Raising the pay is not as effective as you may think, shared commitment and the mutual goal is what brings talent to stay.
The employment market of today is fraught with competition. Talent is more scarce than ever and rising attrition is a reality many corporations are facing. When the conditions of the global economy are factored in, many employers can be facing an employee turnover of roughly 20% by the end of the year.
When the employee pool is still unstable, even after compensations have been duly increased and benefit packages carefully matched to personality cults, it is time to review the best strategies for retaining our valuable employees.
-Look for Culture Fit
Successful employee retention begins from the very moment an employee first interacts with the recruitment personnel of the company. In addition to seeking a good match in terms of aptitudes and required skills, it is also a wise to consider the “organisational fit” of an employee. An employee who has a mindset, attitude and personality that is well aligned with the goals and values of a company are less likely to become dissatisfied with their position and leave.
-Communicate Well and Often
Keeping strict criteria for performance and “organisational fit” are still not enough to instil a die-hard company loyalty invaluable employees. It is also imperative that you have in place a communications process by which you will disseminate company vision and upcoming goals for future missions and transmit the value these employees have to the effectiveness of the enterprise.
Whether you opt for the monthly town hall method, internal surveys or even face-to-face communications, it is essential that your interactions are all conducted with the intent of letting them know that you are their “employer of choice”.
-Be a Coach, not a Manager
One thing that can ensure a larger turnover rate is the domineering approach of a manager rather than the support and assistance that comes from playing the role of coach. Employees will develop a low-quality rapport with a manager, but value insights,feedback, the presentation of goals and the recognition that come from a leader who is attuned to the team’s passion and frustrations. This allows them the freedom to express frustrations and know that their professional future is being addressed by a caring perspective.
Company leadership must rethink their managerial approach to their employees and their careers if they hope to retain valuable talent.
-Flexible Working Schedule
Employees today are more prone to favour the type of employment possibilities that promise a convenient balance of work and life. Companies must seek a way to introduce working times that are suitable to employees needing to finish projects on schedule while coordinating the various demands of their personal life. This can be done by offering a work at home policy, granting and extended paternity or maternity leave as well as implementing tailor made scheduling for various workloads — all this keeps employees feeling valued and productive.
-Create Growth Opportunities
The absence of a sense of professional direction for personal growth and development within a company is bound to make the individual feel stuck in a rut; is also a major cause of employee turnovers. There are somethings that can be done to motivate employees to advance rather than coast on the previous momentum. Cross-training programs on skills connected to the employee’s interests and also in line with business goals or opportunities to seek a further education with specialised mentors are great ways for the individual to feel motivated and pursue a promotion.
-Provide Regular Feedback and Performance Evaluation
Appraising the performance of your employees is one sure way to let them know you not only value their efforts but are keenly attuned to their personal growth. Don’t wait till you see an adjustment that needs to be made, regularly communicate you’re to your employees that they are doing well. This will make telling them their talent needs to be kicked up a notch all the easier and they will appreciate it too.
-Reward beyond Salary / Bonus and Equity
The salary and the perks may have been the primary reason that an employee will join a company’s workforce, but these will not keep them chained to their spot. Recognition for exemplary performance can’t be merely throwing out a financial reward, savvy employers will find innovative ways of expressing pride in the accomplishments of an employee.
This can include an honourable mention in a company bulletin, a name in the company’s ”Wall of Heros” or even a family dinner with the CEO of the corporation — these actions go much farther than cash in making an employee feel valued.
Final Thoughts
It is important to remember that no two employees are the same and the best employee retention strategies will feature a few techniques that have been selected for the employees and projects at hand. The senior company management and HR departments should meet regularly to discuss what techniques have proven most effective.
But the goals are the same, to increase company culture and promote a mutual commitment to attaining company goals.