Replacing employees is expensive, time-consuming and frustrating – regardless of the business size or industry. While there is no exact way to fight employee turnover, there are some definitive retention strategies that will help you keep your top performers.
Find out why they are leaving
Details matter when it comes to retention. If more than one person is quitting, you need to act fast – especially if they are your top performers. Once you find out why they are leaving, fix it. You may find a pattern to their reasons, or they may be unique. You can find this information from the exit interview and honest and open conversations with current employees.
Businesses need to be proactive in their efforts to retain their top talent.
Utilise engagement surveys to measure employee sentiment and get ahead of turnover by keeping a pulse on the warning signs. The crux is, if you seek the feedback, you need to act on it. By not moving on the information, you are telling your employees you don’t care about their opinions.
Next level onboarding process
Ensure there is a solid plan in place for a new hire’s first 30 days. Especially in the first few days. Whether it is a small welcome gift, team breakfast, or personal note.
This is a pivotal point where employees decide whether to engage and how that will look over the months and years. These small acts of thoughtfulness and inclusion will end up paying dividends in the long run.
Associate work to the company initiative
The majority of employees can not recognise how their day to day work fits in with the organisational goals.
No wonder there is disengagement!
When employees can’t see how their hard work impacts on a business, their work loses meaning. Productivity slips and their sense of purpose diminishes. It doesn’t take much to leave a job once that is depleted.
Ensure there is positive feedback
Even the best managers forget to give positive feedback to their staff when they are doing well. This simple act builds trust and promotes honest feedback when it is required. Develop a recognition and reward program. Make your teams feel valued for all their wins, big and small.
Communicate the shared vision
People become engaged, valued and loyal when they know what is going on. Allow all employees in the organisation to know the company vision and how you are going to get there. Share it often and with many.
Know what they want
Although money is a high priority on the list of what people want, it isn’t always the only priority. Find out what they need to achieve their goals.
- Whether there is anything, you can do to facilitate an achievement?
- Can you take away obstacles to performing mundane tasks?
- Are there any small conveniences that make their life or work comfortable?
Learning and development opportunities
Access to growth opportunities are the main reason people leave jobs. You don’t always have to offer promotions. Many employees are happy with lateral moves, given opportunities to develop new skills and special projects. Quality employees will always jump at the chance to improve their current skill level.
Study the trends
Know what the trends are in the job market and see if you can capitalise on them—some things you will have no control over. But you may be able to determine trends such as remote work, or gig economy. Think about how you might be able to work those opportunities into your packages and employee benefits.
Be kind when they decide to leave
Not everyone is going to stay in your employ.
In fact, it is more likely they will leave within five years of onboarding.
If someone gets a better opportunity at a competitor, be happy for them. Plan an exit interview and find out why they are going. Your priority now is to fix the problem, so you can improve your retention with the next employee.