Retention of the employees is amongst the topmost concerns of organizations. Hiring suitable candidates for the job and training them according to your company's norms takes a significant amount of work. You don’t want to lose your valuable employees and reinvest time and efforts to get somebody else ready for the job.
Attrition refers to a gradual but alarming reduction in staff members through resignation or retirement with no or minimum replacement. Market leaders know the value of holding on to their top performers. Therefore they recognize controlling attrition as their top priority. This article talks about the proven and effective ways to control attrition!
Causes of Attrition
Employees leave organizations mainly due to these reasons:-
Better job opportunity – it translates to a lack of opportunity in your firm.
Lack of motivation/appreciation
Two things that are common in all these factors are they are all part of your company culture, and they are all preventable. Each aspect reflects on your company’s values and vision. If you are willing to give better pay, position, and appreciation to your employee, you will retain the majority of them.
6 Tips to Improve Employee Retention & Reduce Attrition
The algorithm of keeping employees happy is tricky yet straightforward. But you can achieve good employee retention by systematically executing the ideas given in the following 6 tips.
1. Optimize the Hiring Process
Let’s rectify everything from the beginning stage. The expected knowledge base, expertise, and experience you require for a certain position should be crystal clear whenever you hire a candidate. Also, clarity about the measurable goal of hiring and the responsibility of the chosen candidate is non-negotiable. When you are planning to hire, you should consider seeking outside help such as the services offered by an international PEO who can direct and convert job seekers' traffic to hire high-quality staff.
It’s a great idea to use certain metrics of recruitment to evaluate the quality of your recruitment process. It can provide a report card of your hiring success and a data-driven approach to your HRD.
2. Encourage Positive Feedback & Performance Reviews
The conventional method of performance review on excel sheets twice a year do more harm than good. Criticism and demotivation are written all over that approach. It would be best to make your performance reviews more dynamic and ongoing process with constructive feedback.
Set goals with your team and evaluate their performance on the measurable. Do this process multiple times a year. In this way, your team will get a fair opportunity to improve and grow. You can use technology to build a loop between you and your team where everyone can get real-time updates on the improvement required in their ongoing performance.
3. Design Reward and Recognition Programs
Don’t miss a chance to appreciate your team for their initiatives, overtimes, out-of-the-box ideas, etc. This is the best way to reduce the turnover of employees from your company. Let your people feel valued, appreciated, and rewarded. You can design proper R&R (reward & recognition) formats for that.
However, impromptu positive feedbacks, for example, saying well done or a special mention in the team’s cloud-based group/ team meeting also does the job. R&R should be directed from the manager to the team and also from one team member to another for 360-degree effect.
4. Introduce Lucrative Package & Perks
The primary reason your employees come on the job is the salary and added benefits. If you do everything else to retain your employees, but your salary package is not at par with your competitors, you will lose talented people. More than salary, benefits, and perks attract employees.
So while designing the package, make provision for stocks, help for relevant education, retirement benefits, paid time off, etc. You can also attract a talent pool with perks like remote working facilities, daycare services for their kids, travel discounts, etc.
5. Create Growth Opportunity
Do you look inward or hire from outside when you have a senior position to fill in your firm? According to LinkedIn, your employees will stay 41% longer if you prefer to give opportunities internally. However, you need to be cautious that the process of internal hiring should be fair and free of bias.
Talented team members shouldn’t fear seeking a role in other teams. Senior managers are also happy with internal recruitment as they don’t need to let go of talented employees.
6. Communicate With Transparency
Leaders and CEOs get the opportunity to communicate with the team in townhalls and employee engagement surveys. More frequent interactions are possible with team members via one-on-one meetings and monthly/weekly team meetings. All these communications are forms of employee engagement programs conveying business strategy to the employees.
Moreover, you can invite feedback and critical assessment from your employees to promote both ways of honest communication. If you do all this, your people won’t leave easily as they will feel valued and invested in the company.
This article is a guest blog written by Lucas Campbell. To contribute a guest post to Workast.com, please complete the expression of interest form here.