Employee job satisfaction is crucial for a business to witness continued success. Hiring the right talent may not be a difficult task, but retaining them for a longer time is quite challenging. Employee retention is the top concern for business leaders across the globe.
Retaining the right talent is a challenge especially if the company is micromanaged or human resources get involved in talent acquisition but not talent management. A recruiting Strategy plan does not end with onboarding of the employees but continues until the smooth exit process.
They say, in certain companies’ politics win, whereas in other companies, ideas win. Research says nearly one-third of the new hires quit jobs within six months of joining. There is every chance that talented professionals leave their job for want of respect, recognition, or career advancement.
The studies suggest that 43% of employees wish to quit the company for a ten percent hike; only one-third of the employees receive recognition and less than 33% of employees are happy with their company’s strong culture.
If your company does not want to be on the list of those companies, then it is high time you implement employee retention strategies to win employees.
Effective employment retention strategies
The efforts to create an effective and motivated workforce starts from the hiring process. Six important strategies to retain good employees is described here.
A crystal-clear job description, emphasis on professional development, sharing core values, and culture helps an employee to stay for a longer duration with continuous career enhancement. Take an exit interview too.
2. Onboarding process
A well-planned and step-wise direction toward achieving the company’s goal and accommodating to the company culture is a must. It helps the newcomer to settle and develop a liking to work with the company.
3. Develop long-term career plans
While hiring new employees, several companies focus on on-the-job requirements and settle the candidate for it. But the best practice for retaining employees is to help the employees stay within the organization, plan their career, and motivate them to move up the career ladder. It is necessary to meet the current and long-term professional goals.
4. Reduce employee pain
Conduct employee surveys, acquire direct feedback, and encourage employees to move with the industry trends. Know their point of frustration and do not let the pain build elsewhere. Acknowledge the ups and downs of your employee life and be moral support for them. Be available for employees always.
5. Eye on immediate managers
They say employees do not leave a company, but a manager. It is crucial to eye on the managers’ way of treatment on their sub-ordinates. Train your manager(s) on soft skills, how to encourage people with different skills to move forward, and so forth. Have leaders but not bosses within the organization.
6. Beneficial compensation
Apart from market salary, leave benefits, healthcare, insurance concerns must be addressed. Stability in financial matters is critical to retain talented employees, only 24% of employees move for the reason of salary. New generation employees seek respect and culture.
Bonus Strategy: Implementation of Artificial Intelligence
Implementation of AI in HR processes is the new norm today. Artificial Intelligence improves employee engagement right from the beginning of job application. With AI algorithms, companies can go beyond the planning resources of the HR team with regards to onboarding, training, upskilling, and brand sentiment. Embracing AI makes the companies stand distinct in the competitive market.
In a nutshell
Employees care where, how, and why they work. Give them all that they need to gain success. Avoid a quick exit of the top employees from the company. Offer pleasant salary, related benefits, a culture to thrive, and learning opportunities to stay ahead of the curve.