Employees add a considerable amount of value to your business processes and help you attain your organizational goals. While it is crucial to hire fresh talent regularly, it is equally important to retain the valuable talent you already possess.
There are, indeed, many benefits you can get from focusing on employee retention, such as:
- Reducing turnover
- Improving your team’s morale and motivation
- Lowering acquisition and training time
- Increasing overall productivity
- Provide individual attention
- Give your employees opportunities to grow
Now as organizations prepare for 2022, they must navigate the challenge of attracting and retaining top talent in an increased attrition landscape. So let’s have a look at the best actionable employee retention strategies that you can implement within your company.
Recruitment and onboarding
Effective employee retention strategies begin with the hiring process.
Retention efforts can begin by setting the right expectations and learning about your potential hires’ priorities at the interview stage itself.
During the onboarding process, HR professionals should aim to go beyond just teaching a new employee about what the job entails. They should also try to provide a clear view of company culture and how new employees can flourish in it.
Providing personalized employee support
One of the most effective ways to leverage employee retention is by providing personalized support to your employees. The needs of employees across the board have significantly changed. They can no longer work effectively with generic support across multiple platforms. When you understand the context of issues faced by all your employees and tailor support based on their requirements, their engagement and productivity increase.
It is advisable to switch from the traditional employee-service desks to their modern counterparts. Modern service desks are equipped with AI and machine-learning technologies to provide personalized assistance to your employees. These platforms help you centralize the support provided to all your employees, avoiding any scope for confusion or chaos.
Invest in employees’ careers
According to LinkedIn, 94% of employees say they would stay with their company longer if it invested in their career development. In today’s economy, employees understand that they need to keep their skills sharp to remain competitive and move up the ladder.
Organizations can tap into their employees’ desire for development by providing structures like mentorship programs and investing in additional education for their employees.
Focus on managers
Have you ever heard the old line “people don’t quit jobs, they quit bosses”? Well, sometimes it’s true. A 2019 study found that 57% of employees have quit a job because of a poor relationship with their manager. Fortunately, leadership skills can be trained.
Companies should ensure performance reviews take management skills into account and offer training and mentorship to managers at all levels, especially if they are first-time supervisors.
Prioritize employee engagement
You can observe levels of employee engagement by picking on signs such as your team’s performance, collaboration, skill growth, etc. If you want numbers to support your observations, conduct in-person interviews or even employee engagement surveys.
How does meaningful employee engagement help with retention?
Engaged employees are passionate about their work, take pride in their organization, and feel respected by their employers.
Take a quick look at some straightforward ways to increase engagement:
- Encourage feedback
- Communicate with your employees
- Challenge your employees
Fostering a growth mindset and viewing failures as valuable experiences is essential to keep your employees engaged.
Ensure work-life balance
Some companies have extremely high expectations from their employees, and it’s understandable why this is the case. However, it is important to question whether this can really get the best result from your employees.
A balanced work-life situation is vital for employee satisfaction and wellness. When employees have less time for their families, health care, and leisure, they are more likely to perform poorly at work.
You’re also likely to have employee burnout when your team is overly-strained, which affects the quality of work and overall productivity. The bottom line is that having happy employees is worthwhile for your business’ performance too.
Additionally, since the Covid-19 crisis began, more and more employees are volunteering to work from home. Now that offices have started opening up, many employees are still willing to work remotely as it helps them balance their personal and professional lives effectively.
In a nutshell
In today’s tight labor market, the importance of employee retention strategies can’t be overstated. Since a few employees leaving the organization can quickly lead to lost morale and unmanageable workloads, it’s essential to be proactive by implementing effective employee retention strategies.
Employees who feel valued and believe that their companies are invested in their success will be happier, more productive, and more loyal—a win for everyone.