What is employee retention?
In order to answer this question it is necessary to understand exactly what retention is and what factors go into determining the success or failure of a company in retaining its key employees. These key employees are the ones that help make the company grow and contribute to its overall success.
In a recent survey by the Human Resource Association (HRA), it was determined that eighty-four percent of companies had difficulty maintaining their worker retain an employee. In fact, the top five trouble areas were: communication skills, job description changes, shift changes, lack of advancement opportunities, and a company culture which did not support retention. When asked what is the best strategy for attaining employee retention, the answers received were quite clear. To combat these difficulties, many companies have taken up a variety of employee retention strategies, some of which have been shown to be effective. One of the best strategies employers seem to agree on is making sure their organizations are able to maintain an excellent worker retention rate.
While there are a wide variety of what is employee retention strategies, the one that seems to be most effective is offering retraining to workers who need a change of career change. Workers who have a difficulty adapting to a new career need the extra training to help them get ready for success. By offering retraining, employers are helping these individuals make the most of their career. Retraining should be an option for individuals who need it, and if not, by all means make sure to implement employee retention strategies that will assist them.
Tips For Employee Retention:
Opportunity for Growth:
One of the best tips for retention is to provide your employees with an opportunity for growth. This may sound like a cliche but it really does pay off. Employees should be able to go beyond the basic job duties and develop leadership skills. It is also important to let them have some leeway with their personal life outside of work. A great way to encourage this is to give them a small bonus at the end of each year.
Company’s Requirements for Employees retention:
Next on the list of strategies for employee retention is to make sure that you keep up with all of your company’s requirements. If you make sure you stay on top of things, you will be able to prevent any problems from developing. The last thing you want to do is find out a year later that the requirements you have set forth were not met. Then you will be scrambling to make adjustments.
In addition to making sure you are on top of your requirements, you should also develop a working environment that will allow your employees to thrive. If you keep people from having to sit out on the job, they will want to come in. If they thrive, they will bring others along that will thrive. This will result in increased productivity.
Communication
One of the best tips for employee retention strategies involves communication. You want to be able to have open communication where your employees can voice their concerns. Sometimes things are going on behind the scenes that are creating a problem. When you have an open line of communication, you will be better able to resolve these issues. Your employees might even start to form opinions about how the company is run.
There are several other tips for employee retention that are quite simple. Some of them might seem too obvious to be mentioned, but they are still extremely important. Consider paying your employees more and offering them more than just salary in tips. This will encourage them to work harder and increase their skills.
When you are looking for tips for employee retention, be sure to include some type of bonuses or rewards program. This is often a very effective way to increase the retention rate. Many companies only give bonuses when the employee hits a certain minimum requirement. Others don’t even require it.
Improvements For Employee Retention:
It is your job to implement these tips for employee retention in order to improve the overall success of your company. The employees will enjoy staying with the company and your business will enjoy a boost in revenue. Do some research and find out what your competitors are doing to attract and retain the best workers. If you can do that, your company will be even better off.
You may think that tips for employee retention are things that you can’t afford, but they aren’t. Research shows that companies who offer tips for retention have more satisfied employees. That is because giving employees a free gift or dinner to thank them for a job well done is much more effective than saying they are owed a pay check.
Encourage Team:
One of the most effective tips for employee retention is to encourage team activities. Employees like being a part of something bigger than themselves. When they have an event or contest of some sort, they are motivated to succeed and stay with the company. There are several ways to accomplish this, such as holding a corporate picnic. This is a great opportunity to not only network with new and former clients but also to build a tradition that will be a part of your business forever.
Some tips for employee retention are just that: tips. You want to show your employees that you value their abilities and their talents. Don’t discount their thoughts and ideas, even if you don’t agree with them. Help them to grow their careers by allowing them to participate in leadership activities, such as workshops or seminars. These types of events instill a sense of success and value in your organization.
Don’t give up on your tips for employee retention, just because some of them may seem difficult to implement. You need to be willing to put in the effort. Your current employees and your recruits will appreciate it when you make that extra effort. In the end, you will gain a stronger and more profitable company. And that’s the ultimate goal.
