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7 Proven Ways of Employee Retention- The Most Valuable Asset of an Organization.

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Employee Retention Strategies

Hiring the top and right talent for your organization is hard enough. But retaining the top talent is a whole new challenge in itself. One of the biggest reasons employees leaves the organization is disengagement. Creating an incredibly engaged workplace commences with having proficient and competent employee retention strategies. 

Gone are the days when employees work for the companies that don’t serve them. Today, it is crucial to understand employee retention to retain top talent. 

What is Employee Retention?

Employee retention refers to an initiative taken by organizations to retain their most valuable assets- employees. Additionally, low employee retention rates directly influence business reputation and revenue. Therefore, it is essential to evaluate and manage organizational employee retention rates from time to time. 

Consequently, employee retention becomes the most vital strategy in managing and preventing a high employee turnover rate. 

Employee turnover is a severe challenge for most organizations. An average U.S. employee changes about five to six employers before getting retired. 

The high employee turnover rate is due to severe issues like low employee morale, a clear career path, poor relationships, lack of recognition, etc. 

Moreover, lack of commitment and satisfaction can also add to high employee turnover rates. Consequently, high-paying salaries do not always play a crucial role in employee retention. Workplace recognition, fairness, and job autonomy are equally vital in employee retention. 

7 Surprising Employee Retention Statistics

Employee retention and employee engagement go hand in hand. Employees feel more valued and satisfied when they receive growth and exposure and thus remain with the organization for a longer time. 

Let’s look at some surprising employee retention statistics that you should consider. 

Employee Retention Strategies

7 Proven Employee Retention Strategies

  • Hiring for Workplace Cultural fit
  • Empower Hybrid Workplace
  • Rewarding Efforts
  • Employee Well-being
  • Altering Work responsibilities
  • Encouraging Communication
  • Practicing Consistent Feedback Culture

1. Hiring for Workplace Cultural Fit:

Employees can develop new skills anytime they want. However, hiring someone who fits into your workplace culture will be a more loyal and engaged employee. Furthermore, he can blend in with the team quickly and develop good relationships with his colleagues. 

However, 80% of employee turnover comes from bad hiring decisions. Therefore, it is crucial to ask questions in an interview that aligns with your company’s culture and values. Explain to the candidate how his role correlates with company values. This will help him become more clear about job expectations.

2. Empower Hybrid Workplace:

Nowadays, employees have started looking for flexible workplaces as one of their expectations from their organizations. 

71% of U.S. employees are willing to quit their current jobs to work remotely. However, 31% are eager to work remotely, but their organizations don’t allow them. 

Consequently, employees can have better work-life balance, less distractions, and it is a cost-effective option. Similarly, employers can save overhead costs, infrastructure costs, reduce absenteeism, and office politics. 

3. Rewarding Efforts:

Every employee wants appreciation and recognition for the work they do. In today’s modern, progressive, and flexible workplace, a gratitude from an employer can make a significant impact. Therefore, it is crucial to reward and recognize your employees who walk an extra mile in their organization. Furthermore, you can set up formal reward systems like incentivizing great work, ideas, and innovation to keep employees motivated and productive. 

4. Employee Well-Being:

Health has become a top priority for everyone, especially after a covid-19 outbreak. Recently, LinkedIn gave a week off to let employees cope up with pandemic burnout. Similarly, you can encourage strict workplace safety protocols for practicing hygienic workplaces. Furthermore, you can leverage a comprehensive health plan like meal tracking or fitness tracking for your employees, considering the overall wellness of your employees.  Also, you can provide health insurance to your employees to promote employee well-being.

5. Altering Work Responsibilities:

Employees can feel dull and tedious doing the same work over and over. Contrarily, you can involve your workforce in numerous tasks and chance to work across different departments. This will enhance workplace productivity, performance, improve relationships, generate better ideas and professional development. 

For example, Google’s 80/20 program encourages employees to work on side projects to make employees stay productive, innovative, and engaged.

6. Encouraging Communication:

Employees always express their ideas, opinions, and views in an open and transparent workplace. Furthermore, having an open-door policy helps you establishing a culture of open communication in an organization. It make your employees feel credible by showing them that you are always available to listen to their concerns, views, and ideas.

7. Regular with Feedback:

Consistent feedback can help you stay connected with your workforce. Regular check-ins help employees become more professional and skilled. Consequently, providing regular feedback on your employee’s performance and development can reduce employee attrition. According to Harvard Business Review, 69% of employees work even harder if their work is recognized. And, 68% of employees feel satisfied and fulfilled at their jobs after receiving regular feedbacks from managers or supervisors.  

In simple words, to keep your workforce motivated and productive, regular feedback and suggestions are crucial. 

Conclusion

Unfortunately, employers had to lose their valuable and top-performing employees due to numerous reasons. However, with increase in remote jobs, attracting and retaining top talent is the real challenge for organizations today. Employees now have an option to work globally regardless of their geographical location. 

It is crucial to keep your momentum aligned with dynamic and progressive job market standards. It is vital to keep on reevaluating your employee retention strategies from time to time. Employees want to get appreciated and recognized for their work, continuously learn new skills and grow within the organization. Unfortunately, when employees don’t receive these things, they start looking for other opportunities. Keeping your employees happy and satisfied is one of the essential employee retention strategies.

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