Employee retention is crucial to an organisation’s ability to meet its goals. No matter how well structured your strategic HR planning is, without setting in place methods to retain your best employees you will not be able to have a competitive advantage in the industry.
Below you’ll find 5 actionable employee retention strategies that will allow you to create a team that is loyal and committed.
1. Invest in Professional Development and Training
Whether it comes in the form of training, conferences or yearly reviews, personal development is key for every staff member in any industry. Professional development is essential to retaining employees, as well as helping organisations pivot their presence in their industries. As the professional world is being reshaped by technological advancement, it’s essential to provide staff with tools that will allow them to cope with these changes.
2. Build a Positive Corporate Culture
A great employee retention strategy is to actively build a positive and engaging corporate culture that will make employees want (to continue) to work for their employer and where team work is one of the core values. It all starts at the very beginning during the recruitment cycle of new staff all the way through to their on-boarding experience. Make sure their experience is smooth, respectful, supportive and overall very positive. This also includes transparency on company’s goals. Make the company’s mission everyone’s mission to ensure overall success and engaged staff.
3. Show Appreciation
Retention and appreciation go hand in hand because there’s no better way to retain employees than by showing how much they are valued. It’s important for appreciation to be expressed verbally, but without taking any action your strategy will be lacking. Compensation and benefits are therefore a good tool to keep employees motivated. It’s the quintessential way of showcasing how much the company values an employee, and it should not be below industry standard. Note that if you are trying to retain your best employees through compensation you should consider a yearly salary increase, as well as monetary rewards and other benefits for top performers.
4. Encourage Internal Advancement
Similar to professional development, it’s also important for people to know that once they advance their skills, there’s room for them within the company. Many companies fail to make their employees feel that there’s room for them in the company once they outgrow their role which often results in resignations.
There’s usually no better person to take over the duties of a supervisor than their subordinate. This not only makes the transition easier but also smoother. It can also be beneficial to corporate culture, and it’s an excellent way to retain employees.
Transfers are a great way to help employees who are stagnant as it helps them get excited about a new opportunity within the company. Provided that there’s sufficient training and support, there’s no reason for any professional not to excel in a position that’s similar to the one they were hired for, especially if the transfer is something the employee requested.
5. Promote Work-Life Balance
Work-life balance is essential these times because it helps employees perform better and it will also help retain your best employees. Allow them to blur the line between life and work as this will turn them into brand ambassadors 24/7.It is crucial to offer flexibility around hours of work and the opportunity to be able to work from home from time to time to help people make the most of their personal lives and excel at work at the same time. It is a vital tool that can contribute tremendously in the retention of staff.
6. Hire the Best
Perhaps the most effective solution in retaining staff is to always hire the best talent for the specific role they are being hired for, but who also have potential to grow.
Creating a strong brand will be great for recruitment, it can also help with employee retention as it helps people start on the right foot. An individual who’s excited and passionate about the opportunity to work for the company is less likely to lose interest.
If you need help with your Recruitment reach out to us to find the best people in the market. We have vast experience in finding talent on a global scale that will boost your business.