Hiring the best person for the job is the easy part. Once you have top talent in your workforce, it is now your responsibility to keep that talent. This is much easier said than done.
The same qualities that make those employees valuable to your company are the qualities that will make them valuable to other companies as well. Because of this, employee retention should be of the utmost importance.
Employee retention is the concept by which companies are able to keep their workers happy, engaged and away from the job listings. Retention allows you to keep consistency in your workforce, which will promote productivity, boost morale, and heighten your earnings.
In order to keep your top talent around, here are five tips to improve your employee retention rate.
The modern workforce is evolving rapidly, and there are plenty of jobs out there that cater to the unique preferences of employees today. Therefore, if you really want to keep your top workers from leaving, you have to be flexible. If you are too rigid in your scheduling or office setup, then your best employees will turn to other companies that are more supportive of their needs.
You can encourage retention by meeting the needs of your employees. Offer flexible schedules that accommodate their personal lives. Support employees who want to work from home.
These things are no longer rarities in the workforce. If you do not offer this kind of flexibility, you can bet that your best workers will find another employer who will. Flexibility will not only help you retain the best of the best, but it will also help you attract the best.
Improve Your Engagement Strategy
If your employees are just showing up for a paycheck, they are not engaged. Engaged employees feel invested in their work and the company, which makes them work harder and more dynamically.
If you want to know how to retain employees, you have to start with engagement. You can build engagement from day one. Make sure your employees know what your company is all about, and make sure that your expectations and goals are clearly set.
Then, as your employees experience success, it is your duty to acknowledge that success. Set up a reward program to honor employees who excel. Make a point to tell employees that they are doing a good job. Employees need to feel like you are invested in them if they are going to be invested in the company for the long haul.
Nurture Recent Grads
There are advantages to hiring experienced employees, but it can be worth your time and effort to develop employees who have just graduated. These recent graduates have the latest education and the best training.
They also tend to have the enthusiasm to tackle anything. You can capitalize on this enthusiasm. By hiring employees fresh out of school, you can train them your way. You can establish their work habits, and you can set their expectations for engagement.
However, most new graduates leave their first job in less than a year. Make sure this does not happen in your workplace by fostering their growth.
Create a strong support system to bring them onboard. Establish a mentorship program, and be sure to provide consistent feedback. Also, make sure that they have the opportunities to express their concerns or questions. Keep lines of communication open with these new graduates in order to help them get fully integrated into your company culture.
Communication is a two-way street. For employers, you need to make sure that your expectations are clear from the very start. You must coach your managers to provide clear guidance to their teams in order to make sure that your company message is consistent.
Employees, by contrast, need to know that they can ask questions and get support as needed. In too many cases, employees have no way to express frustrations or seek clarification. This can lead them to flounder and feel unsupported.
Additionally, make sure that communication is multifaceted. If you only communicate with employees about their weaknesses, they will feel discouraged. Instead, support employee welfare. Provide positive feedback. Honor employee success. Take employee feedback seriously at all levels.
Provide Development Opportunities
Companies need to acknowledge that employees want to grow and change. It is a natural human ambition to strive for betterment. If you do not create development opportunities for your employees, they will look elsewhere to be satisfied.
A development program should be dynamic and respond to each employee individually. It pays to create a profile for each employee, identifying his or her strengths, weaknesses, experiences, and goals.
It also pays to invest in professional training that supports your company goals. You can lead seminars in the office or allow employees to go to conferences, take online classes, and more.
Chart the progress of each employee. This shows you the return on your investment and helps your employees acknowledge how far they have come.
Retention Strategies Always Pay Off
Employee retention is about acknowledging that employment is a dynamic partnership. Your employees are valuable assets to your company. If you want to keep them productive, you need to keep them happy.
Therefore, taking the time to invest in employees through engagement, development opportunities, flexibility and more will yield benefits for your company in the long run.