Employee Retention: 4 Powerful Strategies To Retain Your Best Talent
In an economically competitive economy, losing the best employees can be quite a nightmare for human resource teams. The reason being, the expenses that come with a high turnover rate can adversely affect an organization as they can lead to decreased productivity, high training costs, minimized employee engagement, and the list goes on. Conversely, developing powerful retention strategies can help preserve the best talent in the company. Here are the top four effective employee retention strategies to boost retention in your company:
Understand retention begins at the recruitment process
Letting prospects and future employees understand the aspects of culture and values that your company emphasizes can go a long way in boosting retention. Ideally, it helps them decide from the beginning if the company is suited for them. Therefore, recruiters should remain honest, transparent, and respectful to candidates' inclinations from the beginning to build a solid ground for future success.
Provide professional development and career development
Studies show that companies that offer development opportunities can increase the retention rate by 34 percent. When employees have access to training and professional development programs, they not only become more confident and better prepared for future responsibilities, they also feel their future is well taken care of. To succeed here, human resource managers should seek to understand employees' needs and requirements to develop appropriate and required skills set.
Instill a work-life balance
In today's work environment, burnout due to long working hours is causing serious problems to employees, which consequently contributes to high turnover rates. Organizations should instill a healthy work-life balance to increase productivity and loyalty in the office. Through mediums such as seminars and apprenticeships, managers can engage employees to discuss practical ways of achieving a work-life balance to help increase retention rates.
Build effective channels of communication
Keeping your lines of communication open is a sure way of building healthy connections with employees. Employees want to feel seen and heard, and this can only be achieved by establishing routines that support collaboration. For successful communication, connect with employees at an individual level and provide feedback and performance reviews regularly. In addition to building mutual trust with workers, you can retain the best talents in the company through effective communication.
Summary
Employee retention is no doubt critical for the progress of your company. Be sure to revisit your retention strategies at least once a year to ensure they are up to date with market needs and the company's culture.
Our HROC E-Suite offering gives you access to HR resources for your small or medium-sized company to help you in employee management and retention. Reach out to us to learn how you can incorporate it in your organization to achieve your ultimate goals.