Most companies would choose to invest in ways to enhance employee retention over hiring and training new ones. The process of replacing employees can be expensive. You have to spend time and resources on finding, interviewing, and acquiring the best talent out there. When you already have quality employees, it is much more cost-effective to find ways to keep them. One of the most essential ways to improve long-term retention is to build a culture of learning and professional development.
-According to a 2015 Payscale report, 57% of employers place employee retention as a top priority.
Executives and managers need to be ready to adapt to the needs of their employees. This process starts at the very beginning. For example, it might seem like a good deal if you can negotiate a new employee’s salary under market value. However, this can come back to bite you when they leave for a better offer, taking the training and experience you provided with them. There are several strategies and methods you can implement that will boost your retention and employee happiness.
Ways to Develop Higher Employee Retention.
- Hire Correctly: A significant portion of companies lose employees in the first 120 days of employment. Your human resources personnel need to keep this in mind when hiring. The culture and requirements of the position need to be made clear. Shrouding the negative aspects might seem like a shortcut to getting someone hired, but it won’t result in long-term employment.
- Embrace the Referral Process: Referred employees have some of the highest retention rates in any industry. This is partially due to the fact that your current employees already understand what the job needs and the type of people that could fill a position. Referrals act as a free screening process. Employees are also less likely to refer someone who is a poor fit because it could reflect poorly on them.
- Don’t Get Too Comfortable: In a busy workplace, workers who require more supervision often draw more attention. Your employees who struggle less still need your attention, however. Not being recognized can lead to feelings of resentment, so don’t underestimate the power of encouragement or recognition.
- Check-In with Your Workers: Establish regular times to check in with your employees. Discuss their goals, challenges, and triumphs. Find out ways they think things could be improved and be willing to listen. Employee engagement will also foster retention.
- Don’t Hide: Many leaders fear to be transparent. The truth is that this can lead to workers feeling like they are lied to. Build a culture of teamwork by offering transparency on how your company is succeeding. Be honest about what can be improved and recognize those departments performing well.
- Follow Through: When you make promises to your employees make sure you can back them up. This is true for raises, bonuses, or even day-to-day operations. Following through on your promises build a relationship of trust between you and them. Companies that foster trust and partnerships with their employees have shown higher rates of retention.
- Develop a Culture of Learning: When you bring all of these strategies together, you will see a workplace where employees know what is expected of them, feel equipped to succeed, and see room for growth. Employees will stay at a job if they see a future there for them.
Providing a future for your workforce means understanding their needs and finding ways to deliver them. Building a culture of retention starts with hiring the right people, rewarding their success, and fulfilling your promises to them. Today, a business leader needs to be willing to learn and grow along with their labor force.