Businesses frequently lose sight of the so-called machine - humans behind the production because they are solely concerned with output. We often say that employees are the lifeblood of any organization; they are the heart and soul of the company, much like engines are in trains. They determine the direction of the company through culture building and hence their existence in any organisation cannot be overlooked. For this reason, organisations need to recognise the value of their employees and provide measures to retain them after attracting and developing their talents.
Employees have diverse needs and it can be challenging identifying those need which makes the strategies for retaining employees appear simple but rare actually rather complex. How to retain employees depends in large part on understanding what drives employee job satisfaction.
The starting point of confirming whether your organisation is doing the right thing to support the retention of highly valued talent is through employee surveys and exit interviews. Analyze the report after the survey is completed in order to identify the key insights and to formulate strategies in response to the issues brought up by the employees. Ensure that employees are receiving their survey feedback at all times. Giving feedback to employees improves your inclusion approach and helps them feel seen and heard. Exit interviews equally provide valuable insight into your organization from the perspectives of its employees and assist in identifying areas where your employee retention methods may need to be improved. The most common reasons given by departing employees are: inadequate pay; uncompetitive perks and benefits package; feeling overworked and unsupported; need for better work-life balance; and so on.
Here are six (6) strategies to implement if you’re looking to retain your valued assets – employees;
- Examine the onboarding and orientation process
The onboarding and orientation are excellent ways to prepare new hires for success. This is an important first step and as such the onboarding process should educate new hires about business culture and how they may fit in and contribute to it. An employee's experience working for your company can be greatly influenced by the training and support they receive from you from the beginning, whether it is virtual or in-person.
- Establish an environment of open, sincere, and free communication.
Organisation need to create a culture where direct reports can feel free to approach leaders at any time with ideas, queries, or concerns. Additionally, organisational leaders, must ensure that they are contributing to the timely, productive, and good communication that the team as a whole needs to experience. Proactive interaction should be on a regular basis through one-to-one sessions.
- Provide ongoing performance feedback
Annual performance reviews are being replaced with more frequent meetings with team members by many businesses. During these one-on-one sessions, discuss with your staff members their short- and long-term career objectives, offer helpful criticism, and assist them in envisioning their futures with the organization. It's important to discuss potential job growth situations with others and develop a realistic plan for achieving those objectives, but you should never make promises you can't follow.
- Training and development
If you conduct a study today, it will reveal that small and medium-sized firms are apprehensive about investing in their workforce development because they fear losing them in the future. Nevertheless, it has been demonstrated that having employees trained and motivated is a good way to boost productivity and performance. Henry Ford, the creator of Ford Motor Company, eloquently supports this with his well-known quote, "The only thing worse than training your employees and having them leave is not training them and having them stay." When organizations compare the cost of hiring, onboarding, and training new hires with the expense of retraining current staff for advancement, they find that upskilling current employees—who already have experience seems to yield a higher return on investment.
- Provide a recognition and reward scheme
In modern fast-paced workplaces, it's simple for the efforts of diligent and committed workers to go unnoticed. Establishing a culture wherein employees are rewarded for going above and beyond, showing up, and offering superior services to clients and the company as a whole is imperative for organizations. If budget concerns you, keep in mind that it's the principle that matters and hence the reward should not bankrupt the business.
- Review the overall compensation
Some organisations may have different philosophies when it comes to compensation; some may want to lag, behind the market rate, meet the market rate or lead the market rate. Irrespective of your philosophy, there are perks and benefits which do not cost much such as offering flexible work arrangement to increase work-life balance or offering additional day-off for celebrating significant life events such as birthdays
We hope that these strategies provide the necessary direction at whichever stage of your employee retention journey you may be in. If you require expert hands to create retention strategies, our HR setup and reengineering solution will be very helpful. Speak to a consultant today.