Retention is a business’s ability to keep employees and reduce turnover. The most effective way to improve employee retention is to refine your retention strategies.
Having a well-established employee retention strategy provides a competitive advantage. The ability to retain top talent — even in tight hiring markets — may allow companies to operate more efficiently without the disruption caused by employee turnover.
You can increase your ability to retain valued employees using the following strategies.
1. Optimize Onboarding
Providing new hires with a successful start is important. If employees begin their job with a poor start, they may have doubts about their future at the company. Once you’re confident that you’ve found the right candidate for the job, the onboarding and training process begins.
An employee’s onboarding process extends beyond signing a contract, touring the office, and setting up the desk. A successful onboarding process includes introducing new employees to the job and explaining the company’s culture and how new employees can contribute and thrive.
Training and support provided from the first day, whether in person or virtually, can help the employee feel welcome and supported. By making them feel comfortable and capable from the beginning, you increase the likelihood of retention.
2. Encourage Skill Development
In many companies, workers don’t receive ongoing training and education. No advancement or improvement opportunities leave employees dissatisfied in their roles, making them less likely to stay.
The key is to offer ongoing training and a pathway to help your employees achieve their professional goals. The aim of the training should be to expand employee skill sets. The importance of upskilling your employees is even greater today as technology continues to change our business practices.
Give your employees options based on their growth goals. The following are some growing options you can explore:
- Allowing your employees to attend industry events and conferences.
- Recognize and reimburse participants of continuing education and certification programs
- Encourage internal knowledge-sharing sessions where employees can learn from one another.
- Organize coaching and mentorship opportunities
Creating a developmental path for your employees gives them a goal to strive for. By creating a powerful incentive for your team members, they are more likely to stay over the long haul.
3. Invest in Recognition and Rewards
We all want to feel appreciated for the work we do. Awards programs at work are a great way to make employees feel valued and seen. Retaining employees is 41% more likely in companies with frequent recognition programs.
You can implement compelling recognition programs even if you have a small team or a limited budget. Some companies even have peer recognition programs where coworkers nominate each other.
Creating a consistent recognition program requires balancing social recognition and monetary rewards. The key is ensuring the compensation your organization offers is appropriate.
4. Always communicate
A lack of communication can make your workers uncertain about their future, especially their work status. The possibility of seeking new employment may be greater for a worker with doubts about the stability of their current job.
Your employees should feel comfortable approaching you with ideas, concerns, and questions. Engaged employees value their job, find joy in the job, and believe their employer values their contribution.
Your job as a leader is facilitating timely, constructive, and positive communication across your team. Check-in regularly with each team member to understand their workload and job satisfaction.
A company’s most valuable assets are its employees, so retaining them is in everyone’s best interests. The above retention strategies are just some of the methods you can use. Among the other techniques for employee retention is simply hiring the right people from the start.
For help recruiting top-notch employees, don’t hesitate to contact us today.