Employee retention is a critical issue as businesses compete for talent in such a candidate short market.
It’s a well-known fact that Employee Turnover can have a poor impact on an organisations performance; by understanding the reasons behind staff turnover, employers can implement diverse initiatives that both reduce turnover, increase employee retention and make for a happy, positive workplace!
Retention starts when recruiting:
Retention starts in the application process, screening applicants and choosing when to interview. Identify what aspects of culture and strategy that you want to emphasise and seek that our in your candidates. Equally, when recruiting you can look at indicators that show their own personal ‘longevity’ at previous jobs.
This process can be a daunting, time-consuming task, so you may choose to entail the help of a professional, specialist recruitment consultancy to find the best-suited talent for your unique needs.
Furthermore, Dan Pickett, CEO of New York founded ‘Nfrastructure’ states: “You’re looking beyond what’s written on the resume. Have they worked at a company for many years through ups and downs? That speaks to loyalty, perseverance, engagement.”
Other factors that you can also look for, are: whether they enjoy socialising, playing team sports or committing to volunteer or participate in other activities. This can help you to understand if they are invested in people, a team, a sport. Yes? But they also have the mindset to stick with something they really, truly care about!
The first steps:
- Find out why employees are leaving?
- Who is leaving – for example, is there a particular department, team or demographic group from which you’re seeing an increased turnover from?
- What is the impact of employee turnover on the organisation – is it impacting productivity, morale, or even revenue?
By finding out this information, you’ll be able to discover any potential problems and then build a retention strategy that focuses on the particular issues and causes of turnover. Is there something that can be resolved easily, or needs investigating further with the team?
At EDIT Recruitment, we’ve had a think about some key areas to address when it comes to employee retention. Read on…
Ongoing Education & Clear Paths to Career Advancement:
By maximising opportunities for employees to develop skills and, ultimately, their career, will enable them to feel like they have a long-term future in their business.
Promoting from within not only provides a clear path to greater responsibility and salary increase, but it also helps employees feel that they’re valued and a crucial part of the company’s success!
Of course, promotions go hand-in-hand with employee development and education, and this should be another tool in your retention strategy. By offering on going, in-house or external training to employees, new technologies or new processes; furthering your employees’ education can help them feel valued and invested in a company.
Promoting from within not only provides a clear path to greater compensation and responsibility, it also helps employees feel that they’re valued and a crucial part of the company’s success.
Of course, promotions go hand-in-hand with employee development and education, and this should be another tool in your retention strategy. Whether by corporate training to help foster the acquisition of new skills, new technologies or new processes or through tuition reimbursement from outside courses, furthering your employees’ education can help them feel invested in the company, he says.
Offer the right benefits:
Benefits and unique job perks can play a large role in keeping employees happy, engaged and healthy.
However, benefits can go far beyond healthcare coverage. You also should consider offering stock options or other financial and/or gift incentives for employees who exceed performance goals or who stay with you for a certain time period.
Flexible work schedules (such as flexi-time & Friday’s off), the opportunity to work remotely and unlimited holiday allowances also go a long way toward helping employees feel they are valued well beyond what they contribute at the workplace. Along with this, flexible working arrangements ranked fourth among the top benefits for retaining talent, behind health insurance, bonuses, and paid time off.
By thinking outside the box about what your employees want from you as an employer, you’ll be able to prioritise what result you best want from the perks that you offer. Is it increased trust, productivity, or happiness in the work environment?
Be Transparent, Fair & Open!
Creating open communication between employees and management can help foster a sense of community, togetherness and a shared purpose.
Regular meetings in which employees can offer ideas and ask questions as well as “open-door policies” that encourage employees to speak frankly with their managers, help employees feel they are valued and that their input will be heard.
By using the likes of SurveyMonkey and Wufoo, you’ll be able to create personalised questionnaires that are anonymous, yet allow for HR or managerial level members of the team to identify issues early on and put measures in place. Or at least to address these individual issues!
In turn, by being open and transparent, you’ll be able to say what you can and can’t commit to when addressing morale or issues that have arisen in the workplace. Equally, employees will be appreciative that they are being heard and listened to – in turn, this will hopefully aid retention, even if there is no way that the business can address their challenges at the moment.
Listening and addressing main concerns will be your priority, at this point.
Ultimately, be Prepared for Turnover:
As mentioned earlier, of course, turnover is inevitable. Businesses must always be prepared to lose star talent, especially if they have the opportunity to move into their dream job. The fact of the matter is, is that as long as you do your best to ensure that people are happy, and have respect for you and your culture, that you will find this talent again.
What do you think of the initiatives above? Do you have anything that you have implemented that you feel help retains your talent? Let us know in the comments, below.
Don’t forget, if you’re an employer or business owner, there is always help out there to assist you with recruiting the best fit for your culture. Feel free to contact our team and we will gladly assist with your specialist recruitment needs.
If you’re an employer looking for your next exciting opportunity, you can take a look at our most recent vacancies here.