HOW TO BOOST EMPLOYEE RETENTION?

Employee retention is a critical issue that many companies face at some point. A high turnover rate can harm a company, while a good retention rate can keep a workforce productive and engaged. To achieve this, you need a well-planned and implemented retention strategy.

But how do you determine the right approach for your business and industry?

While there is no one-size-fits-all plan, there are effective ways to increase employee engagement and retention. These practices can help you avoid attrition and keep your best employees.

Why Is Employee Retention So Important?

Employee retention is key to the success of any organization. It not only keeps the business profitable but also helps attract and retain top talent. Keeping your most valuable employees benefits your company’s reputation as a great place to work and can lead to greater employee morale and productivity. Here are some tactics employers can use to retain their employees and avoid costly turnover.

Start with Recruiting

Retention begins with recruiting. It’s crucial to hire the right people from the start. The “right person” is someone whose skills, values, and personality align with the company’s mission and culture. They should be committed to thriving in their position and supporting the company’s overall goals. Success in the long term depends not just on skill set but on how happy employees are in their roles and how respected they feel. To achieve this, focus on:

• Clear Job Descriptions: Ensure your job postings accurately reflect the role and its requirements. This helps attract candidates who are genuinely interested and qualified.
• Cultural Fit: During interviews, assess whether candidates share your company’s values and will fit well within the team dynamics.
• Skill Assessment: Use practical tests and scenarios to evaluate candidates’ skills and problem-solving abilities relevant to the role.

Create an Inclusive Environment

Employees value a welcoming environment where they feel comfortable and appreciated. An inclusive workplace welcomes people from all backgrounds, races, religions, cultures, and abilities. Building an inclusive environment helps create a powerful culture that reflects the company’s core values. When employees feel included and engaged, they are three times more likely to stay with the company.

Provide Ongoing Support and Training

Providing ongoing support and training is essential for retaining employees and helping them grow professionally. A formal system of ongoing training, including employee development, mentoring, and coaching, should be part of the employment agreement. Employees need to know that their employer cares about them and that they have the support needed to succeed.

Promote Work-Life Balance

To help integrate a new employee into an organization, companies are turning to practices such as work-life balance to encourage employees to spend time at home with their families and reduce the stress of workplace change. Since work can be a stressful endeavour at times, and in today’s ever-increasing competitive workplace, it’s easy to fall into the trap of feeling as though you have to be on alert 24/7.

The reality is that when you’re working, you’re working, and if you’re not doing anything outside of work, chances are it will reflect in your day-to-day productivity. Everyone needs a break every now and then, and that’s when you need to keep in mind that proper work-life balance is key to retaining top talent. Policies that help promote work-life balance include the option of working home or encouraging vacation time.

Offer Perks

Many companies claim that perks help retain employees. So, what are perks? Perks are benefits, either in the form of money, products, or services, given to employees or customers that benefit the company or individual.

Perks are a common practice in the corporate world to offer employees perks to incentivize them to stay at the company and work hard. For example, offering free lunch or dinner, free snacks during their stay at work, or even providing their own cubicle or office area is one way to retain their services. Many companies are offering more benefits to retain their employees, including various perks such as discounted health insurance or gym memberships.

The First Step to Employee Retention

Human resources leaders face challenging times in meeting their retention goals. The job market is tough, and many people struggle to find and keep a job. Increased focus on retention strategies has helped, but it hasn’t been enough. Every company needs a retention plan, but few follow through on them.

Fortunately, HR companies such as emergiTEL can help with the recruiting process by ensuring that only qualified candidates most fit for the position are selected, resulting in longer-term employees. Long-term employees are more productive, more loyal, and more engaged. Learn more about emergiTEL’s services here. 

 

About emergiTEL: emergiTEL is a leading recruitment firm specializing in providing innovative workforce solutions across various industries. With a client-centric approach and a commitment to excellence, emergiTEL connects top talent with organizations, ensuring mutual growth and success.