Four Steps to Ensure High Employee Retention Rates

by Jody Ordioni

The job market has become a competitive sphere and the rate at which employees are resigning is at an all-time high. Your primary concern should be stopping your employees from jumping ship, this year. Workers often leave at the drop of a hat. The sudden departure of even a single employee can derail business flow and client engagement. Moreover, it is harmful to the office environment. The need is to build an employee culture that effectively exhibits the superiority of your company.

The first step is to understand why employees are tempted to leave. Of course, salary is a driving principle in the job market. The job market provides 7 million open positions to those who seek to jump ships. Mostly, a major chunk of the workforce transfers jobs for a better pay grade. With a versatile and fertile job market, the stigma associated with abandoning one’s job has taken a back seat. Employees are now more interested in what benefits their professional growth. Therefore, a lot of employees also leave their current jobs, as they see no future professional growth in their position. A bad leader is also an important reason why your company might have low employee retention rates.

Since it is not in your power to change the mind of every employee who wishes to leave the company, you have the responsibility to create a picture of your company that your employees find hard to abandon. Start with the below mentioned four approaches to bring about changes in your methodology:

Stay Interviews to Stay Updated

Stay interviews can be considered as routine interviews that allow employees to voice their concerns and feedbacks. Contrary to the exit interviews wherein employees can express dissatisfaction but without any resolution, stay interviews help to get a real-time picture. These interviews are helpful because they allow you to learn about the problems of your employees and find immediate solutions to mitigate these problems.

Get to know what motivates the employees to work for the company and what they find unsatisfactory. Listen with undivided attention and make note of important concerns. It can allow access to how the team works and what part each employee plays in the team. This can be an important wisdom to retain the key players.

Embrace Career Development and Professional Growth

Your star workers won’t stay content if they are cooped up in a tight box with no opportunity for growth. If your company does not provide them the scope for growth, they will search for it elsewhere. Your focus should be to open channels internally in the company, for their mobility. It can be a good effort in channeling their creative potential for the betterment of the company. Our research shows that 73% of employees leave their jobs due to the lack of professional development. Therefore, it is necessary to remove obstacles to success and provide valuable employees with an opportunity for growth.

Cross-training to Retain Employees

As mentioned above, employees do not like being circumscribed within a narrow role. Allow your workers to cross train, so that they do not feel restrained by their job profile. Cross-training keeps them on their toes and makes work enjoyable by providing fresh challenges. It can bring forth unrealized skills of the employee. The undiscovered talent of employees might end up surprising you and the employees themselves!

An added benefit to cross-trained teams is having personnel trained to take over in case of emergencies such as sick days and unexpected leaves. “Knowing your way” around the company can help avoid the disruption in the business flow.

Express Gratefulness Openly

Thanking the employees is wildly underrated. Google is one company that has done it right when it comes to expressing thanks. Google’s gThanks allows employees to grant recognition to other employees publicly. Now, every company cannot be Google, but that does not imply that your employees do not receive due recognition.

Simple gestures such as bonuses and gift cards are always handy. To add a personal touch, you can also give a personalized card to the employee. Ensure that the validation happens publicly, so that other employees can be inspired to double their efforts. Your employees are valuable assets that drive your company, treat them with the respect they deserve, and they will stay loyal to the company. Learn more about The Ideal Predictive Model for Talent Attraction and Engagement.

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