Best Employee Retention Strategies to boomerang your workforce
Before we dive into the retention strategy it's important to understand why renting formal employees or Ex-employees are important.The impacts of staff turnover go well beyond temporary disruptions. Replacing an employee costs about a third of their annual salary, according to research reports which show that in addition to these costs, high turnover also impacts the company's remaining staff and customers. As employees watch their colleagues leave, their workload often increases. This can lead to a downward spiral of departures and stress and pressure. Frustrated and overworked employees are less likely to perform at peak performance, which means the company's product or service suffers and customers have more negative interactions with the company.
So how can business keep employees engaged and prevent them from looking for other opportunities? These are few employee retention strategies at organization can benefit with :
1. Onboarding and Induction
Every new hire needs to be set up to be successful from the start. Your onboarding process should teach new hires not only about the job, but also about the company culture and how they can contribute and grow within it. Don't skimp on this crucial first step. The training and support you provide from day one, whether in person or virtually, can set the tone for an employee's entire stay with the organization. The best onboarding experience can help in developing an environment of trust and safety. Moreover the candidate feels valued and tends to stay longer as the saying goes first impression is the last impression.
2. Mentorship programs
Bonding a candidate with a mentor is a great addition to your extended onboarding process, especially in a remote work environment. Mentors can welcome newcomers to the business, offer advice and be a sounding board. And it's win-win: New team members learn tips from experienced collaborators and, in return, offer their mentors a new point of view. But don't limit mentoring opportunities to new employees. Your existing team and your overall view of employee retention and team job satisfaction can benefit significantly from mentoring relationships.
3. Wellness offerings
Keeping individuals mentally and physically fit is just good business. Many leading employers have expanded and enhanced their wellness offerings during the pandemic to help employees feel supported and prioritize their wellbeing. Stress management programs, retirement planning services, and reimbursement for fitness classes are just a few examples of what your company might consider offering its employees.
4. Communication
The shift to hybrid and remote working has highlighted the importance of good communication in the workplace. Your direct reports, whether working on-site or remotely, should feel they can share ideas, questions, and concerns with you at any time. And as a leader, you need to make sure you're doing your part to foster timely, constructive, and positive communication within the team. Also, be sure to proactively connect with each team member on a regular basis, to get an idea of their workload and job satisfaction.
5. Recognition and rewards systems
Every employee wants to feel appreciated for the achievement. And in today's workforce, anywhere, an employer's gratitude can have a particularly big impact. So be sure to thank your direct reports who made the effort and explain how their hard work is helping the organization. Some companies establish formal reward systems to encourage great ideas and innovation, but you can set up attractive recognition programs even if you have a small team or a limited budget.
6. Work-life balance
Working as a professional an individual has many tasks to complete and those tasks can be stressful and time consuming managing personal as well as professional can be difficult. Due to workload often family members are neglected so to help an employee for HR should work to maintain and improve employee work life balance. What message does your time management send to employees? Do you expect the team to be available 24 hours a day? A healthy work-life balance is necessary for job satisfaction. People need to know that their managers understand they have a life outside of work – and recognize that maintaining balance can be even more difficult when working from home. Encourage employees to set boundaries and take vacations. And if it takes late nights to wrap up a project, consider giving them more time to catch up.
7. Flexible work arrangements
With a remote work environment you can provide your workforce with a more flexible lifestyle. Remote work can benefit both organization as well as the employee as employees are working remotely there is no need of physical space and other non essential assets whereas individuals can design and organize their own workspace. The time spent traveling from office to home can be saved and us for more productive work. Just like every other thing remote work has its pros and cons like its moonlighting.
8. Acknowledgement of milestones
A final tip for promoting employee retention is to shine a light on notable achievements. Whether your team finishes ahead of the deadline on a major project or a worker reaches a five-year work anniversary, seize the opportunity to mark the milestone together. Even if you need to celebrate virtually, it can be a meaningful and memorable moment for everyone. The 14 employee retention strategies outlined above are just some ways to help increase your team members’ job satisfaction. Be sure to re-evaluate your efforts regularly. That includes staying current on market standards for salary and benefits and best practices for developing an attractive workplace culture and strong manager-employee relations. Some team members will inevitably leave your organization sooner than you’d like. But you can at least make their decision a little tougher. And if those employees leave your firm knowing they were valued and supported, they’ll likely say good things about your business and, perhaps, even come back to work for you one day.