Employee Retention Strategies to Make Companies Successful

by Jody Ordioni

Companies can only hope to retain employees if they provide them with an environment that fosters growth. While a small percentage of attrition is good for a company - as it allows fresh ideas and talent to enter- while high percentage implies there is something fundamentally wrong with the workings of the company. Here are some ways to ensure retention:

Get It Right When Hiring

Employees usually wish to leave if they believe they don’t fit into the culture of the company. The hiring team has to analyze applicants during the hiring process itself, to see whether they can work within the larger picture. Hastiness in hiring can increase the hiring cost in the future. Retaining employees is easier when they want to be part of the company in the first place.

Don’t Hoard Compensation

Inadequate compensation is the major reason for employees looking for greener pastures. At the end of the day, employees form the foundation of any company; they deserve to receive growth in equal measure. Google, for example, observes the professional doings of any employee-to-be for months before being hired. This allows them to compensate them according to the worth of their efforts.

Aiding the Ambition of Employees

More and more young people are filling the shoes of important leadership position or at least aspire to. Startup culture has contributed greatly to the rise in this trend. The appraisal process can benefit greatly if it clearly outlines the trajectory of growth for employees. A clear goal engages the employees and keeps them focused on the company as well.

Work Environment Retains Employees

A working space that engages employees is a workspace which retains the employees. Psychologists have also highlighted the effects of a good work environment on the overall efficiency of employees. Since employees spend the majority of their day in the office, space has to be conducive and healthy for the employees.

Recognition for Efforts

Valuing the efforts of employees and publicly acknowledging them can mean that employees stick around longer. It is a simple exercise but ensures loyalty if the employees feel valued. Establishing a trend of recognizing hard work also means that innovation will be on a rise within the organization which is an important requisite for growth.

Learning Never Stops

Employees appreciate any opportunity to acquire new skills and tools. Learning new skills is a great booster for productivity in the workspace. Employee exchange programs within the company also help to acquaint employees with different aspects of the company. Allowing time for personal projects can also lead to beneficial discoveries for the company.

Including the Family

Establishing a connection with the employees holds the key to retention. Family is important for every employee. Building connections with employees’ family can help in better employee retention. Whether it be a bring your kid to work day or a family-inclusive picnic, it is the thought that counts. It helps to make the employee-organization relationship less transactional.

Commuting is a Hindrance

As the world takes a step towards the digitalization of job space, companies should also look more into remote-location accessibility for work. It means that the employees do not spend hours just commuting for work. Provide employees with the option to work from home or flexible schedules. Less time on the road improves the general mood of the employees.

Over to You

Companies have to understand that employees are the center around which they have to build their strategies. Anything that can be reasonably done to ensure the comfort of the employees is a step in the right direction. Rectifying measures that retain employees are any day more favorable than constantly spending resources in hiring and training.

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