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Ways to improve your employee retention strategy
It’s every manager’s nightmare: One of your best employees resigns out of the blue. Right away, you’ve got a whole new set of challenges to tackle on top of your daily responsibilities.
Not only do you have to find a replacement for such a talented team member but you also have to consider the impact this departure will have on the rest of your staff.
Whenever a co-worker walks out the door, people notice. Some might even start wondering if they should start looking for a new job, too. That’s why employee retention and job satisfaction should be high on every organisation’s list of priorities, and why creating effective retention strategies to decrease turnover is one of a manager’s most important jobs. Here are some tips on building retention plans that are right for your company.
A successful employee retention strategy requires you to think about a lot of things from your teams’ point of view. It can be tricky because no two employees are the same and of course they have different desires and goals. But all of them want to feel approached by their employer and treated fairly.
Here are 14 strategic initiatives you can start to incorporate to retain your staff
- Onboarding and orientation— Every new hire should be set up for success from the very start. Your onboarding process should teach new staff members not only about the job but also the company culture and how they can contribute and thrive. Don’t shortcut this important first step: The training and support you provide from Day One can set the tone for the employee’s entire tenure at the company.
- Mentorship programs— Pairing a new employee with a mentor is a great component to add to your continuing onboarding process. Mentors can offer guidance and be a sounding board for newcomers, welcoming them into the company. And it’s a win-win: New team members learn the ropes from experienced employees, and, in return, new hires offer a fresh viewpoint to your mentors. Employees’ work supervisors shouldn’t double as mentors, however.
- Employee compensation— It’s essential in this competitive market for companies to offer attractive compensation packages. That includes salaries, of course, but also bonuses, paid time off, health benefits and retirement plans. Every employee should have a full understanding of the benefits they receive from your organisation from the beginning.
- Perks— Whether it’s paid time off for volunteering, occasional catered lunches or free snacks and coffee every day, perks can make your workplace stand out and boost employee morale. Some companies negotiate group discounts on big-ticket purchases, from cars and homes to smartphones and home security systems.
- Wellness offerings— Keeping employees fit, mentally, physically and financially, is just good business. Other services include but not limited to Mental Health Responsive (MHR). Specialist mental health in the workplace training that is of real value to employees and the organisations’ they work for. We firmly believe that the most successful organisations are those that look after their most valuable assets – their people.
- Communication and feedback— Keeping open lines of communication is a formal way of describing a practice that’s essential for employee retention. Your direct reports should feel they can come to you with ideas, questions and concerns, and they expect you to be honest and open with them about improvements they need to make in their performance. Make sure you connect with each staff member on a regular basis — don’t let performance issues build up pending the annual review.
- Annual performance reviews— Even if you’ve met with employees throughout the year to check on their job satisfaction, never skip a regular big-picture conversation. This is when you’ll discuss short- and long-term goals and talk about their future with the company. While you should never make promises you can’t keep, you can talk through potential advancement scenarios together.
- Training and development— Make it a priority to invest in your workers’ professional development and seek opportunities for them to grow. Some companies pay fees and travel for employees to attend conferences or industry events each year, provide tuition reimbursement, or pay for continuing education training.
- Recognition and rewards systems— Every person wants to feel appreciated for the work they do. Make it a habit to thank your direct reports when they go the extra mile, whether it’s with a sincere email, a gift card or an extra day off. When you show your appreciation to employees, explain how their hard work helps the organisation. Some companies set up formal rewards systems that incentivize great ideas and innovation, but you can institute recognition programs even on a small team with a small budget.
- Work-life balance— What message is your company culture sending? Be careful to avoid having a culture that encourages and rewards around-the-clock availability. Expecting staff to regularly work long hours and be at your beck and call is not conducive to employee retention. A healthy work-life balance is essential to job satisfaction, and people need to know that their managers understand they have lives outside of work. Encourage staff to take their vacation time, and if late nights are necessary to wrap up a project, see if you can offer late arrivals or an extra day off to compensate.
- Flexible working arrangements— Some organisations allow staff to choose a compressed workweek (e.g., four 10-hour days) or flex time, where employees are on the clock, say, from 6 a.m. to 4 p.m. or 10 a.m. to 7 p.m. The ability to telecommute — and avoid sitting in traffic — one or two days a week can be a significant stress reliever and retention booster.
- Dealing with change— Every workplace has to deal with change, and staff will look to leadership for reassurance. If your organisation is going through a merger, a layoff or another big shift, keeping your staff as informed. Make big announcements face to face, either individually or in a group meeting, and make sure you allow time for questions.
- Fostering teamwork— When people work together, make sure everyone, not just your team’s stars, has a chance to contribute ideas and solutions. Further foster a culture of collaboration by accommodating individuals’ working styles and giving them the latitude to make smart decisions.
- Acknowledge milestones large and small— Whether the team just finished a huge project under budget or an employee celebrated a 10-year work anniversary, seize the chance to celebrate together with a shared meal or group excursion.
Some final thoughts on retention
Revisit your employee retention strategy at least once a year. That includes staying current on market standards for salary and benefits and best practices in developing an attractive workplace culture and strong manager-employee relations. That’s the way to keep talented professionals happy about working for your firm.
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