Employee Retention Strategies to Retain Top Talent
Employee Retention Strategies
What is Employee Retention?
Employee retention is the ability of an
organization to keep employees contracted and create a more stable and
productive workforce
Why are employees leaving?
i.
Unhappiness with management
ii.
Lack of recognition
iii.
Inadequate salary and benefits
iv.
A need for better work-life balance
v.
Feeling overworked and unsupported
vi.
More desirable opportunities at other companies
Employee retention strategies
- Building trust
with your employees
Workers look for trust and want to feel safe
while they're at work. When the employees don't trust you, they won't believe
you're acting in their best interests. In fact, without trust, staff felt that
their share could be used against them. Or that their manager just won't help. Therefore,
employers must think about creating a positive relationship, show sympathy, and
remind your staff that you are here to help them. Work with them, allowing your
team to make mistakes, showing honesty, and allowing them to participate in the
decision-making process
- Support career
development & opportunities for growth
You can assist employees in identifying areas for
professional progress, such as the need to learn new skills, as part of
delivering continuous performance evaluation. As technology continues to
revolutionize how we work, gaining skills are more necessary than ever. As business
requirements continue to grow, workers train and develop to learn new talents
and capabilities
- Investing in
Employee well being
Many employment conditions, as well as financial
stress on employees, are contributing to an increase in mental health issues.
These issues demonstrate the necessity for leaders to invest in a good work-life
balance for their employees. Investing in an employee wellness program is one
method to do so. Wellness programs encourage healthy work habits and can
improve employees' health knowledge
- Providing
flexibility in the workplace
The pandemic prompted a drastic shift in office
workers' behavior, with many opting to work from home. People who have returned
to the office now say they would prefer to work remotely a couple days a week.
People who stayed at home were less likely to abandon their employment than
those who worked in an office, according to studies. Therefore employers should
allow staff to have more freedom over their schedules and where they work
instead of imposing the usual 9 to 5. When employees feel in charge, they are
more likely to be engaged
Conclusion
Companies that successfully achieve high employee
retention rates have an advantage in both achieving business goals and hiring
new employees. The ability of a company to retain its talents has a significant
impact on its ability to operate at a high level without disruption, especially
in the tough job market.
References
Glider, 2022. Glider. [Online]
Available at: https://glider.ai/articles/strategies-retain-talent-company-coming-times/
[Accessed 26 March 2022].
Half, Robert,
2021. Robert Half Talent Solutions. [Online]
Available at: https://www.roberthalf.com/blog/management-tips/effective-employee-retention-strategies
[Accessed 26 March 2022].
HR Cloud,
2021. HR Cloud. [Online]
Available at: https://www.hrcloud.com/blog/employee-retention-12-strategies-for-retaining-top-talent
[Accessed 26 March 2022].
Pratt and
Florentine, 2022. CIO. [Online]
Available at: https://www.cio.com/article/251060/employee-retention-10-strategies-for-retaining-top-talent.html
[Accessed 26 March 2022].
High staff turnover is a major problem faced by organizations nowadays. When staff turnover is high it increases hiring costs and training costs to the organization. As clearly explained by you, employee retention is a very important function of HRM. All the Best!
ReplyDeleteThank you Dilini
DeleteHigh staff turnover is a major problem faced by organisations nowadays. High staff turnover will result in higher costs involved in hiring and training of new employees. As clearly explained by you, staff retention is a very important function of HRM. All the Best!
ReplyDeletePeople are leaving their job might not happen due to one reason but it can be combination of few reasons as you have indicated about. You have describe details very clearly in your article. All the best..
ReplyDeleteEmployee retention is very important to an organization. Retention of experienced and talented employees achieves the company goals. This blog clearly explained employee retention strategies. Well written.
ReplyDelete"Good employees never complain, they are just leaving". This is very important point that organisations should understand. When compare with people active time (awake time), employees many hours living with the organization than personal life. Then feeling safe and recongnization are very important factors that organisations should focus individually.
ReplyDeleteBefore retain employees, the organization must understand why employees leave the organization. You have nicely expressed it.
ReplyDeleteYou've clearly stated why workers leave organizations, what motivates them to stay, and what initiatives must be implemented to keep employees on board. This is an excellent essay. Best wishes!!
ReplyDeleteEmployee retention, hiring is costly than we think. Organizations must implement strategies to retain staff as this increase productivity, good will, competitive edge over rivals. Good article on how to retain the staff.
ReplyDelete