Want to Enhance Employee Retention?
Retaining employees is the biggest concern in the minds of the business leaders, especially in today’s talent market that is compact. Hence, employers have to be extra cautious when dealing with their most precious asset – Humans.
There are times when a valuable member of your firm decides to leave and puts forward the reason for doing so which just makes you wish that you should have fixed those then and there rather than waiting for someone to leave the firm and make you realize where your company has been going wrong in taking care of their helping men. So, the key to a high retention rate for your firm is touch base with your staff members in order to understand what actually motivates them to perform better and sustain their position in the company.
The Importance of Employee Retention
Retaining employees is a high degree task in the hands of the employer as attracting suitable talent in the current labor market is not an easy thing to do because the situation is quite tight at the moment. As it happens to be, the costs of steep employee turnover are inexplicably high. In reality, the price of employees leaving an organization abruptly comes down to 2.5 times a staff member’s salary. Over and above, there is a line of soft costs that the employers have to bear – low engagement, reduced productivity, training costs along with cultural impact.
The Best Employee Retention Strategies
- Retention begins with recruiting
The retention process starts from the very beginning. From where it all starts – recruitment. Hiring managers have to be careful right from the starting when they initiate the application and screening processes. To put it briefly, candidates must be evaluated on the basis of their suitability with the company’s culture and requirements of the job role they are being interviewed for.
- Identify people whom you think will stay long
It is not written on a candidate’s face whether they have a strong intention to stay in one place or not. But, there is a bunch of indicators that can help you spot professionals who are more likely to stick with a role and company. Firstly, have a good look at the candidate’s resume and see for how long they stayed in their previous organizations.
Checking of longevity at past companies is the top way to identify people who have a tendency to be loyal to their employers and stand strong with them through ups as well as downs.
- Offer ongoing training & clear-cut path to advancement
Promoting people from within the organizations provides valuable employees with a comprehensible path to progress. Hence, it makes them feel more accountable to the company’s goals. Also, staff members end up feeling more valued.
Furthermore, encouraging employees with effective learning and development sessions is another weapon in the arsenal of HR practitioners that has the capacity to reduce employee turnover. Through corporate training, employers can enable their personnel to acquire relevant skills and an understanding of new technologies, thereby making them feel more attached to the company.