6 Employee Retention Strategies for Your Business
Techniques to Promote Employee Retention
Within any business, employee retention is pivotal to overall success. Not only is it important to recruit the most qualified candidates available on the market, but it is even more critical to retain these resources for the long haul. After all, studies show that the average cost to replace a mid-level employee equates to about 20 percent of their annual salary.
To combat the threat of turnover, organizations must devote themselves to maintaining a viable talent retention strategy. Our team put together a list of the top six techniques that can reduce employee absenteeism, reinforce your positive business culture, and enhance retention within your workforce.
Tips for Meeting Employee Expectations
Be realistic during recruitment
When interviewing a list of candidates for an open position, organizations must present a realistic description of the job during the recruitment process. Give your candidate an idea of what they can expect when on the job. Rather than making promises that you simply cannot keep, be forthcoming about the job structure, day-to-day responsibilities, and other key components of the role. This is one of the most important employee retention strategies that all companies need to keep in mind.
Offer a competitive compensation package
One of the most compelling parts of an offer of employment is the compensation package. To remain competitive within the market, organizations need to prioritize putting together a compensation bundle that fits the candidate’s needs. Not only is it important to present an attractive base salary and/or commission opportunities, but the benefits package must also be desirable.
Facilitate a structured onboarding process
Studies show that nearly one-third of all new hires quit their jobs within the first six months of employment. By establishing an engaging and purposeful onboarding and integration process, your new resource will be set up for success in their role. Be sure that they connect with important stakeholders, generate a comprehensive understanding of your organization, and accomplish early “wins” in their role. These efforts will only help to enhance the new hire’s long-term confidence and improve their chances of remaining with your company.
Provide ample opportunity for learning and development
Although some organizations have looked to cut costs and better their bottom-line during the pandemic, they cannot forget about professional growth opportunities for employees. The promotion of critical learning and development is pivotal to talent retention efforts. Enabling your employees to take part in online courses, virtual webinars, and skill-building sessions will ultimately boost their on-the-job performance. By committing to your employees, they will—in turn—commit themselves to your company!
To cultivate an engaging workplace, be sure to create a culture that recognizes and rewards your employees accordingly. By appreciating hard-working and loyal team members who have dedicated themselves to the success of your company, your workers will feel compelled to improve their performance for the good of the organization. Even the smallest of shout-outs and positive affirmations will go a long way toward fostering a more uplifting culture.
Promote from within
In addition to publicly or privately acknowledging employees and their efforts, companies should also strive to promote workers from within their organization. Rather than looking for external candidates to fill a vacant position, you should first start by analyzing internal employees that could be potential fits for the role. Studies show that employees who remain in the same position are more apt to leave an organization. By ensuring that your resources are being challenged with new roles and responsibilities, you will further strengthen overall employee retention efforts.
Designing an effective talent retention strategy to cut down on employee turnover can prove to be a time-consuming and laborious task. But by implementing some—or all—of these ideas within your company, your organization will save significant time and money by retaining valuable resources and creating a more positive workplace environment. We hope our staff retention ideas will help you in making employee turnover a thing of the past!
Looking to learn more about finding the right employee that fits within your organization’s culture? Check out this blog written by Acara Solutions India’s Director and Country Manager, Navin Gautham.