Increasing employee retention is one of the main goals every employer faces, A recent study revealed that 87 percent of employers reveal that...
Increasing employee retention is one of the main goals every employer has, In fact, a recent study revealed that 87 percent of employers state that improving employee retention rates within the company is one of their top priorities.
What is Employee Retention?
Employee retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period).
According to Wikipedia, many consider employee retention as relating to the efforts by which employers attempt to retain the employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.
As an employer with many employees, it is paramount that having happy workers is a main focus of this whole process. The best scenario a workplace can have is a employee that is not only happy but has been working for the organization for a good duration.
Let's face it. Most of the time someone's happiness has nothing to do with an employer's actions and solely reflects the individual. With this being said, we will fill you in on the best practices that many of our clients use to retain their employees.
1. Manage expectations
Managing expectations is crucial for improving employee relations and retention. Employees understand their role, goals and objectives when expectations are established clearly.
In addition to employees understanding what is expected from them, being an employer, actions and rewards need to be practiced when these expectations are met or exceeded.
This can only be done using having transparent communication with one another.
2. Set clear goals and objectives with a plan
Employees who have no direction of their own and company’s goals often feel excluded or lost. No clear motive or route to an objective causes low employee satisfaction. Make sure to give your employees small tasks that can lead up to the big picture.
In order to boost employee productivity and increase retention, you have to give them clear goals to work towards.
In addition, it is crucial that you communicate your company values to all of your employees as soon as they are hired.
3. Offer career growth opportunities
Career growth opportunities have a enormous impact on employee retention. Not being able to advance can be very discouraging for employees. Who do you know likes to be in a dead end job, let alone be happy in one? Being in the same position for many years will surely make the employee want to leave.
Still not convinced? Here is another stat.
LinkedIn’s 2018 Workforce Learning Report states that 93% of employees would stay at a company longer if it invested in their careers.
4. Improve workplace culture
According to a Hays report, 43% of employees said they were looking for a new job because of a poor corporate culture.
Does your workplace have an identity and your employees are proud of being there? Can they talking about work in a positive light? If so, you are doing something right. If not, you need to rethink your company's identity.
In addition, connection among your employees is extremely important. Being an employee that works at a job that no one communicates with each other or hates it, tends to be a horrible scenario. Make it a point to do group activities or give them lunch every now and then.
5. Support knowledge sharing
Knowledge sharing is an ideal way for employees to learn from one another and even learn new skills. This is all part of gaining experience, especially for a intern.
Employees that give out insight tend to be labeled positively. Employers need emphasize the importance of knowledge sharing among one another so the organization can thrive.
You can enable people to share their knowledge on webinars, presentations, mentoring and team assignments. Employees like to share what they know, and training others is a fantastic way to improve learning and development at any company.
6. Improve your hiring process
Hiring and attracting the right employees is not an easy task to accomplish.
Many employers believe that poor skills matching is the leading factor that follows a failed hire. Employers need to be very clear about what needs to be done and completed for the position.
Have a set of traits your next employee needs to have (around 10), of course, there will not be an employee that will meet all the traits. If there is, you just struck gold! Like most individuals, you will be trying to aim for the majority of traits distinguished.
When selecting a candidate for a job opening, it is important to understand how this candidate will fit your company’s culture. Remember one bad apple ruins the whole batch.