Effective Employee Retention Strategies

[Robert Half October 1, 2018] It's every manager's nightmare: One of the best employees resigns out of the blue. A number of challenges to tackle on top of the daily responsibilities. Not only do have to find a replacement for such a talented team member but also have to consider the impact of his departure will have on the rest of the staff.

That's why employee retention and employee job satisfaction should be high on every organization's list of priorities, and why creating effective retention strategies to decrease turnover should be one of management's most important jobs.

How to develop employee retention strategies

Succeeding in employee retention efforts requires to think about from the team's point of view. All employees are different and each has unique desires and goals. In the meantime they want to feel that they are appreciated by their employer and treated fairly. They want to be challenged and excited by the job they're asked to do.

Ways to improve employee retention

Every area of the employer-employee relationship in the organization deserves our attention. The key strategies to improve the organization's employee retention and boost employee  satisfaction are:

·         On boarding and orientation — Every new hired should be set up for success from the very start, from the first day of work to the first week and beyond.

·         Mentorship programs — Pairing a new employee with a mentor is a great idea for on boarding. New team members can learn the ropes from a veteran with a wealth of resources.

·         Employee compensation —Companies to offer attractive compensation packages as per the market rate. It includes salaries and all the other perks.

·         Recognition and rewards systems —Make it a habit to thank your direct reports when they go the extra mile, whether it's with a sincere email, a gift card or an extra day off.

·         Work-life balance —A healthy work-life balance is essential, and people need to know that management understands its importance.

·         Training and development — Smart managers invest in their workers' professional development and seek opportunities for them to grow.

·         Communication and feedback — Keeping open lines of communication is essential for employee retention. The direct reports should feel that they can come to you with ideas, questions and concerns, and likewise, they expect to be honest and open with them about improvements they need to make in their own performance.

·         Dealing with change — Every workplace has to deal with unpleasant changes occasionally, and the staff looks to leadership for reassurance.

·         Fostering teamwork — When people work together, they can achieve more than they would have individually. Foster a culture of collaboration that accommodates individuals' working styles and lets their talents shine.

·         Team celebration — Celebrate major milestones for individuals and for the team.

Assess the employee retention strategies at least once a year. Stay on current on market salary rates and benefits, and best practices in developing workplace culture and manager employee relations. This will keep staff morale high and turnover low while guaranteeing organization’s success.

References

Effective Employee Retention Strategies 2018, Market Information. Available from: <https://www.roberthalf.com/management-tips/effective-employee-retention-strategies>