Most companies face a problem of financial impact due to frequent staff turnover, the impact is due to recruiting, hiring, and training the new employees. There is also extra work for the recruiting team to find the right candidate for the role.
If you wait till the exit interview of a hardworking employee to find out if something is wrong, then you are already too late. That is why, it is always important to try to keep a track of the productivity of the team and see if you can fix any issues within the team before things go seriously wrong. You should also start on the right foot, and Swag Bar have some great ideas.
There is a huge demand for skilled employees in the market. Once you lose an employee because of a management failure, it’s hard to get another one and the process is very expensive. This is the reason why employee retention is such a huge factor in the growth of a company. The payoff for organizations who focus on employee retention is worth the time. There are a number of ways to boost employee retention. Here are a few of my favorites:
1) Offer training and growth opportunities:
Helping the employees educate themselves more by offering them more courses and training makes the employee feel that they are being valued and noticed enough. If an employee gets a company-sponsored chance to upskill, there is a chance of them contributing more to the company which leads to overall growth of both concerned parties, and who doesn't like growth.
Not to forget, such opportunities also help strengthen the bond between the organization and employee.
Providing ongoing training and creating a clear path of growth for your employees is critical. Focus on the development of advanced skills rather than just making them good at what they do. If you are worried about the cost of such training, you can check out tools like Workramp. Such learning management systems are designed to focus on amazing learning experiences and advanced courses, without charging an exorbitant fee.
2) Hire smartly:
To fill an urgent opening for a position, the hiring team might compromise on a few things and settle for a lesser skilled person. To avoid this problem, start the recruiting process once you can see the vacancy for a particular role. An employee is likely to leave a company once he/she feels that they are not the ideal fit for the role. While hiring someone look beyond their profile and check if they fit in the work culture of your business.
Clearly explain what is it that the company expects from the candidates and what is that the company is going to offer them in return, it should always be two way communication. Check the consistency of the candidate, if the candidate had eight jobs in the past two to three years, there is a chance that they might ot stick around for a longer time.
3) Share positive feedback:
Share positive feedback whenever possible, if you can spot an employee working efficiently and working for longer hours when there is a requirement, appreciate the hard work. Try to avoid negative feedback if possible, of course sometimes it’s inevitable but try to minimize it. When the organization notices and shares the positive feedback, the employee is here to stay.
4) Create a winning work culture:
Employees look beyond the work satisfaction and salary, they look for an encouraging and positive atmosphere at their workplace and expect no hierarchy or prejudice among them. If it’s positive, nurturing and respectful, they are less likely to cast their eye towards some other companies.
Try to improve the work culture, try out these:
Celebrate employee achievements.
Eliminate toxic practices and people.
Allow for humour.
Conduct a company culture audit.
5) Build trust in your employees:
Employees perform well when they feel the higher authorities trust in their abilities and are transparent enough in assigning the tasks. According to research, Lack of transparent leadership and management is one of the key reasons why employees leave the company and look for other alternatives. Build connections, emphasize transparency, motivate people and reward the efforts with promotions and bonuses.
Employees are key to the success of any organization and a good employee is the best investment a company can ever have. By focusing on employee retention, HR teams can keep their best talent, cut off unnecessary costs, contribute to the growth and enhance the culture of the business