute Retention Report, replacing a worker might cost up to 33% of their yearly income. Employers should be concerned about these figures.
With low unemployment and high attrition rates, finding strong people is becoming increasingly tough, and keeping them on board is even more difficult. As a result, it's critical that HR managers and department heads do everything possible to help retain their top performers.
The capacity to retain your staff should be a key sign of your company's health. So, how can you keep great team members for decades? Take a look at these 10 staff retention tactics:
Employ the correct workers
Hiring the right individual for the appropriate position is the first step in keeping your finest employees. Recruiters must go through all stages of the recruitment life cycle, including workforce planning and preparation, sourcing, screening, interviewing and selecting, hiring and onboarding, to ensure that the hired candidates are qualified enough to make effective contributions to your company in the long run.
Provide employees with a decent salary
Salary is the top reason for employees leaving employment, according to a Glassdoor study of individuals in recruiting, HR and hiring. Career progression possibilities, perks and location are the next most-common reasons. As a result, it's critical that you offer competitive wage packages, especially in a tight labor market. A healthy compensation package includes bonuses, health benefits, retirement plans and paid time off in addition to a competitive salary.
Ensure a simple onboarding process
From the beginning, every new employee should be set up for success. “Effective onboarding can make or destroy a new recruit," says Whirling Chief founder and lead consultant Sesil Pir. New hires should learn not just about the work, but also about your business culture and how they can contribute and grow throughout the onboarding process. As a result, make your employee onboarding program simple and well-organized, and start it before they arrive on day one
Keep lines of communication open
Employee retention may be improved by always keeping the lines of communication open. Employees get a sense of belonging when they believe they can approach their supervisors with questions, suggestions and concerns.
Their supervisors, on the other hand, should be honest and transparent with them about the performance improvements they need to make. As a result, instead of waiting for yearly review sessions to bring up concerns, they should contact their direct reports on a regular basis and address their performance issues.
Provide a healthy work-life balance
Work-life balance is becoming increasingly valued by employees. You must recognize that your employees have a life outside of work, and if you continue to urge them to come in early and/or work late, they will eventually search for a job elsewhere.
If you provide your workers remote work alternatives and flexible work schedules, you may discover that they are pleased and more productive, and that their work and personal commitments are less conflicted. However, to minimize misunderstandings and misuse, clearly outline the rules of these flexible employment arrangements.
Provide opportunities for growth
Look at your present workers first when hiring for a new role. Examine the internal environment to determine if there are any existing team members who would be a good fit for the new job and could help you go to the next level. Make sure that all employees are aware of the internal opportunities and that they have the opportunity to apply if they are interested.
Resist the need to micromanage
Giving clear guidelines and providing enough space to accomplish what they need to do while providing feedback is often the best method to manage your staff. Employees are more likely to depart if they believe they are not trusted.
Many businesses have a slew of rules and restrictions in place because they are concerned about a loss in productivity. Yet individuals are frequently most productive when they are relaxed and given the freedom to complete tasks in their own way.
Create a system of rewards and recognition
Every person wishes to be recognised for their efforts. Make it a point to thank your direct reports for going above and above, whether with a gift card, an additional day off or a note of appreciation. You may also create a formal incentive structure to encourage creativity and outstanding ideas.
Provide opportunities for professional development
Your top employees are already excellent at what they do, but they want to improve their abilities even further. Make professional development and advancement a priority in your organization, since this will encourage top employees to stay longer.
To link senior-level executives with your best achievers, you may implement a learning management system or create a mentoring programme. You'll end up developing a pool of prospective future leaders from within your business, in addition to contributing to a healthy culture.
Exit interviews should be taken seriously
Exit interviews provide you with important (and sometimes actionable) information about what your firm is doing well and where it needs to improve. Employees depart for a variety of reasons. Take the input seriously and use it to keep the remaining employees since, if done correctly, these sessions may be a valuable source of information about your company's health and well-being. Remember, you'll only get such candid criticism from your present staff on rare occasions.
