Many companies focus all their strategies on talent acquisition, while little attention is paid to retaining those employees. Hiring top talent isn’t what makes companies succeed. Keeping that talent does. Follow these top strategies for exceptional employee retention.
According to a study, did you know that 31% of the employees quit their jobs within the first six months? Poor employee retention strategies are to blame for this. By 2030, the US is going to lose $430 billion annually due to low talent retention.
Why do employees quit?
There may be other reasons, but the primary reason employees quit a particular job is that they feel undervalued. A study found that 66% of employees would quit their jobs if they didn’t feel praised.
Top talent needs to be adequately acknowledged and praised for their efforts. If the employee doesn’t feel accepted and appreciated at their jobs, they are more likely to quit.
Follow these top executive-approved strategies to aim for better employee retention.
1. Revamp Your Internal Communication
It would be best to make your employees feel accepted and acknowledged to build a sense of belonging in them. Before deploying them on a task, you need to ensure that they have the right set of information and resources to complete that task.
It would help if you focused on creating effective two-way channels to communicate with your employees internally. You can use the help of technology in doing that. You need to encourage your employees to speak up and contribute to the internal dialogue of the organization.
2. Add Employee Wellness Programs To Your Agenda
Employee wellness programs like access to gym memberships, healthy food, yoga/meditation classes can play a constructive role in retaining employees. Optum discovered that participation in employee wellness programs was associated with higher employee retention in a study of more than 1,200 full-time employees at firms with at least 3,000 employees.
3. Continuously Ask Employees For Their Feedback
Asking for a worker’s feedback about their job is very crucial in retaining that individual. You need to constantly ask for their feedback, perhaps in meetings or one-on-one sessions. This way you can listen to what they have to say and if they have any grievances.
4. Offer Them Compensation And Frequent Rewards
“Have a look at your total rewards package. What are you currently offering, and how does that compare with others….,” advised Rochele Bertasso, SHRM-SCP, HR business partner at Helpside.
It would be best to offer your employees industry-competitive compensation for their services and reward them on any milestones achieved.
5. Invest Your Time And Money Into Honing Their Skills And Talent
Companies that tend to invest in their employees’ personal and professional development are proven to retain their top talent. Individuals who don’t feel encouraged to acquire new skills don’t feel engaged in the workplace. According to a study, 58% of people leave their jobs due to inadequate growth opportunities.
6. Add Diversity And Inclusion (D&I) Into Your List Of Agendas
Today’s world is all about D&I. In a 2020 study, it was found that a diverse workplace climate improved retention amongst nearly all employees. Everyone at your workplace needs to feel accepted without biases about their social backgrounds. Your company needs to have a culture that respects every individual equally and has social justice.
More Resource on “Employee Experience – The Guide to Exceptional Employee Retention”
- Employee Experience: The Ultimate Guide to Retaining Your Top Talent – What employee experience (EX) is, how to create a great employee experience that will help you retain your top talent? Let’s find out! Read more. (blog.smarp.com)
- Experience and Retention – Optimize your employee experience and prevent regrettable churn with Peakon. (peakon.com)
- What is EX? Ultimate Guide to Employee Experience in 2021 // Qualtrics – “What is employee experience? ✓ Learn how to listen throughout the employee lifecycle, create personalized experiences, and improve EX at your business.” (qualtrics.com)
- The digital workplace: Think, share, do Transform your employee… – (www2.deloitte.com)
- Employee Retention Guide: 8 Employee Retention Strategies – 2021 – MasterClass – Behind every great company is a great workforce. Successful managers and human resource professionals value the people who make up a company and invest resources into employee retention. (masterclass.com)
- The Ultimate Employee Retention Guide – Bonusly – The Guide to Modern Employee Retention provides the foundation of knowledge you need to build a culture of commitment and reduce employee turnover in your organization. (bonus.ly)
- Managing for Employee Retention – Managing for employee retention involves strategic actions to keep employees motivated and focused so they elect to remain employed and fully productive for the benefit of the organization. (shrm.org)
- Increase Your Employee Retention With Chatbots – Turnover is costly, making retention increasingly important. Here’s how chatbots can increase employee engagement and ultimately boost retention. (reworked.co)
- Perkbox’s Ultimate Guide to a Killer Employee Experience – From ‘what is EX’ through to strategies to implement, we will be sharing with you everything you need to know about employee experience and why it’s important. (perkbox.com)
- 10 Tips for Great Employee Retention – Paycor – The cost of hiring new employees can be astronomical. It’s important to retain your best employees, start by leveraging these 10 tips! (paycor.com)
- The Manager’s FREE Guide to Employee Engagement – This FREE research-based book packed with over 10,000 words of content draws on decades of experience and covers a range of topics every manager needs to know. (inspirus.com)
- 14 Effective Employee Retention Strategies – Creating a positive workplace begins with developing a strong set of effective employee retention strategies. Read our tips on decreasing turnover. (roberthalf.com)
- Guide to building an effective employee experience strategy – Read a comprehensive guide to building an employee experience strategy: Understand the role of the physical environment, corporate culture and technology and learn about the most effective steps yo… (searchhrsoftware.techtarget.com)
- Improve Employee Experience With These 10 Steps – Enhancing employee experience is crucial for employee retention. Follow these steps to improve your employee engagement, productivity and happiness. (semoscloud.com)
- Employee Retention Guide: The Best Strategies for Retaining Top Talent – Learn how to invest in employee retention and keep your organization a competitive employer — now, and in the future. (lattice.com)
- Guide to Successful Restaurant Management and Staff Retention – The ultimate guide on successful restaurant management and staff retention, real-word strategies for gamification, reducing turnover, and store processes! (freshcheq.com)
- Employee Experience – Create a consistent experience that spans all interactions an employee has with your company. (gallup.com)
- 20 Surprising Employee Retention Statistics You Need to Know – You should sit down before reading these employee retention statistics. But don’t fret—we’ve got plenty of tips to help improve retention for your organization. (blog.bonus.ly)
- It can cost up to 50%-60% of an employee’s annual salary to replace them. (qualtrics.com)
- Engaged employees are 87% less likely to leave their organization, which means reduced costs in having to recruit new staff, train them and wait for them to ramp up to full productivity Increased revenue. (qualtrics.com)
- According to Bain & Company, companies with highly engaged workers grew revenues 2.5x as much as those with low levels of engagement (qualtrics.com)
- In a Glassdoor survey, 60% of employees said that benefits were a major factor when weighing a new job offer. (qualtrics.com)
- And 80% of employees would choose better perks over a pay raise. (qualtrics.com)
- Retention/turnover was the top workforce management challenge cited by 47% of HR professionals in the SHRM/Globoforce survey (shrm.org)
- According to the Harvard Business Review , only about 30% of employees are engaged in their work. (reworked.co)