Many companies have struggled with retention of employees and look for methods to retain their most valued workers. In an increasingly competitive world of business, top talent is at its highest demand. If a company is not doing its best to keep its most talented employees happy, another organization will seek to meet that need. It is important to first pinpoint the root cause of the retention issue before implementing a program to address it. Once identified, a program can be tailored to meet the unique needs of the organization. A variety of programs exist to help increase employee retention to include but not limited to (Rampton, 2015):
Create the Right Culture
One way of ensuring employees remain loyal and engaged within the organization is by creating an environment that motivates them to stay. The organizational culture should match the type of employee you want to hire regardless of whether you will convey this using a by-the-book, strict workplace approach or by using a casual, laid-back way.
Recruit the Right Employees
When in the process of screening candidates for hire, the HR professional should assess fit within the organization. Additionally, pay close attention to the possible signs that the candidate may turn out to be a job-hopper. Although there is nothing wrong with people switching jobs from time to time for their own career advancement, it is still important to look for someone interested in developing together with the organization rather than merely getting the skills and experience to take elsewhere.
An organization expects its professionals to begin the job fully trained and certified. However, many organizations still are unwilling to invest in helping them meet those credentials. Whether you choose to send employees to a learning center, or you provide them with membership to an eLearning site, you should communicate that you take their education seriously as they see it is an investment in their career, which is a motivational factor for employee retention.
Every employee should be fully aware of their roles and responsibilities within the organization. They should know their duties and how they are performing. This can be achieved by having clear goals and objective outlined while providing them with regular feedback on their performance. If the employee is unsure about their role within the organization, they are more likely to feel disconnected and start seeking alternate employment.
Although it may be difficult to pay competitive salaries when the organization is working with a tight budget, it is important to factor in the cost of turnover. According to SHRM’s Human Capital Benchmarking Report, the average cost-per-hire is $4,129 (SHRM, 2017). Employees often find they can benefit from a 10% to 20% salary increase simply by moving to the next job at the other organization. It is cheaper for the organization and motivates the employee to give them improved pay to promote retention.
Avoid Punishing Competence
Managers tend to put a lot of time into employees who are struggling and leaving the talented employees feeling completely neglected. With time, this could result in resentment from high performing employees due to feeling unsupported and unnoticed. HR professionals should work with leadership and supervisors to promote a culture were wins, and successes are celebrated to recognize those employees who are more independent in their roles.