Importance of Retention Investment

Reducing turnover rates and bouncing back from ‘The Great Resignation’ starts with making an investment in EMPLOYEE RETENTION. Several HR survey data found that many companies are already seeing the need for this and making that shift accordingly.

Employees are arguably the most important stakeholders for any business. Skilled workers are in high demand and losing valued members of your team can be a catalyst for both capacity and morale issues.

Well, if you calculate the cost of replacing employees can be twice the price tag of their actual salaries. And replacing your highest performers is more expensive, still.

So how does your company invest in employee retention?

·??????Offer personal development opportunity

·??????Offer professional development opportunities

·??????Prioritize work/life balance

·??????Encourage teams to host team-building events/activities

"Ways to Boost Retention and Minimize Turnover"

Formal employee on boarding programs?can increase employee retention by 25%. Host opportunities to welcome new hires before their first day to get them started on the right foot. These can be pocket events where they can complete pre-joining processes and interact with teammates, or welcome them with personalized resources.

Offer employee development programs?for up skilling and reskilling as part of the compensation package. Make in-house training programs, knowledge transfer sessions, mentorship programs, on-demand learning opportunities, and participation in conferences and industry events available to facilitate growth. These activities keep everyone up-to-date with the latest trends and best practices as well as encourage critical and innovative thinking.

Develop good relationships?with the people you work with. Organize social events outside working hours to?improve employee engagement?through dinners, team building activities, company-wide themed celebrations, and others.

"Retain flexible or hybrid working arrangements".

High wages are not enough to keep top talent anymore. Employees today are looking for more choices on how, when, and where they can do their work. By providing these options, businesses allow workers to retain their work-life balance and show that they trust them.

Address employees’ mental health and wellbeing.

87 percent of the internal survey says that employees’ are stressed about their wellbeing; it’s safe to say that those outside of HR and leadership are probably feeling the pressure, too. Between changes caused by COVID-19, coworkers leaving, and general unrest around the country over the past several years, employees have plenty to occupy their minds. How organizations are creating space for mental wellness and recovery covers a broad spectrum.

With an investment in retention and an increased focus on the employee experience, HR professionals and business leaders can make a comeback from last year’s high turnover rates. Listening to your employees and acting on and responding to their feedback and concerns will help you create a retention strategy that has 2022 turnover numbers looking significantly less stressful for sure.

I am Listening & would love to hear more insight on this from my fellow LinkedIn Followers.