Employee Retention Strategies That Every Business Should Follow
A business’s success depends largely on its workforce and employee retention plays the most vital role in it. However, the issue is that most companies are under the impression that their job is done after recruiting the best possible employees to their team, but in reality it is just the beginning. In fact, when an employee decides to leave, the average cost to the company to find replacement for a mid-level personnel equates to an average of 20% of their annual salary.
Especially, with the Great Resignation doing the rounds across the world and employees quitting from the workforce from almost all sectors, it is crucial for an organization to maintain a robust retention strategy.
To combat this alarming trend, our team of experts have devised four major employee retention strategies that companies need to keep in mind to keep their employees feeling valued and happy and also to reduce absenteeism and create a positive business culture.
1. Be Authentic During The Recruitment Process
Of course every organization wants to employ the very best of candidates in their payroll. While sourcing for the best-fit candidates, it is also important to be authentic and realistic when stating their roles and responsibilities. In short, it is wise not to make empty promises that won’t be kept. Be crystal clear about what is expected out of them by giving out a vivid imagery of how their ideal day at work will look like. This needs to entail their job structure, day-to-day responsibilities and other potential components of their role. Transparency is paramount to employee attraction and retention.
2. Offer Them A Lucrative Package
This goes without saying and is quite self-explanatory. Even though there are a lot of factors on which an employee chooses their choice of organization, the compensation package is indeed a great motivator. To stay relevant in today’s market, organizations need to put together a lucrative package that would quench the needs of the modern employee of today. Although an attractive base salary and incentives work, it also needs to be kept in mind that potential candidates also look for other benefits offered by the organization. For example, a mandatory paid period day off could be a benefit that can help attract and retain a top women talent.
3. Make Onboarding Seem Like A Walk In The Park
According to an employee onboarding survey conducted by interviewing over 1000 workers, 31% of people have left their job within the first six months of their tenure out of which 68% of them departed within the first three months. It is a blunder if an organization has recruited a potential talent and left them on their own to figure out what they need to do. It is pivotal to ensure that an employee doesn’t feel left out and for that you need to establish an engaging and purposeful onboarding experience. Make sure that they are introduced to important stakeholders that they will be working closely with and that they are equipped with sufficient knowledge so they have a comprehensive understanding of your organization. More importantly, guide them properly and gratify them with early wins. This creates a sense of belonging among the employees and improves the longevity of their careers in the organization.
4. Deploy Efficient Learning and Development Strategies
This is a tough time of the year for both businesses and its employees. Furthermore, due to the pandemic and the prolonged burnouts caused due to stress and work from home, the employees lack the motivation to work. Even though most organizations are thinking along the lines of cutting costs and making their bottom line more efficient, they must also keep in mind the professional growth opportunities for the employees. In fact, according to a study, 59% of the millennial workforce claim that development opportunities are extremely important when deciding whether to apply for a position.
Encouraging your employees to take part in virtual events, webinars and skill development sessions tend to ultimately boost their on-job performance. When an employee feels the professional development, naturally their commitment towards your organization will increase manifold.
There is no sugarcoating when we say that devising a robust strategy for employee retention is indeed a daunting and time-consuming task. However, that being said, implementing these ideas will ensure that a lot of time and money are saved not just by retaining the valuable resources within the organization, but by also promoting a positive workplace culture.
Want to build a formidable team that you can strategize on retaining? Get in touch with us today! Let’s talk!