At times, employee retention may be difficult to manage, but one of the best ways to retain employees is to remember why they chose your company in the first place. Here is what you need to know in order to avoid high employee turnover rates.
While good recruitment strategies are essential in building your workforce with top and ideal talent, it won't mean much if you can't keep those employees satisfied and retained.
What is Talent Retention?
Like any business, employees have wants and needs, and employment with your business should allow them to meet those wants and needs. Think of it this way: it’s a mutually beneficial relationship where you are useful to them and vice versa! If you stay useful, employees will feel more inclined to stay with your company as well as show higher signs of engagement and productivity.
Tips for Avoiding Employee Turnover
There are several factors that contribute to retaining employees. These factors help form a strong company culture and increase both productivity and business performance.
Some of these factors include:
- Respect to all employees, regardless of level
- Show an employee’s work is valued and appreciated
- Compensation, Benefits including Fringe Benefits
- Work-life Balance
- Trust between employees and senior management
- Job security
- Social interactions among colleagues
Having a solid retention program allows an organization to retain their best workers and assists with reducing turnover and its related costs. Businesses should have a strategic plan that focuses on how to keep employees motivated and focused.
Creating an Employee Retention Program
So how do you keep employees satisfied with their work and the company? First, you should do your best to meet the employees’ needs. Second, it’s important to establish a retention plan or program.
Here is what you need to consider when creating an employee retention program:
Recruitment
Proper recruitment practices can impact turnover. An organization should ensure whoever is recruiting knows and understands what the organization needs in an applicant. Throughout the interviewing process, it may be beneficial to show the candidate a realistic job preview. This will give the candidate a better understanding of what is expected of them.
Socialization
New hires and current employees should get a chance to know one another. Employees can share their knowledge and learning experiences.
Training and Development
Proper training is essential as it will provide employees with a complete and full understanding of their tasks and what is expected of them. We recommend providing learning opportunities that allow employees to continually update their skills such as training courses.
Compensation and Rewards
It may not seem obvious, but compensation and rewards are keys to retaining employees. As a suggestion, employers can:
- Tailor rewards to individual needs in a person-based pay structure.
- Link rewards to retention (i.e., increase vacation hours based on seniority, offer retention bonuses, etc.).
- Provide additional employee benefits like expanded or unlimited PTO options, provide paid parental leave, implement child-care options in the workplace, as well as provide hybrid and remote work options.
Your employee benefits offering can be a powerful tool for businesses looking to improve talent retention by offering additional compensation and rewards. While benefits administration can be time-consuming, businesses should look to benefits administration software.
Beyond retention, the advantages of benefits administration software include easier administration, a reduced risk of non-compliance, and more.
Supervision
Management should be cognizant of fair treatment as it’s an important determinant of retention. Focus on supervisory or management development and communication skill building.
Employee Engagement
When engaged, employees are more likely to find satisfaction with their job, enjoy their work life and its environment, take pride in their company, and feel valued.
Company Culture Surveys and Exit Interviews
Surveys that are conducted annually and exit interviews give the company insight into how employees feel about the company. Receiving truthful feedback shows that you care about your employees’ thoughts and opinions and that you are always looking to improve the workplace atmosphere.
How to Calculate Employee Turnover Rate
While implementing strategies to prevent turnover, its also important to understand how to calculate your current turnover rates to measure the effectiveness of your program.
Get Help With Employee Retention and Employee Turnover
Businesses who are struggling with employee retention, or companies not seeing success with their retention programs may want to reach out to an HR Outsourcing company that can help with things regarding workforce management.
Contact us today to learn how we are already helping countless businesses with employee retention.
