High employee turnover rates lead to a significant sunk cost for the company that can’t be redeemed. An Economic research revealed that it costs twice of an employee’s annual salary to find, train and hire a suitable replacement. With the improving economy and increasing talent crunches due to retiring baby boomers, employee retention has become one of the most intense challenges that human resource departments are facing.
Good benefit package, flexible working schedule, thriving work environment etc. are the basics for employee retention. Employers need to pay attention on employees’ requirements so that they can grow and contribute to achieve the goal and dreams of the company.
Also Read:
Employee Benefit Education: Key Retention Strategy!
What are you doing to retain your employees for longer in the business? Here are few things you can do to retain your employees:
Match the Skill Set with Job Role:
Selecting the right people based upon behavior and competency in talent is the beginning for better employee retention. Make yourself clear about the role and communicate all the goals and expectations to the candidate. A thorough, onsite interview helps you to determine how well a person can do the job. Hire the right talent only after evaluating on skills, intelligence, personality and commitment. This will be a win-win situation for both.
Provide Balanced Work Life:
Overworked employees are more susceptible to quit their job and look for other opportunities. Employees always wish to work in a flexible and friendly environment as it allows a greater work-life balance to them. Provide flexibility to employees around working hours and locations. In addition, never make your employees work to the point of exhaustion. Exceeding working hours can take more time to perform a task than it would normally take.
Always Keep Employee Happiness in Mind:
Develop an environment in which employees feel open to work and talk. Don’t let the job become a monotony or a worry. Sponsor a fun workplace activity, plan an outing, promote sports among employees and allow them to bond with others.
Offer Rewards and Comprehensive Benefit Packages:
Motivate the hard-working and resourceful employees by offering them more responsibilities and bestowing them important titles. Provide your employees out of ordinary and affordable benefit packages like Health Savings Accounts and Flexible Spending Accounts etc. Exciting employee benefit offers lead to enhanced employee appreciation for the company
.
Boost Employees’ Goal Setting:
Allot adequate job challenges to the employees to boost their goal setting efforts. Enhance employees’ knowledge by providing them training, workshops, software and other tools. Investing in the employees is as important as investing in the business. Thus, rendering full development and growth opportunities to employees is mandatory for keeping them longer in the organization.
Be Open for Communication and Feedback:
Communicate with your employees regularly and have a one to one discussion over their problems. Be open to accommodate the suggestions of employees that sound sensible for your business. Listening to the employees make them realize that they are valued by the company.
The Bottom Line:
Find out the reasons behind employees’ quitting their job and incorporate proper retention strategies to make them stay. Employees who feel a sense of ownership at work are less likely to leave their jobs. Inclusive benefits offerings, a positive working environment are the key factors for boosting
employee retention.
