In the business world, employees are the ultimate currency. If you get them right, rest all will take care of themselves. Great employees can add significant value to your company. But hiring the right people and retaining them is a whole new ball game altogether.
Data reveals, about 3 million Americans quit their job each month. That’s a big number. Thus, if you’re seeking to thrive in today’s rapidly disrupting economy, you must know how to keep your best people.
To help you, we’ve collected the top 8 talent retention strategies that work. If you’re excited, let’s get going!
Top 8 Talent Retention Strategies
#1 – Hire The Right People
Over 80% of employee turnover is a result of bad hiring decisions. While hiring, you must ensure the candidate is highly competent, and a good culture fit. If you hire misfits, they are likely to leave or turn off your high performers.
In a Glassdoor survey, 37% of hiring managers admitted that new hires would stick around longer if they were better informed during the hiring process. Thus, a seamless onboarding process is vital to retaining employees in the longer run.
Best Recruiting software can go a long way in helping you aboard your employees. It will make your job much easier by managing all the formalities. This means you will have more time to introduce newbies to your company and its culture.
#2 – Help Them Manage Their Work-life Balance
Managing your employees’ work-life balance is extremely important if you’re seeking to increase their tenure with you. If they feel they’re burning out, they may leave you sooner or later.
Conduct regular employee surveys and feedback to understand how they are doing if you find them struggling to manage their work-life balance, minimize their workload or compensate for their extra effort.
Sometimes, even honoring their hard work is enough. And hence, conducting regular appraisals and recognizing your employees’ can maximize their tenure with you.
#3 – Encourage Employee Engagement
56% of somewhat disengaged and 73% of actively disengaged employees actively look for a different job — reveals Gallup. Employee engagement is certainly something you couldn’t take for granted.
Conduct regular training, host fun events, or go out for a group activity. The point here is to make your employees feel that they belong to a family, and they are much more than their employee ID.
Encouraging employee engagement will help you boost employees’ productivity, retention rate, and performance. Ultimately, it will help you maximize profitability.
#4 – Have Leaders, not bosses:
Everyone can be a boss, but only a few can be leaders. If you want your employees to create impact, nurture good leadership. Good leaders can leverage their employees’ full potential.
A few of the most common traits of good leaders include influence, commitment and passion, decisiveness, empathy, and delegation. Good leaders actively create rapport with employees, knowing what drives them and how they can perform better.
#5 – Earn Your Employees Trust
Creating personal connections is one of the most effective ways to build trust with your employees. Know the people in your team and let them know you. Share interesting things about yourself, what you have in common, your weekend agendas, etc.
Do something that makes them believe you are one of them. Drop them off at their home, arrange a dinner with them, or delight them with a surprise. It doesn’t have to be something humongous. Find ways to let them know you care. Once you have your employees’ trust, they’re less likely to leave the company.
#6 – Annual Performance Review
Reviewing your employee’s performance regularly can help them understand and track their goals and responsibilities. It also helps in minimizing employee turnovers.
“When feedback is immediate, clear, and concrete, people learn quickly. When feedback is delayed, abstract, and opaque, people rarely learn.”
– James C.
#7 – Training and Development
One of the most important things an employer can do to retain employees is to provide them with training and development. While training is often necessary when teaching people new skills, it’s only the first step toward a more distant end.
According to new research from the Consumer Technology Association (CTA), high-skills training (80 percent) and professional development programs to hone soft skills (74 percent) are perceived among the top ways of retaining employees’ services over the next five years.
#8 – Recognition and rewards systems
Recognizing your employees’ work consistently is one of the best ways to retain them in the long run. When you acknowledge their contribution, they feel valued and respected.
You can encourage employees to deliver better results by rewarding their exceptional performance through regular appraisals.
Retaining your employees is certainly an art and not something that can be formulated. However, by implementing the strategies mentioned above, you will be able to reduce employee turnover significantly.
The key is to understand where they are coming from and giving them the space to evolve and flourish to their full potential. And, of course, rewards and employee engagement will go a long way in helping you retain your people.