Our HR expert will bring you 5 applicable advice to create the best employee retention strategy for your business.
Whether you’re new to the role or a seasoned manager, employee turnover is always a headache. Not only in the amount of work and efforts involved in finding a replacement, but it’s also in the challenge of boosting employee morale, especially in the case of serial departures. It’s no wonder that employee retention is among the top priorities for managers and companies. But what exactly do you need to consider in your retention plan?
Read on our 5 experts’ advice to build the right employee retention strategies for your company:
Employ talents selectively
If you want to retain talents, you should ensure that you have the right fit for each position, which means you need to be careful about the hiring process. You should prepare a detailed job post and use in-depth interview questions. Then, plan to build a professional and positive impression with the candidates.
More importantly, be honest and don’t sugar-coat the job just to place a candidate. New hires will sit tight at a position if they’re well-informed about their role, the team, and your workplace culture during the hiring process. Once they find out the reality is far from their expectations, they possibly leave the job soon.
Create a competitive compensation package
The Adecco 2019 Career Choice & Work Motivation reveals salary and financial benefits is the highest-ranking factor when it comes to making a decision on the new job. Next on the list are professional recognition and job satisfaction.
Compensation and benefits are important to keep your employees happy, engaged and enthusiastic about their works. Hence, do your best with the salary negotiation and don’t pay them below market standard. In case you’re unclear about the standard for your industry or positions, you can always check out Adecco Salary Guide 2019.
Besides, there are different benefits such as stock options, insurance packages, flexible working hours, additional leaves, performance awards, etc. Put your effort to help your employees feel they are valued well.
Be open and ready to listen
The key to a lasting relationship is understanding. In the workforce, the best way to understand your employees is through open communication. You can set up regular meetings with employees from all levels to update on business status, policies and deliver new goals for the coming months.
However, this meeting should also include questions about their ideas, feedback or any support needed to achieve the goals. Your employees should know exactly how they contributed to the company's success and their inputs are noticed. Make the meeting a conversation, not a lecture.
Express your recognition and appreciation
Recognition seems to be simple, but even the bests managers sometimes let it falls through the crack.
This could be a concise email or handwritten note to show your gratitude after the team had tried their best to complete a tough project. Or else, you can sponsor them at a conference, event or course that will help to advance their personal qualifications. For important achievements, a prize will be an appropriate way to encourage your employees.
Encourage personal development
Our Career Choice & Work Motivation also indicates that the lack of professional development is the main reason for people to quit their job. Above all, when employees improve their skillset, the business also performs better.
To improve employee retention, provide them with opportunities to learn and grow with your business, including training, coaching, or spending extra budget on books, event tickets or courses, workshops and internal boot camps for cross-skill development. You can ask for their opinions on what they need to excel in the job to draft the training appropriately.
Conclusion
It’s never too late to review your employee retention strategy and keep your employees motivated at work. Take your first steps using our advice and be patient to see how your effort result in a great place to work.