After you’ve put the time and effort in to recruiting people for your business it’s equally important to develop a retention strategy to ensure your performers stay.
There is a variety of reasons why employees look to move on and you can never fully stop that from happening. But, with a thought out, action led and reviewed retention strategy your employees will feel more valued, listened to and invested in which in turn should reduce attrition.
Check out our top 10 tips on employee retention:
Promote your company’s culture
Employees who feel a strong attachment to their company’s culture and values tend to be more loyal and engaged. Ask yourself if your values are clearly communicated to your employees (both at the time of hire and throughout their employment) and whether your policies and practices reflect those values. Create a culture where people love coming to work everyday. One where they feel trusted, empowered and treat fairly.
Develop effective leaders
Employees often leave a job because of a poor working relationship with their Manager. To be effective, Managers need proper training and guidance on performance management, communication, applying workplace rules and policies and employee development.
Create an attractive package
An attractive pay/benefits package can put your company ahead of its competitors. The right mix of direct compensation (wages, salaries, commissions, and bonuses) and indirect compensation (holiday days, pension, health insurance etc.) is key. Develop a total compensation plan that balances attracting and retaining top talent with keeping costs under control.
Pay attention to your top performers
Top performers are typically harder and more expensive to replace. Consider performance-based bonuses or greater autonomy and responsibilities to recognise and encourage exceptional work.
Many employees seek challenging and varied work, two factors that can keep employees engaged. Where possible, design jobs with a range of tasks and allow top performers to work on new or high-profile projects. To help avoid monotony, allow employees to use different skills or cross-train employees on new responsibilities.
Workplace flexibility is really attractive for many employees. It can help attract and retain candidates and reduce the number of unscheduled absences. You may wish to consider implementing flexible work arrangements, such as the option to work from home, alternative start and finish times or compressed workweeks.
Recognise and reward
Recognition shows employees that their work is appreciated. Recognition can come in the form of an “Employee of the Month” incentive, an announcement in company communications, or a note from a supervisor or head of the company. Rewards can be monetary and non-monetary but based around each individuals’ motivators will really hit the spot.
Train and develop
Provide employees with training and development opportunities to promote employee commitment. Even if there aren’t a lot of opportunities to move upward, you can still help employees develop skills and knowledge that will serve them in the future. Engage employees on a regular basis to determine their training needs and career development interests. Consider internal and external training opportunities, mentoring, job shadowing, cross-training, and professional development classes.
Poor communication can lead to misunderstandings, distrust, reduced performance, and other negative consequences that can increase turnover. Communicate openly with employees about performance, the company’s goals and business results and give employees multiple ways to provide you with feedback such as regular staff meetings, an employee suggestion program, and employee satisfaction surveys.
Find out why employees leave
Conduct exit interviews with departing employees to find out why your employees have chosen to leave. Exit interviews can help you identify any weaknesses so they can be addressed before the next employee leaves.
Investing in your current employees can ultimately help your bottom line while creating a positive, productive work environment.