Demystifying Employee Retention

With the economy booming across the United States and Canada, HR teams and managers need to retain their best people. Employee retention is of the utmost importance because losing key employees creates insecurities among co-workers, more workload for other employees, time invested in recruiting, hiring, and training a new employee.

Employee Retention is Synonymous with Empathising

Employee retention has always been shrouded in a cloak of mystery. A successful employee retention approach is one that aligns with the team’s outlook. While they differ in needs and goals, every employee looks to be appreciated and be treated fairly by the employer. However, employee retention is no rocket science. Its very essence is rooted in communication and empathy.

Keep your stalwart employees from job hunting with these tips:

• Memorable onboarding and orientation — Employee retention starts with setting up each employee for success from the very first day. Onboarding should convey the job requirements as well as the company culture
• Make Day 1000 as Important as Day 1 – The hiring process shouldn’t end with onboarding. The commitment to employee satisfaction should always be as resilient as it was at the time of hiring
• Mentorship programmes — Mentors can offer guidance and team members can learn the ropes from experienced employees.
• Employee compensation — Attractive compensation packages, including bonuses, paid time off and health makes employees feel reassured and aids in employee retention.
• Wellness offerings — Mental, physical and financial wellness of each employee is paramount to an organization’s success. And of course, a happy employee is a retained employee
• Communication and feedback — Connect with each employee regularly; don’t let expectations or performance issues wait till the formal review.
• Regular performance reviews — Regular big-picture conversations to discuss short- and long-term goals makes employees feel included in the future of the company.
• Training and development — Investing in employees’ professional development shows the commitment you have to their future. This plays a big role in employee retention.
• Appreciation where its due — The extra mile deserves the extra praise. This fosters a sense of ownership within every employee and you can count on them at crucial times.
• Flexibility — Have the confidence to let employees manage their time. Flexible work schedules and telecommuting makes your employees more productive and satisfied.
• Work-life balance — A life outside of work is essential to job satisfaction and employee retention. Taking an interest in employees’ interests outside of work build strong and lasting relationships.  

Employee retention strategies need to be revisited at least once a year. Staying current on market trends for benefits and salary incorporating best practices in developing an attractive workplace culture helps keep talented professionals happy and working at your organization.