So, you’ve found the talent you’ve been looking for that can make a big difference in your organisation – but what are you going to do to keep them from looking elsewhere? Your ability to retain employees at your company can save you money in recruitment, help you adopt the best talent and achieve long term success. Your employees are your most valuable asset, so it’s best to try and identify where you might be lacking and making employee’s move on, and implement a successful employee retention strategy.
There are a variety of strategies which can be put into place, and for most organisations employees are a vital resource that they need to retain. A survey conducted by Time Doctor with 39 different companies revealed what professionals put into practice in terms of retention strategies. Most of these revolve around three key issues, all of which lead to creating the right workplace culture.
You should always be talking to your employees. Not just the morning chit-chat but talking to people about what’s going well and what could be better. You could conduct ‘stay interviews’ and ask your employees for feedback – there’ll be no easier way to identify problems than asking your employees, and it’ll make them feel more valued when you’re open to listening to their issues. Some organisations even use anonymous communication too, in case your employees might be too scared to speak about an issue.
Maintaining communication with your employees will keep them more engaged and they’ll appreciate the transparency in their role. When you’re showing interest, they’ll also feel more valued.
There’s always the issues around that salary figure. Sure, if one of your employees get offered an almost identical role at a different company with a higher pay cheque, what do you think they’re going to do? Start by making sure you’re paying them right, because if they aren’t getting a competitive pay then they’ll probably look for one elsewhere.
But the benefits don’t always have to be about money. Smaller gestures like allowing flexible (or semi-flexible) working hours, paid time off, gym memberships – there are so many different things that will make the best talent want to work for you instead of your super strict competitors.
Glassdoor found that 80% of employees would choose additional benefits over a pay rise, so be strategic! Employee retention is much more than financial reward.
Personal and Professional Development
Very few people like staying still when it comes to their job. You need to let people know that if they want to and if the opportunity arises, there’ll be a career road map for them in the organisation. Let people develop and move forward – a commitment to education and training is seen as an investment in employees and therefore a good reason for them to continue working for you. When a company promotes from within it becomes immediately more attractive to candidates and employees.
It’s worth remembering that you also need to make sure your employees are comfortable in their current job roles too. If someone is struggling they might be too scared to say – so offer additional training or support or offer more responsibility to someone who is excelling in their role. Everyone is different, so you just need to pay attention to the little details.
Perfecting your workplace culture
Each of the three issues above help towards creating the right workplace culture. If you create a working environment that shows commitment to taking care of your employees, they’re more likely to want to stay. And of course, you need to make sure the type of people you’re hiring want to work in the type of environment you’re creating – whether you opt for something strict or something laid-back, different people thrive in different environments.
The culture you create is key. Once you’ve perfected the way you want this to be, you must put policies into place to make sure that your management team are aware and practising your retention strategies. Many people have reported that the reason they’ve left a job is because of bad management, so it’s important to make sure everyone is following best practice. Successful employee retention strategies can save your organisation a lot in unnecessary expenses, and is beneficial for everyone involved!