A successful business requires consistency in all areas, including employees. Having a high retention rate means that an organization is able to keep team members on a long-term basis. This means that less time and resources are required for training new employees, and let’s not forget about the importance of loyalty.
The retention of motivated and positive employees is essential to the success of every organization. You can’t expect to build a successful company if your employees are coming and going at a rapid pace. The longer an employee stays in a role, the more skills they acquire, and the more valuable they are to the organization.
With that said, here are eight strategies for implementing effective employee retention.
1. On-boarding and orientation
It’s all about setting your employees up for success from the very beginning. From day one new employees should be taught about how things work - the information needed to function daily, where to park their car, ID cards, regulations and policies, and all other important things. Don’t forget about the technical side of the job. Just because a person is hired for their skills and experience, it doesn’t mean that they know how things work within your organization. It’s important to clearly outline what’s expected of them, as well as introduce them to any new systems that they may be required to use.
2. Match expectations, responsibilities and rewards
Most of the disatisfaction experienced by employees in the workplace is due to a clear mismatch between expectations. This is why clearly defining expectations from the very beginning is so important. Let’s not forget about cases where employees feel as though their efforts aren’t being fairly rewarded or recognized for their work.
It’s so crucial in today’s competitive labour market for organizations to offer lucrative compensation packages. This includes; salaries, health benefits, paid time off, and bonuses.
3. Training and development
One area where you can really improve on employee retention is in training and development. Equipping employees with the necessary skills to perform their jobs and helping them to build their careers shows respect for them. It shows them that them that their work is appreciated and that the company cares about their professional growth. This ensures a motivated workforce and results in greater productivity. It’s about supporting and encouraging employees’ career plans.
4. Conductive work environment
The work environment is one of the key factors attributing to employee retention. If employees are working within an organization that has effective management team, strong ethics and culture, open communication channels, and where all employees feel as though they are a valued member of the team, they are more likely to stick around. There will always be work-related stress, but it’s about keeping the pressure minimal and creating a conducive work environment that employees are happy to be a part of.
5. Managing the work-life balance
In the 21st century work-life balance has become very important to employees. When organizations ignore the fact that employees are people and not machines, big problems arise. As a company you don’t want employees who are unhappy and hold grudges against you, and then quit. Giving employees time off, allowing them to leave early, and understanding that they have a life outside of the office are small things that go a long way in ensuring people are happy and productive in the workplace.
6. Communication and feedback
Employees who don’t feel engaged or involved tend to feel disconnected from the organization. When they do, other opportunities that arise become more appealing. Keeping open lines of communication is important so that you know where your employees heads are at. If there’s something that they are unhappy about, you want them to know that they can tell management about it, and measures will be put in place to fix it.
7. It comes down to effective management
Typically, employees don’t quit jobs, they quit managers. Since the employee is working directly with the manager, basically the manager is representing the company to the employee. This is why employee satisfaction is so closely linked to the manager. If managers aren’t actively working to ensure that the work environment is conducive for employees, problems may arise. Managers need to show employees that they have their best interests at heart and should work together with them to achieve goals.
8. Bond beyond work
Lastly, it’s important to create an environment to interact and communicate with each other outside of the workplace. Organize informal chats over a cup of coffee - that doesn’t involve any work talk. This helps to create a warm and nurturing environment, opposed to a strictly formal relationship.