Across the globe, organizations are struggling with one essential hiring metric, i.e., talent retention.
Employee retention is a primary concern as it is critical for growth especially if the people jumping are highly talented where much time and money already invested in nurturing them. Not only they cost more to the company, but it also requires new employees to take two years to reach the same level of productivity.
Living in a digital age and using immense technology in everyday lives, both companies and job seekers can quickly figure out optimal employer based on preferences, values, and passions. That is the reason why it is high time to critically access how attractive or appealing it could be by following a few approaches for employee retention.
1. Clear Visibility
An individual is very much concerned regarding his image and work at the organization level. Feedback plays an essential role in impacting an individual in any company. The managers must keep track of the main pulse of their organizations, i.e., employees by ensuring that they feel productive, invested and appreciated.
Most people are very much comfortable to share ideas as well as receive criticism when an environment that promotes feedback exists. The real-time monthly feedback, transparent scorecard mechanism, and real-time improvements help to motivate employees to self-govern their performance.
2. Company Culture
Usually, strong company cultures attract passionate and talented employees which has to be strategically created, built from top to down, and nurtured over time.
The employee retention culture should be an organized combination of competing for the idea along with the guiding philosophy behind it which is a crucial component for employee retention. There is not any single formula to build a creative and engaging company culture.
Companies should provide flexible work schedules and remote access to their employees to value work-life balance which also helps in saving time and fuel. Companies can also offer perks of building a strong culture of entrepreneurship to help employees meet their career goals.
3. Growth, Growth, and Growth
When the employees get stuck at work, they lose concentration and become less engaged to look for better growth chances outside the company. To overcome this, the companies can provide employees with a high level of advancement and opportunities to help develop new skills in an individual to maintain their motivation.
In current times, employees expect much more than just a paycheck from an organization when they agree to take a job.
The employees look after high defined values and convenient environments which gives challenging and stimulating work. Mostly, the employees look after financial, career, professional and personal growth.
This could be motivation by increased income, move up in the ranks of their organization by various opportunities, offering ways to sharpen their skills and knowledge and increasing that blurred line between professional and private lives to encourage employees to pursue their personal goals.
4. Give a Chance to Fresh Bloomers
In the business world, millennials have a negative reputation as the recruiters stray away from hiring them, but it can be a costly mistake. Do not compare the freshers with experts while recruiting; yet try to implement a company structure that merges both generations cohesively to bring out the strengths of an individual for a profitable, productive, and happy company.
Offer value-added services to make your employee’s life more relaxed and less stressful which is one of a great way to reduce the generational gap and retain new talent. Over the reports studies, most of the employees prefer new benefits and growth over a pay rise.
Another modern approach is to provide incentive programs and employee appreciation systems against traditional compensation packages. These programs can be implemented to close or reduce the generation gap to meet the expectations of your employees.
Years ago, working from home was like a distant dream. However, it has quickly turned into the future of employment. Remote work is tagged as an annoying millennial trait as more companies are adopting telecommuting practices with clear benefits. Now, workers find it harder to hit maximum productivity in a traditional office environment, instead of distracted by things like water cooler gossips and excessive commuting.
On top of all of this, there is usually fear that work will go uncompleted if employees are not strictly controlled. Contrary to this, however, studies have shown that employee output is drastically improved by flexible scheduling and remote working. The key performance indicator of the company should be modernized for a successful remote work company structure including employee productivity and output quality.
6. Avoid Being a Bad Boss
One of the most common causes for employee turnover is bad management and poor leadership and to overcome this, the companies should implement transparent policies and guidelines, communication standards as well as 360-degree review processes.
Strong management offers 360-degree transparency with opportunities for bonuses and employee incentives in securing motivated new hires and retaining top talent. Employees love to work where they can trust management and senior leadership, which serve as steady, guiding peers instead of demanding tyrants.
Employees find it difficult when they are micromanaged. That does not mean you stop check-in or follow up, but you should clearly describe your expectations to your team and trust them to get the job done. The team leader should always be more approachable and available to his or her team for solving their problems.
7. Strategic Hiring
The companies need to be very much sensitive while hiring as the majority of commercial contractors only do it to replace people leaving or retiring or over-full work capacity of current staff. A company should always plan for both short and long-term goals through strategic hiring which incorporates to attract the best people.
Strategic hiring includes hiring employees for executing a plan to enter new markets, get assured that there are people who can replace managers in the future when they retire, to open new offices, or scale-up HR functions to perform work in growing backlogs.
8. Showcase Competitive Benefits
Your company needs to be a place where people can advance their career and also get opportunities to learn new skills and take challenges. Building this kind of environment is who you attract top talent. You can likely attract qualified applicants with compelling job descriptions, share stories of career transformation on social media or other active pages, and emphasize your organization as invested in learning and development.
You can ramp up your social media presence to authentically showcase your company performance while expanding your reach and further engaging your ideal candidates. This stands even more powerful when you encourage current employees to share their workplace stories on social media. You can also add up plenty of videos and photos on common channels like Facebook, LinkedIn, Twitter, and Instagram for employee retention.
Focusing on fostered engagement, rewards, and a balanced work environment will help to inspire your employees to stick around and do their best work. Often, the employees who are highly engaged in your organization become some of your best brand ambassadors.
In the end, one of the biggest and most powerful recruitment tools for your company is your employees. When they voluntarily make positive comments about their workplace and coworkers to attract talented individuals to work for great places, it draws attention.
Potential hires will turn to them first for their experiences and their perspectives. shape how the world will see you. An environment that values them and makes them recognize that they are valued will be one that they want to sell. They will be proud to work there, and proud to share that sentiment.