Top Employee Retention Strategies:
Here are some of the Employee Retention Strategies:
Provide opportunities for professional development
- LinkedIn’s annual Workplace Learning Report found that 94% of employees would stay at a company longer if it invested in their professional growth.
- 75% of businesses that cite recruiting challenges say it’s difficult to locate applicants with the required capabilities.
- As a result, many businesses provide internal training opportunities to upskill their existing employees.
Naturally, this improving employee retention techniques works best with curious, engaged people.
Here’s how you can do it:
The short answer is that you require a learning and development programme.
The complicated answer is that you need an efficient learning and development programme.
But what exactly does this mean?
- It implies you can’t just toss a programme together and call it a day.
- Remember that 90% of firms now provide digital learning, so professional development possibilities are not in short supply. It’s because they’re not properly designed.
- Just because you’ve recognised a demand for learning and growth inside your organisation doesn’t mean your employees will accept anything.
- Understanding how your employees want to learn and designing properly designed professional development opportunities are critical.
- As a result, employees either forget about corporate solutions or have no association with employee development programmes at all.
- Recognize your employees’ learning preferences.
- According to LinkedIn, 68% of employees prefer to study at work, while 58% prefer to learn at their own speed.
- This type of data can help you make key decisions like which e-learning tool to use and how frequently to conduct seminars.
- Another possibility is to offer tuition aid.
- Your company may not be able to provide in-house training, but you can help your staff by funding their education.
- This tuition might be confined to specific courses and certificates relevant to your organisation, or it can be open.
Ensure that managers are not pressuring exceptional staff to leave.
“People leave managers, not organisations,” you’ve probably heard.Management has an impact on how engaged people are, and hence how likely they are to stay with your organisation.
But let’s go a bit further.
What exactly do employees dislike about their bosses?
- There are obvious infractions such as favouritism, unwanted advances, and informal threats.
- However, there are many subtle reasons why an employee departs their manager.
- They can range from a lack of development possibilities to a lack of appreciation to being micromanaged.
What are you going to do about it?
You don’t have to be a mind reader to figure out what your talent really wants. You can learn how your staff feel by soliciting feedback on a regular basis.
An annual evaluation is insufficient. Great people leaders get feedback from their staff on a regular basis. Try to keep in touch with your staff on a monthly or bi-monthly basis.
If at all possible, use anonymous feedback systems to put your employees at rest.
Make it obvious that this is a safe area for your employees to express their true feelings.
Take note of how you respond to employee comments. This will decide whether they feel comfortable providing comments in the future.
This is your chance to concentrate your efforts:
- If your staff feel unappreciated, you can work on recognising their efforts.
- If they believe there are no chances for promotion, it is necessary to map out a professional path.
- If you take too long, people may interpret it as a hint that their issues are not a priority and that it is time to look for another job.
Create prospects for progress in your job.
- They are motivated by the potential of advancement and the opportunity to take on more difficult tasks.
- Employees who stay in the same role for an extended period of time are more likely to depart a company.
- In fact, for every ten months a person spends in a job, their odds of departing rise by 1%.
- Many firms’ regulations regarding the frequency and nature of promotions, as well as other contributing elements, influence whether or not they can give promotions.
- Even if an employee is deserving of greater duties, the company may be unable to fulfil them.
- These circumstances are frequently not mentioned to employees; if they are, they are interpreted as stall tactics.
How can you overcome staff stagnation and decrease its negative influence on employee retention?
Make management the only rung on the ladder that employees can climb.
In business, there is a widespread misunderstanding that people management is the sole way to progress one’s career.
You can follow in the footsteps of Microsoft and Google by establishing a dual-track career path.
People in these professions get a comparable salaries, have comparable amounts of influence, and have comparable expectations at each level of the career ladder. A junior employee begins as an entry-level contributor in that hierarchy.
They can, however, climb up the ladder of promotions, rewards, and influence without ever becoming people management as they learn skills and demonstrate their efficacy.
This allows you to retain top personnel, train them to be mentors, and benefit from their knowledge.
All of this without requiring them to develop people-management abilities that may not be a suitable fit for their strengths.
Of course, if you have open manager positions and an employee with the appropriate leadership and people-management qualities, don’t wait because the employee isn’t yet ready for a promotion.
Enhance the onboarding procedure
Imagine going through the time-consuming and costly process of hiring a new employee only to lose them within the first two months. Because you employed them, it implies that they held the necessary expertise. During the interview process, they most likely checked in with a variety of stakeholders.
Losing a new employee may indicate a poor onboarding process.
How to Improve Onboarding?
- Capturing a new employee’s excitement about starting a new job while minimising other obstacles is the key to a successful onboarding process.
- When people start a new job, they are eager to learn and contribute.
- However, issues with anything from how to print to what the expectations are for the first month can lead to doubt and anxiety.
- Create a programme for assimilating new employees into the organisational culture.
- It should be more than just a guided paperwork session.
- In reality, paperwork accounts for 40% of onboarding operations.
- Prior activities on the list included examining rules and listening to a company overview.
- It’s also critical to emphasise the significance of employee onboarding activities from the top down.
- The most common cause for onboarding tasks not being completed is that managers do not have time to do them. It’s safe to assume that if it were mandatory, managers would make the time.
- Too frequently, it is regarded as a secondary responsibility that can be sacrificed on the altar of business as usual.
Keep an eye on turnover risks.
Employee retention isn’t something you establish and then abandon.
You must maintain continual communication with your staff to ensure that their expectations are met and that they are currently satisfied with your firm.
This is especially true in times of transition.
Here’s how we may assist you in increasing staff retention:
Our platform surveys your staff on a regular basis (70% of our clients prefer monthly surveys).
Sparkbay uses this data to identify trends and notify you in real-time when a staff segment is at risk of turnover.