There was a time in the global economy when unemployment was the rise. Extensive labor was exercised, and skill-based hiring was at a complete halt. However, great news for the employee when newer fields of skill-based jobs started popping up since the last decade. And by the end of these ten years, unemployment is at a record low level, worldwide.
But what about the employers who have to keep a stronghold on the staff of their organizations?
According to recent statistical publications, three million people in the US alone tend to quit their current jobs and strive for something better. An estimated 31% of employees leave even before they reach a maximum of the half-year mark. These figures clearly suggest that since employment has been gaining momentum, it has become tough for employers to hold on to the same employees for long. Therefore, an employer must retain their employees as replacing one takes up more revenue than the actual salary designated to each employee.
8 Great Employee Retention Strategies
Thus, here are eight excellent employee retention strategies that will help you set a solid base to keep your employees longer for the benefit of the company.
1. Hire the right employee from the start
Just like charity begins at home, employee retention starts from the beginning. As early as receiving an application for a vacancy, screening the likely candidate, and interviewing the potential applicant. You, as a responsible employer, need to identify what cultural aspects you will prioritize before hiring. For example, if entrepreneurism is your company’s cultural hallmark, then hire those candidates who have a track record of working and surviving in similar environments. This would be major sign of culture fit.
2. Prioritize the candidate for longevity
Many times it so happens that businesses hire employees to fix the current hiring situation or to fulfill the present situational need of their organization. What they forget at that time is prioritizing the candidate for longevity. The reason why you are required to hire for the same position as last month because as soon as the current need is fulfilled, the employee does not feel valued anymore and might leave for a better opportunity as soon as they get one. It is why never undermine your employee after their immediate need is fulfilled. Value them for their accomplishments that might deem helpful in the future too.
3. Offer considerable tangible benefits
Everybody is in this for the same reason you are in this for – and that is money. We work to earn a living. Even if the job or the career path we take is not our passion. We work for jobs that pay us well for our skills and learning. It is why the best kept openly understandable secret to employee retention is tangible monetary benefits. Organizations that have great policies to provide considerable tangible benefits like paid time off, occasional events, lunches and vacations, health and other types of insurances and compensations, all account for considerable tangible benefits that cause a knee jerk reaction to employee retention.
4. Empower employee growth
Never undermine the power of employee growth. The training that you provide on the premises should be considered as an investment in an asset. Organizations don’t focus on training and development, which is why many employees learn new tactics and skills and move on to working with other companies for better pay as they don’t see the potential of growth in their current situation. Therefore, it is always better to promote onboard employees to better positions and always have the growth option open than to hire a new employee altogether.
5. Promote open communication
If your employees don’t feel they can easily communicate their issues and have a constructive discussion with their bosses, it is about time you implement the open door policy. An open communication line is necessary for every employee to feel looked after. It is a focal core element for an employee to feel satisfied with their job if they think that they can freely communicate their worries with management and their head bosses. You can utilize online options like personal statement writing service UK to help you communicate with your employers.
6. Think about employee wellbeing
A business mindset is thinking that if your organization pays well and offers great tangible benefits, then there will be no issues in retaining employees. However, as much as getting paid values rightfully and validates your work, employee satisfaction values the actual human performing that job. It is in human nature to be attracted to what seems to care about their needs and wants. And any organization that actually looks after their employee’s wellbeing tends to retain them longer as job satisfaction is one aspect that people look for after the monetary benefits.
7. Conduct annual performance reviews
Annual performance reviews are a great way to discuss short term and long term goals formally and to understand the future prospect of the employee. Usually, performance reviews are more obligatory than considered a great strategy to know your employees better. However, they are a great help to retain a strong employee base because they help you set the pace and get on the same page as your employee. Annual performance reviews easily allow both the employee and the employer to discuss if they have their goals aligned. Any employee who wants to work longer with an organization will strive to get a better performance review for opening new promotional prospects for them.
8. Recognize and reward
Recognition and rewards never go in vain. Any employee that feels recognized and rewarded for his/her efforts will surely continue to work more diligently for the organization as they would consider themselves being appreciated for all that they have done. Small gestures like employee of the month award, bonuses for working extra or achieving a target, or gift vouchers for purchasing their favorite Han Solo jacket on special days like international holidays and birthdays are a great way to keep rewarding and reminding your employees of their value and regard for the company. You can even use social media for your advantage and highlight employee based on his/her achievement through dedicated post shedding light as to what they have done for the organization and how other can get inspiration to do the same.
All in all, employee retention is not a complicated process if worked out properly. Keeping in mind that employees are an asset that should be invested in is the right mindset to work with. As long as you are open with them and communicate your objectives, employees will rightfully continue to work with your company. Assuming that maybe only the material benefits are great to help retain employees is not right. Both tangible and intangible benefits associated with a job work hand in hand to provide the perfect balance for the employee to work long term for the company.