It’s an age-old question amongst managers and HR teams: “Why do good employees quit?” Unfortunately, many organizations get so wrapped up in rooting out the source of discontent in their workplace that they spend less time actually addressing retention issues. In reality, some of the smallest shifts in company culture, employee motivation tactics and compensation can have the greatest impact on talent retention.
Here are four powerful HR retention strategies that often get forgotten, overlooked or downright unconsidered:
Promote from Within
Many companies have a tendency to immediately look outside their own walls when it’s time to fill upper-management roles. However, this tactic can send shockwaves of negativity and dissatisfaction throughout the workplace, driving ambitious employees to feel unvalued and unwanted.
Hold “Stay” Interviews
The “exit” interview is a standby in the workplace. But what may be even more valuable for companies are “stay” interviews, where business leaders can pick the brain of longer-tenured employees in order to learn more about why they have stuck it out with the organization.
Invest in Employee Development
If employees feel they’re getting better at their job, becoming more knowledgeable and learning new skills, they’ll be more likely to stay with an employer. That’s why it’s important for companies to foster an environment of learning inside their workplace. How? Training classes, skill workshops and tuition reimbursement programs are great places to start!
Offer “Small Perks”
Sometimes the littlest benefits can make all the difference when an employee weighs whether to stay at their current job. Perks like “casual Fridays”, “donut Mondays”, free dry-cleaning pickup, and discounted gym memberships may not seem like much, but they may be the benefits that stand out the most on an employee’s total compensation statement.
For more overlooked HR retention strategies, check out this article from the Wall Street Journal, then read our blog “Creating an Innovative Company Culture in 5 Easy Steps” to learn how to leverage retention tactics into building an employee-centric workplace.