A retention strategy is a plan developed and implemented by organizations to reduce employee turnover, prevent attrition, increase retention, and foster employee engagement. The main challenge for businesses is ensuring that the retention strategy aligns with business goals to ensure maximum return on investment.
Organizations invest a lot of time and resources to train new employees and make them skilful. So, to make employees stay for long periods, companies came up with Retention Strategies.
Why is it necessary to retain employees?
Human capital is an organization’s most valuable asset. Companies spend a lot of time and resources on recruiting and training employees. So, every company wants its best employees to stay in the company for long periods. They don’t want their best employees to leave the company right away.
Investing time and money in employee retention strategies have great benefits, according to the Society for Human Resources Management(SHRM). It makes employees more productive. It also motivates employees and improves the quality of work.
If employees are retained for long periods, then they would feel a sense of pride and satisfaction towards the company. They would want to be a part of the organization.
Employee Retention Strategy Implementation:
It is important to know that every strategy does not work all at a time. Every employee is unique. So, different strategies should be implemented for different types of employees.
But all of them would like to be appreciated for their work. Employees always look to learn more and look for a healthy environment to grow. As a result, companies should explore several options for keeping their staff satisfied and retaining them for a long time.
Here are some tips that can help you in the same:
- Have a well-planned, perfect onboarding and orientation process for the new hires. Allow the new employee to know that you will take care of them until they are experienced.
- Assign your new employees to a mentor. Mentors guide the employees and give suggestions to improve their work and help them in need. This is an important step in this process because every new employee requires some guidance from the experienced one.
- Offer a higher remuneration package than others. In this competitive world, salaries alone don’t matter to employees. Some other perks like bonuses, benefits, and time off also matter for them.
- Frequent interactions with them would help a lot. Give timely feedback to your employees and allow them to speak about their concerns. Frequent interactions will develop a relationship between you and your employers. This helps employees to stay long periods in the company.
- Give priority to employee development and training. Make all requirements to upskill your employees. To educate and upskill your employees, organize workshops, events, panel discussions, and contests.
- Timings should be fluid. Some companies allow their workers to work at any time they are comfortable with. But the work should be completed for them on time. Then both the companies and the employees will get benefited from this.
5 Drivers Of Employee Engagement and Retention:
- Enable fulfillment
- Provide opportunities to grow
- Empower responsible employees
- Facilitate collaboration
- Support success through process and workflows