7 Employee Retention Strategies For Every Company

Employee Retention Strategy For Every Company

Replacing employees is expensive and it affects your culture regardless of your business size. You don’t have to wait until the exit interview before you find out what is wrong in your organization or why your employees are leaving. Employee Retention Strategy is really important for every HR personnel.

By focusing on employee retention, your organization will retain talented and motivated employees who truly want to be part of the company and are focused on contributing to the organization’s overall success. 

To ensure your employees keep working for you. Read these 7 strategies below. 

Hire the right person 

Retention starts from the hiring process – from the application process to screening applicants to choosing who to interview.  If you hire someone who’s a bad fit for your business, don’t be surprised if they quit. Glassdoor says that employees would stay longer if they are better informed during the hiring process. How is your onboarding process? A poor onboarding experience for a new hire gives a bad first impression of your organization. 

Make sure you have a plan mapped out for the employee for the first 30 days, especially day one (make this special if you can). You can give a small gift, breakfast or lunch, or even a small personalized note from the founder to make the new employee feel welcomed and part of the team. Note, your onboarding process leaves an impression on the employee.

Also, in terms of transparency, try to be as honest as possible, don’t sugar coat any aspect of the job for the person to come in just because you feel that person is a good fit. Transparency is the key to finding the right employees. 

Encourage work-life balance 

Some people say work-life balance is a myth because everyone is chasing money, but I believe everyone needs that balance in their lives. You can’t expect employees to function like robots. When an employee’s work-life balance is terrible, there’s pain. If your employee feels like they spend most of their life working instead of living, the job becomes an enemy (and you know what happens when this is the case, the employees leave).

You need to be able to discover your employee’s pain points through employee surveys, direct feedback, or paying attention to industry trends. Find out what is a point of frustration for employees in your industry. You may be thinking, Oh! we pay them well so..what’s the big deal? No! Money doesn’t answer it all. Money can take away the pain they feel but there are other ways to attack the problem, you could choose ways that some employees will consider to be as valuable as being paid more.

Communicate the shared vision 

It’s beyond the handbook you shared during the onboarding process or the first onboarding speech about the mission and vision. Try to constantly remind and communicate with employees about your vision. Let them know why they do what they do, make them understand the big picture, and where they are headed. This would make your employees feel engaged, valued, and loyal. As much as possible, allow employees from all levels in your company to know where you’re going, and how you plan to get there.

Keep an eye on your managers  

People leave managers and not companies

Have you ever asked people why they left companies? Most people tend to leave companies because of their managers, not the company, product, or customers. 

A bad manager would most likely have a negative impact on the team. Bad managers affect the productivity of employees and can lead to lack of growth in the team.

So, while you’re taking the time to train your managers in dealing with the technical aspects of their positions, it is in your best interest to include some “soft skills” as well. This means teaching your managers how to encourage and motivate different types of people. They should also be able to effectively manage different personality traits, conflict, stress, crisis, and so on.

Offer learning and development opportunities

This is another effective strategy for employee retention. Is your company offering growth and development opportunities? Young employees are always on the lookout for companies that offer learning and career development opportunities. Your benefits should include: paying for employee training (even if you can’t pay in full, try to pay a percentage of it, just to show you care about your employee’s development).

However, if this will be impossible for you to implement, consider having a transparent promotion policy. This policy will give employees the opportunities to be promoted once they perform well at their job.  When given opportunities to develop new skills, quality employees jump at the chance.

Be transparent and open

One powerful employee retention strategy is when communication between employees and the management is open. It gives this sense of belonging and shared purpose. You should ensure that your employees are involved in regular meetings where they can share their ideas and ask questions. “Open-door policies” that encourage employees to speak to their managers without fear, knowing that the input is also heard and valued.  

Encourage your managers to have a sense of trust in their team, so that things will still go on smoothly in their absence.

Stay On top of trends

Sometimes, you adopt all these effective retention strategies discussed above but your employees are still leaving and you wonder why. Staying on top of trends in your industry is very important. What are your competitors doing? Are they giving their staff more flexible hours or are they adopting remote work? These are the questions you should try to answer. It is important to be aware of the ways in which the world of work is changing and to adapt accordingly.

If you have any other employee retention strategy you use in your company, kindly share in the comment share.

Leave a Reply