In simple terms, employee retention is the organisation’s ability to keep its employees productive and committed to the organisation. There are several policies and programs designed specifically to reduce employee turnover, however it’s the successful implementation of these policies is what makes the difference.
A well-established, well-defined and well-executed employee retention strategy is a crucial requirement for organisations who want to attain a competitive advantage. The creation of a highly-engaged workplace starts with having proficient employee retention strategies in place.
Hiring the best employees is not enough for a growth-oriented organisation. What’s important is to consider the retention of the star employees who are emotionally well connected to their jobs. These are your high potentials: the kinds of talent that help your organisation to move forward and be 100% productive. These are the employees who have the ability to give creative ideas, are highly invested, and take the initiative to go the extra mile. Your high potentials enjoy the process and the efforts, and also look forward towards the end result with a positive attitude. Leaders often call these employees “a joy to lead.”
In these challenging times, retaining the best talent can be an uphill task. Our employee base is changing. Millennials want diversity on their CVs and prefer job hopping. Long term commitment towards the organisation is subjective: growth is required. Otherwise, millennials won’t be afraid to move to a different organisation that can meet their need to grow. Tackling such issues can be a challenging task for HR leaders. However, there are strategic ways you can ensure employee retention. Here they are!
Hire the right people
The focus needs to be razor sharp – we need to hire the right person, at the right time, in the right role. It’s imperative to hire trained professionals who decrease job turnover. The hiring committee should assess the candidates for the role thoroughly. Candidates must be scrutinised so they have the essential skills and personality to align with the job and the culture of your organisation. The selection of the right candidate for the right job definitely results in higher retention rates in the long term.
Appreciate Employees for their efforts
Acknowledgement of your employees’ efforts – simply saying thank you or a verbal pat on the back – can make a massive difference. It helps in boosting employee morale, making them feel connected and appreciated in the organisation. While we’re not suggesting that employees should be complimented constantly, if someone does an exemplary job on a particular project then it should be recognised. Appreciation can be financial or non-financial, like a bonus check or a free meal voucher for a local restaurant.
Establish and encourage two-way feedback
Both employees and employer should participate in the feedback process to keep communication open and transparent. If the feedback is objective and unbiased, then the employee’s performance can become remarkably outstanding. The best employees usually accept developmental feedback as a growth opportunity and try to focus on building up their shortcomings.
Nurture Employee Wellbeing
Employee wellbeing is the overall health of an individual. This includes mental, physical, economic and emotional aspects of an individual. Progressive organisations always keep employee wellbeing as their topmost priority. Focusing on employee wellbeing is both advantageous for their people and the organisation.
Companies like Google have invested heavily in employee support, and they’ve found employee satisfaction has risen as a result. By supporting employees’ passion projects and creativity, engagement rose by 37%, so they know what they’re talking about! Google has always encouraged employee happiness and wellbeing because they know that these are the key ingredients in achieving organisational success.
Offer Competitive Compensation Packages
Reflection should be an ongoing process. Senior Management should periodically review employee remuneration to ensure you can retention your top talent. In order to achieve this, you have to provide them with a competitive reward system to keep them performing. Offering raises and incentives as per industry standards can help organisations to retain the top talent for a longer period of time.
In summary, employee retention is one of the key stages of the employee life cycle, and an area which should not be taken for granted. Like a plant, if we water it, it will grow!
For more advice and consultation for your HR needs, contact Oakwood today to see how we can help.