HR Management

Top Talent Retention Strategies for Your Organization

Employee retention is the strategy adopted by the organization to retain and protect the most prized assets of the company – the employees! While welcoming new employees is fun, at the same hand losing hardworking and productive employees is a real bummer. Organizations spend a lot of resources on training and acquainting new employees and getting them settled in the new job role. 

31% of employees have quit their job within the first 6 months of starting. 

Employee turnover is a costly affair that every organization wants to avoid. Managing employee retention involves a set of strategic actions designed to keep employees motivated throughout their work cycle with the company. Creating a strong employee retention program contributes positively to the productivity levels of the organization and boosts overall business performance. In this highly competitive environment, retaining the top talent is crucial to maintain business continuity and stay on top of the game.

Listed below are a few tried and tested employee retention strategies that many organizations have benefitted from:

  • Recruitment

Companies with a standardized onboarding process experience 50% greater productivity from new hires.

Effective retention starts from the recruitment stage itself. Strong recruitment strategies can greatly affect turnover and motivate employees positively. Presenting employees with a realistic sense of the job impacts the new hires and sets them up effectively for their job roles.

  • Training

Every role is different as each organization functions differently. Providing the right training and equipment to the employee aids them in the successful management of the job and helps them in functioning optimally. Provide the necessary training devised for the niche job role and equip them for success.

  • Compensation and rewards

35% of workers say they’ll quit if they don’t receive a pay raise.

Acknowledging employee contribution and providing the correct compensation and rewards at the right time plays an important role in employee retention. Employee satisfaction levels are heavily influenced by these two factors, so ensure to provide an industry-standard benefit and compensation that commemorates their role, experience, and contribution to the company.  

  • Avoid micromanagement

Talented and top-performing employees generally detest micromanagement and are self-motivated. While supervision is needed, micromanagement on the other hand harms productivity and spoils employee morale. Ask your employees how they want to be managed and devise tailor-made strategies. 

  • Be transparent

Creating an environment of transparency and open communication between the employees and management builds trust and instills a sense of shared purpose. Encourage employees to speak at meetings, present their views, and follow an “open-door policy”. Employees feel valued when their input is heard and valued.

  • Give employees an opportunity to grow

Organizations should provide ample resources to the employees to grow and hone their skills. Nobody likes to be stuck in a dead-end job that saps creativity and kills passion. By developing relevant training programs and engagement activities, incentivize workers to stay over the long haul.

  • Work on feedback

90% of workers said they are more likely to stay at a company that takes and acts on feedback. 

Companies that value and work on feedback are reported to have a higher retention value than their contemporaries. Conduct surveys, performance management reviews, etc. to understand the issues plaguing the employees and find relevant solutions to them. Don’t wait for your star employee to leave before you start taking feedback seriously.

  • Encourage creativity

90% of employees are more productive with gamification, with 72% of them reporting it inspires them to work harder and 95% enjoying it.

Make work fun. Games, quizzes, talent competitions, picnics, staff dinner – plan activities that allow employees to relax and show their talent. Offer rewards and demonstrate that you value creativity. This can also be done by encouraging employees to hone the other skills that they are passionate about. 

  • Employee engagement

On average, a higher retention rate can maximize a company’s profits up to four times.

Provide ample opportunities to employees to interact with colleagues and plan fun engagement activities. Engaged employees perform better at their jobs and organizations enjoy lower attrition rates. 

  •  Encourage a healthy work-life balance

Work constitutes an important aspect of our life but when work dominates to be the only important aspect, there is a problem. Organizations want their employees to perform impeccably, however undue work pressure might create unwanted stress and reduce productivity. Once your team members are relaxed and adequately rested, they will also perform better at work. Schedule time offs, provide paid vacation days, and work-from-home programs that provide better flexibility. 

Employee retention is a tricky subject that every organization is looking to master. Employee turnover and staff retention are something that every HR department wants to solve. Following a well-crafted strategy can go a long way in ensuring that employees stay over the long haul.

About Paylite

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