How to Smartly Tackle Retention Challenges?
If you have an up and running business, you have at least 25-30% employees that you rely on for the subject matter expertise, specific skill set, and the invaluable contribution they make to your organization every single day. You don’t want to lose them.
Having talented employees is incredibly important to any business, having talented employees that stick around for long enough is even more crucial. It’s not uncommon, in fact, it’s somewhat a norm in the present – to move from job to job, always be on the lookout for new exciting prospects, switch to the next best thing. Employees switch jobs every now and then in search of better opportunities. As a consequence, the employment market is witnessing higher turnover rates even as employment rates keep shifting up and down. A 2020 statistic by the US Bureau of Labour Statistics shows 4.4 million workers voluntarily quit their jobs in the year.
The thought of losing your valuable and top talented employees can be pretty perturbing, actually losing them can be pretty bad and costly for your business. Employers may end up spending up to half the employee’s salary to replace them and fill in the position.
Retaining top talent and valuable employees is a challenge for most businesses. But there are many things you can do towards employee retention and keep your most valuable ‘high risk’ top talents. We bring you some smart and purposeful strategies you should undertake to tackle your retention challenge and retain your best. You can always take expert advice and help from a human resources outsourcing firm to tailor your approach and strategies.
Key retention strategies to help keep the valued employees
Identify And Engage Top Performers
To retain your top talent and best performing employees, you might have to take a few extra pains other than simply having them with you and compensating them for their work. It might do you good to start with, identify who they are so that you can focus on them accordingly.
It’s also important to keep employees engaged in the work they do, keep them interested, motivated, and cheered by their work. If workers are not fully engaged in their role, they can feel distracted, disinterested, dissatisfied easily, and go easily towards something that excites and engages their attention. Therefore it’s important to keep your employees motivated and engaged in work at your organization. It might be worthwhile for you to therefore work on building strategies that encourage open and frequent communication, free-flow of ideas and feedback, discussions, learning, and advancement opportunities to engage your hard-working performers. It is also a good idea to build rewards and recognition programs as performance motivators as well as a way to thank them.
Introduce More Flexible Policies
These days employees are no longer flattered by working in fixed 9-5 work hour shifts. They prefer flexibility, mobility, and remote working options that allow them to work as well as not miss out on other important things in life. However, this shouldn’t feel like a burden to you. Flexibility has actually been found to boost productivity. Flexibility also improves communication, creativity, productivity, and engagement. Most creative and highly productive workers feel the same about working flexibly and even remotely. This increases employee satisfaction that is closely related to employee retention.
Focus On Employee Benefits
Salaries are often a great motivating factor in jobs, however, it is not the only thing employees seek. Employees also look for benefits and other perks that they may get working at an organization. With these in the package, they may even settle for decent base pay.
Compensation, bonus, work environment, opportunities of development, rewards – all these make a huge difference and can be a good motivating factor for you employees who are hard-working, to stick around with you for long. As they remain happy, they are likely to retain their position with you.
Continue Focus On Work-Life Balance
It is vital to maintain a neat balance between work and life outside work. As employers, you should keep the focus on this important aspect by encouraging and enabling work-life balance among your workforce. Taking care of physical and mental health is also a crucial aspect you should not miss out on.
If working at your organization, workers can enjoy a good work-life balance that can itself be a pretty good reason for them to stay committed to the work and your organization for long. You can focus on your in-office culture that affords breaks, stress reduction, etc as well as innovative ways to foster wellness among your employees. You can also help yourself by outsourcing human resources to a reputable HR outsourcing firm that can help you build on these aspects.
How can Collar Search help?
One of the most effective strategies to ensure employees stick around for long that experts swear by is hiring the right candidates at the very start. That’s exactly what we help you do. As an expert human resources outsourcing firm offering services in the field of recruitments for IT, healthcare, and other sectors, we have an accomplished team of experienced recruiters, who help find the best talents for your company so that you make the right decisions at the very start. Moreover, we help to simplify and fast track your recruitment processes enabling efficient time and cost-effective techniques and strategies that get you the best out of your recruitment efforts.
Learn about our services and get in touch with us for a consult.