Employees are the rock upon which a successful business is built. No business strategy can cover for having non-qualified personnel and this is why businesses spend precious time and resources to come up with robust recruitment strategies to capture the best talents. But filling vacant roles with qualified and talented personnel is only the beginning of the journey. There is the much more difficult task of retaining employees.
Employee retention is important now more than ever, especially in the post-COVID-19 world. The business world continues to get tougher by the day due to fierce global competition, fussy and tough customers, deregulation, and fast and constant changes. To keep up with competitors and have an advantage, businesses must try to find something that gives them an edge over their rivals. And in this time and age, the edge many businesses need is talent, top talent to be exact.
This is why any business that knows what it’s doing will set up an effective Human Resources (HR) Department. While HR is popularly known to recruit and onboard new employees, they have another equally important task that involves retaining employees. Losing employees is expensive as it requires time and money to recruit new ones. And this is without discussing the potential fallout of losing competitive advantage.
Workers are increasingly becoming aware of their value as evident in the Great Resignation in the spring of 2021 when several employees quit their jobs in record numbers. So, businesses should be more concerned about employee retention to reduce the likelihood of their top talents walking out the door. In light of this, below are simple and effective ways businesses use to retain employees:
- Set Employees Up For Success Right From The Beginning
The common belief is that employee retention starts after hiring new staff. But the truth is that employee retention starts way before this. Employee retention starts the moment there is a vacant position. Management has to evaluate the vacant position and outline required skills and qualifications. The job requirements are then accurately and articulated described in the job posting. This is to ensure people with the right skills are hired and such people are bound to excel at their roles, enjoy it, and stay with the company.
The retention process continues after a new hire has signed the paperwork in the form of onboarding, orientation and training. These three are critical in educating new staff about the company’s culture, what to expect in their roles, and how they can thrive in the organization.
How new hires perceive the onboarding and orientation process can shape their long-term future with the organization. For this reason, businesses shouldn’t skip these critical first steps and focus on providing a positive experience for new staff members.
- Employee Compensation
Competitive compensation is key to retaining talents and organizations must strive to pay above-average salaries. Employees’ salaries should also be reviewed periodically and adjusted when necessary. The best compensation packages also include attractive benefits like health care benefits, retention bonus, and retirement packages.
Retention bonuses is a common strategy used by businesses in all sectors to motivate key employees to remain at the organization especially during a merger, critical period of production, or when a company is overseeing a large project.
- Recognition and Rewards System
Employees want to be appreciated for their efforts. And a gesture of appreciation from an employer can do wonders for an employee’s level of happiness, morale, and long-term future in an organization.
Saying ‘thank you’ is not enough. Simple gestures of appreciation such as trophies and awards mean a lot more than many employers will ever know. They are not just shiny new things for workers to decorate with or brag about. They are all about being recognized, appreciated, valued, seen, and wanted. Everyone wants these things and a recognition and reward system can motivate workers to not only give their best but love their job. And this means they are more likely to remain at the organization.
To create a culture of recognition in any workplace, recognition must be specific, relevant, and timely. From individual awards to team trophies, sticky notes, wall of fame, surprise treats, and so on, businesses are spoiled with several creative options to celebrate outstanding employees.
- Encourage Input And Feedback
Giving employees the chance to give their opinion is a great way to show they are valued. There are several tools management can use to allow workers to comment on their working conditions and how they perceive their jobs. The feedback can even be anonymous so employees can be more honest with their opinions.
Management should also provide feedback to employees, especially about their performance, and take an active interest in their development.
