Most employers face challenges on retaining their employees. It is in fact, expensive to replace than to retain and it is said that it can cost the employer double an employee’s salary to replace them when they quit. Also, when employees in critical positions in organisations decide to quit can substantially disrupt workflow in the short-term. So how do we adopt simple and consistent methods for Employee Retention?
Here are some effective strategies which employers can follow –
- On-boarding and orientation — It is important that your onboarding process and orientation for a new employee gives them a fair and comprehensive brief on not just the company and job profile but also on the company culture and how they will be contributing to it. This not only ensures that they have a good idea on how the organisation operates but also makes them feel like they belong and have a substantial role in the company’s success.
- Competitive compensation — A rather primary factor when it comes to attracting good talent to a company and retaining them is competitive employee compensation. The salary needs to be in consideration with the industry standards that your organisation caters to. Also, this doesn’t include only the salary but also the benefits such as bonus, insurance, retirement plans, etc. Include benefits which matter. As an HR, it is important for you to understand and offer the right Salary and benefits which motivates and retains the employees.
- Communication and feedback — Connecting with each employee regularly and giving honest constructive feedback by keeping lines of communication open is an essential practice for retention. As feedback and open communication only paves a way for scope of improvement and growth.
- Training and development — The job doesn’t end with just hiring the right talent. It should be every HR’s priority to invest in the employees’ professional growth and development. Trainings can vary from functional skills to even soft skills. Investing in regular training and development programs makes the employees feel that the company is investing in people.
- Recognition and rewards systems — Constant appreciation and acknowledgement is a no-brainer when it comes to employee retention. It can be in any form in case you don’t have formal rewards & recognition programs in place such as via a direct report, a gift card, an extra perk or simply an email, it is imperative to show regard to every employee.One must make certain conscious efforts in order to keep employees motivated, appreciated, and engaged to ensure they stay.