All organizations have to work hard to attract, hire and retain its talents. Most businesses have worked hard to ensure they attract the right talent but too sad they fail to know how to retain them. Such companies end up incurring such high costs of the turnover without realizing it. These companies need to run special and expensive processes to train and onboard new employees.
One of your best employees resigns out of the blue. Not only do you have to find a replacement for such a talented team member — no small feat when skilled professionals are in high demand, as they are today — but you also have to consider the impact this departure will have on the rest of your staff.
Whenever someone walks out the door, people notice. Some will even start wondering if they should start looking for a new job, too. Read on for our tips on building strategies that are right for your company.
All employees are different, of course, and each has unique desires and goals. They want to feel that they are appreciated by their employer and treated fairly.
An effective employee retention program addresses all of these concerns. But it also goes beyond the basics.
Onboarding and orientation — Every new hire should be set up for success from the very start, from the first day of work to the first week and beyond.
The job orientation is just one component of onboarding, which can last for weeks or months, depending on your organization.
Aim to develop an onboarding process where new staff members not only learn about the job but also the company culture and how they can contribute and thrive, with ongoing discussions, goals and opportunities to address questions and issues as they arrive.
Mentorship programs — Pairing a new employee with a mentor is a great idea for onboarding. New team members can learn the ropes from a veteran with a wealth of resources, and the new hire offers a fresh viewpoint to experienced staff.
That includes salariesof course, but also bonuses, paid time off, health benefits, retirement plans and all the other perks that can distinguish one workplace from another.
Every employee should have a full understanding of all the benefits they receive from your organization. Recognition and rewards systems — Every person wants to feel appreciated for what they do. Show your employees you appreciate them, and share how their hard work helps the organization. Some companies set up rewards systems that incentivize great ideas and innovation, but you can institute recognition programs even on a small team with a small budget.
Work-life balance — What message is your company culture sending? A healthy work-life balance is essential, and people need to know that management understands its importance.
Encourage staff to take vacation time, and if late nights are necessary to wrap up a project, see if you can offer late arrivals or an extra day off to compensate and increase job satisfaction.
Many companies offer telecommuting or flexible schedules to improve work-life balance for their employees. Training and development — In any position and industry, professionals want the possibility for advancement.
Ask each of your direct reports about their short- and long-term goals to determine how you can help achieve them.
Some companies pay for employees to attend conferences or industry events each year, or provide tuition reimbursement or continuing education training. Communication and feedback — Keeping open lines of communication is essential for employee retention.
Your direct reports should feel that they can come to you with ideas, questions and concerns, and likewise, they expect you to be honest and open with them about improvements they need to make in their own performance.
Dealing with change — Every workplace has to deal with unpleasant changes occasionally, and the staff looks to leadership for reassurance. If your organization is going through a merger, layoffs or other big changes, keep your staff informed as much as you can to avoid feeding the rumor mill.
Make big announcements face to face, and make sure you allow time for their questions. Fostering teamwork — When people work together, they can achieve more than they would have individually. Do this by clarifying team objectives, business goals and roles, and encouraging everyone to contribute ideas and solutions.
Team celebration — Celebrate major milestones for individuals and for the team. Whether the team just finished that huge quarterly project under budget or an employee brought home a new baby, seize the chance to celebrate together with a shared meal or group excursion.
Remember to assess your employee retention strategies at least once a year.Employee retention strategy. Employee retention strategy is the core driver of the retention policy in any company.
The leadership team which is set aside of the Human Resource Department has to measure the progress, successes as well as failures to know how to protect and retain their employees. Keep great employees at your company by implementing some of these simple and effective employee retention strategies shared by CareerOneStop.
Employee Retention How Successful Companies Attract and Retain Employees HR Veteran David Russo offers his insights on creating a winning dynamic with employees.
Third decade — employees want work-life balance and relocation benefits. Benefits that are valuable to your employees can vary according to your workplace demographics and geographic region.
Using internal workforce data and exteral workforce data in your industry to benchmark your workforce's priorities could be the best way to tell on an organizational and individual basis how to attract and . — Offer a competitive benefits package that fits your employees’ needs.
Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.
Dec 29, · Use this job diversity as another employee recruitment strategy to attract people who get bored easily and want to contribute to the success of the business in different ways.