What does your Employee Retention look like?
Many industries today are experiencing more turnover than ever. Here are some of the top 2021 tips to minimizing turnover.
• Hire the correct candidates – it sounds crazy but lots of employers recruit people without assessing the candidates skills and traits, matching to the gaps within the team or department. All the retention techniques in the world will not fix this early stage if the job is not the right fit for the employee. You should also consider the interviewee’s personality and culture fit. Interactions and relations with colleagues are a major employee satisfaction factor. While you want to hire folks with fresh viewpoints, you also want teammates who can see eye to eye. Healthy debate is good in moderation, but constant clashes create a stressful environment. On the other hand, employees who gel with coworkers perform at higher levels and remain at companies longer.
• Competitive pay – employment is more than just a paycheck but it is still a factor when a employee is accepting a job offer and leaving a company. If you cannot afford to outbid competitors, then you can compensate by providing other perks such as bonus opportunities, flexible working hours, stock options, and a great work environment.
• Engagement surveys – Communication is key. You may not have time to host a heart-to-heart with every member of your organisation, but you can send out employee engagement surveys to catch early warning signs and implement fixes. Encourage honesty or you could plan voluntary forum groups to discuss feelings, opinions and solutions to issues.
• Provide a safe and inclusive workplace – Identity factors such as race, gender, religion, disability, and veteran status all face unique challenges in the workplace. Not to mention, a professional might identify with multiple marginalized groups, and potentially face discrimination on multiple levels. When diverse employees leave your organization, you lose both their talents and their unique perspectives; plus, the experience can have long-term impact on the professional’s career and mental health. Fortunately, there are steps organisations can take to foster a more welcoming workplace. First, companies can implement fair hiring practices that allow for more representation. Next, employers can make efforts to promote inclusion. By embracing difference of opinion and experience, leaders can encourage employees to respect every individual. The employer should also implement a zero tolerance towards discrimination or threats to an individual’s identity, and should back up these policies with meaningful action.
• Plan for employee growth – Business Insider attests that 77% of employees feel “on their own,” in terms of growth and career development. Staff members who feel stagnated or stuck at a dead end are more likely to actively seek new employment. People want to progress in their careers, and plateauing workers might seek growth opportunities elsewhere if unable to imagine advancement at the current company. Make sure you have a plan for each individual as this will banish doubt and restlessness and reassure staff.
• Perform exit interviews – even the most dynamic employers lose some staff to unforeseeable reasons but you shouldn’t always assume it was unavoidable. These interviews can examine whether or not the employee’s leaving was preventable and expose underlying trouble. Leaders can then use the information gained in these interviews to fix issues and avoid additional turnover.