Many companies are noticing that good employees are becoming harder to find and rising attrition is a common problem most companies are being forced to deal with. In addition, with the current economic and market stability issues, most companies could be looking at a 15-20% employee turnover within the next year.
When attrition remains such a highly debated issue despite higher compensation and benefit packages it is time to look into new and unique ways to retain employees.
Hire The Correct Fit
One of the first areas of successful employee retention begins at the procurement recruitment stage. It is important that while interviewing a candidate for a position, one must not only look at their skills but see if they are a correct fit for the organization. Once an employee has been found that has the correct personality, mindset, and working style it is less likely that they will leave as employees who do not have these similar values.
Is Able To Communicate Effectively
Someone who simply know the role they are going to fill is not enough to ensure that the employee is going to remain loyal to the company. That employee needs to be made aware of the main mission of the organization in the present as well as the future. They must understand how they are going to contribute to completing to that overall mission. One can communicate with their employees through face-to-face meetings, a town hall scenario, even via email. However, it is done the employee needs to understand that they are valuable and you consider their opinions and recommendations important.
Take On The Position Of A Coach
Higher attrition rates tend to be attributed to various styles of management by an organization senior leaders. Most employees do not leave companies, they leave bad managers. It is essential to create effective goals, provide feedback opportunities and look for various ways to explore solutions. Having management more in tuned to how the employees feel is one of the top ways of boosting overall morale.
Managers need to become more than just managers they need to be able to create an environment that is working toward creating careers.
One of the most important things to keep in mind with today’s workforce is to find ways to help create a better life-work balance. Companies need to look for ways that allow for better work opportunities that allow employees to finish their assignments without having to sacrifice personal and family commitments. These can include work from home opportunities, more flexible schedules or an extended paternity leave it helps to keep employees more content and productive.
One of the main reasons employees leaves organizations is due to the fact that they feel as though they can no longer grow or learn. One of the best ways to avoid that situation is to cross-train employees and let them learn other aspects of the organization. You may also offer financial aid to encourage employees to pursue higher education and create various mentorship programs. These types of programs help to keep employees interested and the momentum of the company moving forward.
Regular Feedback and Evaluations
Employees work much better when they know how their overall performance is based on company standards. It is essential to inform employees on a regular basis of what they are doing well, what needs improvement, and how they are making an overall difference in the company. When an employee realizes what they are doing to help the company move in the right direction it gives them a sense of empowerment and the drive to work harder.
Various Reward Programs
While every employee is interested in their salaries and bonuses it is not enough to keep them in one spot. As the employer, you must be looking for other ways to reward your employees for well-done work. You also want them to feel proud of their accomplishments. These can be simple rewards such as featuring them in the company newsletter, displaying their name and photo on a Hall Of Fame, or even tickets to a show or dinner with the boss. These simple rewards can go a long way in making an employee feel like a valuable member of the team and family.
Understand Why Employees Stay
When an employee leaves the company it is very important to schedule an exit interview. These interviews allow you to fully understand why some employees simply no longer want to stay. It allows for changes to be made. In addition to exit interviews, stay interviews should be set up on a regular basis as well. Ask current employees why they joined the company and why they are staying. Ask them why they would leave as well as what they would like to change. These types of interviews can actually be more revealing and helpful than exit interviews.