How To Increase Employee Retention

Updated: Oct 16, 2020

Retention of employees is a key issue as companies compete for talent in a tight economy. Instead of waiting for exit talks to find out why a valuable employee has decided to switch, miss the opportunity to keep productive members of your team, identify and fix problems within your organization before you lose others. Instead, the key to gaining a head start in today's tight talent market is to engage with the base of employees to motivate them while they are still in the company. [Sources: 0]

The cost of employee turnover varies between 1% and 5% of the company's annual turnover, depending on the role. That is why employee retention and job satisfaction should be at the top of your company's priority list. For this reason, one of the most important tasks of a manager is to create effective retention strategies that reduce turnover. [Sources: 0, 1]

Successful employee retention strategies require you to look at things from the perspective of your team. Here are some tips for building a retention plan that is right for you and your business. [Sources: 1]

Of course, no employees are the same, and each of us has his own wishes and goals, but all have their own strengths and weaknesses. [Sources: 1]

While there are various ways to increase employee satisfaction through wage increases, a large proportion of job satisfaction makes them the most important factor. Research shows that employees who feel valued also perform well, and recognizing these efforts will make team members feel valued and committed to the company. Recognition and appreciation can make a big contribution to reducing turnover. [Sources: 5]

Taking the time to perfect your recruitment strategy ensures that you hire the right people to fill your positions from the start, thereby reducing employee turnover rates. Get your entire recruitment team on board by adopting a work style - a centered approach to recruitment - that significantly increases retention rates and increases your chances of success in both the long and short term. [Sources: 2, 5]

The Match Report evaluates candidates based on how well they match the work behaviors and preferences required by the role, so it is easy to determine which candidates the HR manager should interview. It is important that the HR manager and team understand how the ideal candidate receives feedback and works with the team before being hired. By integrating the Work Style (tm) Assessment into your candidate screening process, you can speed up candidate screening and increase your chances of finding a good fit for any role in your team. [Sources: 2]

Include structured behavioral interviews to increase your chances of hiring people who can and will do the job at a high level in an environment for your manager. [Sources: 4]

The people you hire today are potentially the future of your business, not just in a few years, but for the next 50 years. [Sources: 4]

The career success of your employees is tied to the success of your organization, so invest in their career development. Provide a continuous professional development to show that you can develop great assets and people. As a senior leader, your participation in the new employee orientation sends a clear message to your managers that there is a drive and a stake that includes who you want to be in the future. [Sources: 3, 4]

To reduce employee turnover, which stems from mismanagement, companies should train leaders to engage, develop, and motivate their teams constructively to improve employee retention. Motivating employees is often unique to each individual, but there may be one challenge for managers: a lack of understanding of the importance of employee engagement. [Sources: 3]

Emotional intelligence is required to uncover the various factors that drive team members, and leaving and staying interviews can give you a perspective to address the issues that drive employees away. Exit interviews are used to gather feedback from departing employees and can provide companies with insights that can be used to make decisions about departing and future employees. [Sources: 3]

This is used to determine the reasons why employees like or dislike their job and can uncover problems that employers may not know about. If exit interviews show that employees feel that their duties do not meet their initial expectations, you should change the job description for onboarding sessions to better reflect the duties of a particular role. [Sources: 3]

Conducting this interview before leaving is more valuable than leaving as it provides insights that executives can use to motivate and retain employees before making the decision to leave. By conducting job interviews, you are aware of what you can and cannot do to solve a particular problem. [Sources: 3]

This means you get less honest and constructive feedback when employees leave, which is often forgotten when they leave. Employee participation surveys are one of the best ways to measure employee pulse during their tenure in your company. The aim is to conduct a stay - on interviews to increase the team's satisfaction, which was gained from the engagement survey. [Sources: 3]

Community agencies and programs like Skills2Advance try to provide all the training and supports even before candidates reach employers. Skills2Advance provides professional, soft, and technical skills to ensure the individual has all the tools to navigate in the workplace and provide proper and clear communication. Skills2Advance also provides hiring supports to businesses in order to speed to hiring, rentention and back end HR support when it comes to dealing with issues. Businesses can use all of these tools to better their rentention to keep their most productive employees happy and working.