Across the board, companies are increasingly asking the same question: What can we do to improve employee retention? The reason: employee attrition is on the rise, proving to be an unnecessary drag on profitability. Little wonder that companies are deploying healthy retention programs to increase engagement and reduce staff turnover. As companies realise that workforce stability is important to cutting costs and tapping top talent, they should not hesitate to put employees a step ahead of their customers - to spawn an innovation ecosystem and create competitive advantage.
Let’s look at five ways companies can tackle employee turnover in today’s fast-paced work environment:
#1 Hire the right talent:
If employees are proud to be part of an organisation and aligned with its culture, chances are they will stay on longer. Onboarding right fit candidates and encouraging their growth is therefore imperative to enhancing retention. Know who you are as an organisation, what you want from your employees and what processes you need to put in place, to hire true fit employees. Once you bring the right people who are aligned with your company’s mission on board, you will be better placed to succeed in today’s highly competitive and challenging times.
#2 Don’t cut employee benefits:
At a time when many companies are laying-off employees due to poor market conditions, doing the opposite can lead to significant advantage. Investing heavily in employee training and benefit programs not only improves customer experience but also helps your business earn the reputation of a great workplace. Cultivating employee talent and providing them with an opportunity to earn raises and climb higher in the system builds a culture that makes people feel valued and respected. The more employees grow and learn internally, greater the chances that they will stick with you.
#3 Think flexibility:
68% of US workers say they expect to work remotely in the future. One way to endorse this trend is to create remote job opportunities. If you have employees who are willing to work from home, not only will you be retaining talent but you will also save significantly on space and furniture. Home-based employees are particularly productive if they have telecommunication and internet access, and do not typically look for other opportunities as they value flexibility and save considerably on commuting, work wardrobe, and other related expenditure.
#4 Create collaborative environment:
A collaborative work environment is every employee’s dream. About 75% of employees rate team work and collaboration as critical, yet only 18% of employees are evaluated for their communication and collaboration on their performance reviews Buck this trend by bringing teams together on collaboration platforms such as Microsoft Share Point, Cisco WebEx Connect and Adobe Acrobat Connect for successful project completion. Creating a harmonious and transparent workplace translates into happy and creative employees as well as higher retention.
#5 Invest in employee career progression:
Make sure you factor in the career development of your employees so they don’t leave for greener pastures. Build a career progression plan that focuses on your employees’ needs and growth potential. Another thing you can do is to invest in employee training to steer employees in the right direction by providing challenging career opportunities within the organisation. Companies have traditionally taken a reactive approach and focused on understanding the reasons for employees’ exit only after they leave the organisation. As a result, fostering a proactive retention culture is likely to take some effort. If you want your employees to stay on for the right reasons, show them you care about their well being and create a supportive culture that respects the value they bring to your organisation.