Employee Retention Strategies
In last month’s blog post, we discussed the difference between recruitment and talent acquisition. This week we will touch on effective employee retention strategies. One of the most difficult situations a business can find itself in is when a top employee quits unexpectedly. Almost immediately the management team must take on a whole slew of challenges, namely replacing the valued employee, as well as the effect this sudden departure will have on the rest of the team. One employee’s departure may cause others to consider the same. For this reason, both job satisfaction and employee retention should really be at the top of every business’ list, so as to reduce turnover. Let’s take a look at some of the best practices when it comes to employee retention:
- The onboarding process – First impressions are everything That’s why an employee’s first day is so vital to their perception of and performance in the company. Orientation is a key component of the onboarding process, as the new hire is introduced to the team and can get a quick look at the operations of the business, as well as a layout of the office space. The team should be warm and welcoming to all new hires, even inviting them out to lunch or for a morning coffee can create fast friendships within the workplace. Good relationships between staff are an essential feature of job satisfaction.
- Compensation and rewards – Another key element in job satisfaction is making sure that employees are compensated handsomely and that their achievements and accomplishments are recognized. Money is probably the most attractive and competitive feature of a job listing, so pay your employees fairly and entice them with raises after a long track record of top-notch work.
- Balancing work and life – Yet another important aspect in employee retention is your employees’ abilities to balance work with their respective social lives, and even school. If an employee is working too many hours, s/he can get easily bogged down and lose motivation. This can lead to resignation due to lost interest and feeling unappreciated. There should be a healthy balance between work and life for all employees, and management should be understanding when employees request a reduction in hours or workload. Quality work comes from happy employees, so job satisfaction is very important in this aspect.
Employee retention is the key to keeping a successful business running at peak performance. Job satisfaction among employees is a deciding factor when considering applying for a new job or toughing it out at their current job. Make sure employees are happy, compensated well, and really feel like they each play an integral role in the team.