According to a research by Gallup, 60% of millennial are open to a job opportunity at any given point in time. Millennial are notorious for being job hoppers but one cannot blame them as they are always being lured by companies with better salaries, perks, benefits, promises of a better work life balance and what not? This is an age of cut throat competition and organizations want the best talent to work for them. This alone is a reason important enough to have a solid employee retention strategy in place and that’s what we are going to talk about in this post.
Here are 5 employee retention strategies for your organization. (Also Read: What is Employee Retention and Why it is important? )
- Picking the right candidate is the first employee retention technique
- Providing ample training and mentorship to employees is an important employee retention policy
- Offering competitive compensation, with regular rewards and recognition is one of the best employee retention practices
- Establishing easy channels for communication and feedback is a solid employee retention technique
- Promoting teamwork and collaboration among co-workers is an important employee retention strategy
Picking the right candidate is the first employee retention technique
The very first requirement for improving your employee retention rate is to choose wisely. Many times candidates are settling for temporary jobs although their long term objectives are very different from the business they are being hired for. They may be well qualified for the position and might also fulfill other miscellaneous criteria for getting hired, but if they are only looking for a job as a temporary solution then it is better to find someone else for the role. There are various ways to know whether these candidates are serious or not. You can check their previous work history to identify any pattern of job hopping. Also, make sure to ask the right questions during interview such as , why did they left their last job, or where do they look themselves in 2 years’ time. You can cross question and only if satisfied you may proceed to get them on board. It is better to be cautious than hiring somebody for the short term, as we all know recruitment process is both hectic and time consuming and since the person might leave anytime, and you will have to work on looking for a new employee again. All the efforts and time that goes into an employee’s training is only worth if the employee stays at the company for a significant time period.
Providing ample training and mentorship to employees should also be part of employee retention policy
Most organizations that pride on their talented workforce invest heavily in trainings of their employees. While hiring a well-qualified and highly trained employee should be a priority for every recruiter, it is also imperative to keep these employees engaged and abreast with the latest trends and technologies through sponsored trainings and certifications. After hiring the right candidate, make sure you periodically provide them with more training, essential to keep their skills from getting outdated. These trainings are not just an investment in their career, but will prove beneficial to your own business also when these trained employees will perform better and be more productive. Employees will definitely reciprocate by performing better using their newly learned skills and by staying longer.
Also, pairing a new employee with a mentor can work wonders for both the employee confidence and the company’s performance. It will be easier for new team members to learn the ropes from an expert who has a wealth of knowledge and experience at the workplace. Mentors shouldn’t be their immediate superiors or managers, but they can surely provide much needed guidance whenever required and be a learning platform for newcomers.
Offering competitive compensation, with regular rewards and recognition is a best employee retention practice
In this competitive labor market, if you want the best talent to stay, it is absolute must for companies to match their skills with attractive compensation packages. Not only that includes salaries, but also other variables such as performance bonuses, health insurance, paid time off, LTA, retirement plans and all the other perks that are required for sustaining a comfortable life. Plus, as a recruiter you should provide the employees with a comprehensive understanding of all the monetary and other benefits that they will receive from the organization. Also, the compensations should be revised regularly to match the industry standards. However, in addition to salaries, there should be a reward and recognition program in place that identifies the top performers, incentivizes innovation and promotes great ideas. Everyone wants to feel appreciated for what they do and therefore, show your employees some appreciation, by acknowledging how their hard work helped the organization. Also Read: The Importance of Employer Brand in Attracting and Retaining Talent
Establishing easy channels for communication and feedback is a solid employee retention technique
Ease of access and open lines of communication is one of the essentials for employee retention. Corporate structures usually follow a multi-level vertical hierarchy model which creates a gap between the junior employees and the senior level employees or the management. While this model works well for companies due to ease of management, it reduces transparency and does not serve the needs of the employees. The middle-management is usually seen as a barricade that prevents a large majority of staff from accessing and communicating with people who drive the company. A culture of transparency breeds loyalty and therefore there must be some mechanism in place that provides easy access to management. The staff should feel secure and confident that their opinions, concerns, questions will be heard and taken heed of. Such an environment will lead to making your company from just a good place to work for to a great place to work.
Promoting teamwork and collaboration among co-workers is an important employee retention strategy
People working in teams are always more productive than working alone. Also, collaboration leads to sharing of ideas and innovation. This also creates camaraderie amongst the team members and they feel more connected to work, and the workplace. Promoting a work culture where teams with diverse composition drive projects is not only beneficial for the professional and personal growth of the individual but also has a positive impact on the business bottom line. Also Read: Why Employee Engagement is Important?