10 Ways to Employee Retention

Retaining employees is the biggest challenge that employers face. Ilana Gershon, associate professor of anthropology at Indiana University, Bloomington says, “Good jobs were ones with a good salary, benefits, etc. Now, it’s one that prepares you for your next job.”

Employers are now no longer just responsible for providing employment. They have to be equipped with the latest technology, great employee benefits packages and appreciate and recognise employees to attract and retain them.

Also, with the steady increase in the number of millennials entering the workforce, it has become all the more important to come up with a dynamic and effective employee retention plan. According to a survey by Deloitte, 43% millennials envision leaving their jobs in the next two years.

Some of the main reasons why employees leave their jobs are -

• Lack of Growth and Exposure : They leave because they find better opportunities elsewhere. Millennials loves jobs that challenge them and keep them on their toes.
• Learn new skills : A good company always helps employees advance their professional development. Equip them with the latest technology and study materials to keep them engaged.
• Change Fields : Change is growth. And it's the same with employees. When they feel they have been stuck in the same field for a long time, the work tends to become boring.

Strategies for Employee Retention

Employee Turnover is expensive and can cost, according to Forbes, from 30-50%, to 400% of an employee's annual salary. And in US companies, employee turnover costs around $160 per year!

So below mentioned are some strategies to help you attract and retain your employees :

Hire the Right People

For starters, hire the right people. People who meet the organisation's expectations and whose expectations you can fulfill.

Shape their Growth and Development

Helping employees achieve their short-term and long-term goals is crucial for employee retention.

Designing in-house training programs for employees can advance their professional development. Other methods include paying them to attend conferences, industry events, etc.

Encourage Open Communication

Create an engaged workplace where employees aren’t afraid to express their opinions, question their leaders and voice their concerns. This can be practised effectively by creating an “open-door policy.” An “open door policy” shows that you’re always available to listen to their opinions and concerns.

Similarly, they expect you to guide them on the areas that need to be improved and review their progress.

Appreciate your Employees

Every employee wants to be acknowledged for their work. Appreciating your employees for their efforts and achievements goes a long way.

Some meaningful ways are through handwritten thank you notes, social recognition programs, etc. Doing these things motivate and encourage an employee to contribute and excel.

Develop Orientation Programs

Good managers always keep their employees informed. They clearly explain the policies, expectations from the employee from the beginning. Help employees understand how they can contribute and excel with great orientation programs.

Encourage Teamwork

When people work as a team, they produce more and are more successful. Create a culture of collaboration where employees can work in their own way but as a team. You can assign tasks to all team members, clarify job responsibilities and encourage them to contribute.

Build Health and Wellness Programs

You can give your employees more than just sick leaves and free health checkups.

Having a health plan which takes care of the overall wellness of your employees is important. Your health plan can include meal tracking, fitness tracking activities, etc.Providing health insurance is another great way to take care of their wellness.

Provide out-of-the-box Benefits

Catering to the needs of your employees is important. Employers should provide benefits apart from the usual vacation leaves, sick leaves. Employees favour benefits like financial incentives, retirement savings plan. Other benefits are sabbaticals, incentive stock options, life insurance, etc.

Live up to their Expectations

Many employees feel that they don’t get the growth and exposure they were promised during hiring. Or that they aren’t Develop innovative and challenging tasks to keep your top performers engaged.

To learn more strategies, keep reading..