‘Employee Retention’ is defined as the ability of a company / organisation to attract talented employees and retain them in employment. In order to achieve this companies, they will need to go through many ups and downs to figure out what works for both them and their employees, what is achievable and maintainable in the long run.
For example, if a company were to offer flexible working / staggered shifts this would mean the employees could (to a point) choose their work pattern. However, the negative effect from this could be that there are times where the workplace is left empty or too many employees are taking the same shift. It’s all about finding the balance.
Employee retention schemes start with the hiring process. The onboarding experience with new employees sets the tone for their whole employment. It’s no longer acceptable for employees to take 1-2 years to acclimatise to their work environment, the first 6 months of an employment need to make a positive impact.
1 – A competitive benefits package is second to salary when measuring employee satisfaction, however now that there could be up to 5 generations within the same workplace a ‘one size fits all’ package is not viable. A targeted benefits program is more ideal when focusing on different people, the right benefits program is vital to improving engagement.
2 – The opinion of flexible working schedules and having the ability to work from home have vastly changed since the pandemic, making it easier for companies and employees to find ways to work around this. Having a functional system in place to offer employees this option is a massive selling (and retaining) point for companies. By introducing different shift schedules and the opportunity to work from home, this could increase productivity and employee satisfaction.
3 – Thanking employees for hard and good work is massively underrated in some companies and it’s a sure-fire way to dishearten the workforce. Praise and gratitude can go a long way and needs to be included in meetings / appraisals / day-to-day work life. Making an effort to notices your employee’s behaviour (both good and bad) shows that employees are more than just a cog in the machine.
4 – Not communicating with employees is the main cause of employee frustration. Creating effecting channels of honest feedback to and from employees, praise and constructive criticism in real time will drastically improve moral. Focus on creating 121 scenarios will be more advantageous than larger meetings, giving each individual the space to talk through anything.
5 – Promoting from within, rather that outside of company shows your strongest employees that there is a career path within the company. There needs to be a solid internal advancement program shown and actively actioned.
What are the benefits from Employee Retention
Boosts Morale
By having an acceptable retention policy companies can communicate with employees about why they want to leave and save the chances of them leaving the workforce. This not only saves the organization’s money but also boosts the staff’s morale since a firm retention policy will make the staff want to stay longer and contribute their best to the company.
Saves Money
By developing strategies to make the staff stay, companies save money through not having to go through the hiring process. Plus, all the money that is lost through the position not being filled can be saved. The time spent on interviewing, hiring, and onboarding new candidates can all be kept with a robust retention policy.
Improves Productivity
Continually changing the workforce and the duties assigned to employees, the company is pushing employees to be more productive. When someone decides to leave it creates discord within the team, restarting the dynamic of the workforce. It could also start a small domino effect, if one employee is motivated to stay and ups their day-to-day productivity this could be infectious to other employees.
Brings More Business To The Company
Instead of focusing on hiring new employees, the company has more time to engage with in networking with current and potential clients. The employees who are more engaged at work will attract more clients than usual, which will bring more business to the company. This will improve the company’s reputation in the eyes of the clients. Employees that are engaged will know just how to improve client relationships, reduce client-related issues, and help the company earn more revenues and profits.
Overall, utilising employee retention schemes works for both employers and employees, with the benefits working company wide. In the current economic climate employees have the upper hand and now also know what they want from a job, if your companies not offering matching benefits or creating a good work environment it will look to loose the race.
https://wheniwork.com/blog/7-great-employee-retention-strategies
https://www.paycor.com/resource-center/articles/10-tips-for-great-employee-retention/
https://www.thehrdirector.com/employee-retention-meaning-benefits-and-tips-to-make-your-staff-stay/
