In an ideal world, every business would keep their employee retention rates at one hundred percent. It’s a great goal to have, but the reality is not every employee wants to stay in one place forever. While a business cannot prevent employee turnover, what is in their power is the ability to keep employee retention rates as high as they can. With unemployment being as high as it is still, businesses are doing all they can to ensure their current hires stay on and are happy to do so. Keep reading to see why retention matters, and what employee retention strategies you can use to keep your retention rates high.
Employee Retention Matters
Retention goes beyond just keeping a full staff. At its core, retention happens when employees are happy with both the company and the work they are doing for it. But, when an employee leaves, the business then shifts to recruiting and hiring. Multiple departments become involved. A team drafts and posts the job description. Human Resources needs to sift through all the applications that come in. Proper candidates are interviewed by either HR, the team needing the role, or anyone from leadership. And then finally, an offer is extended, and the new hire is onboarded.
Having an empty position open in your business requires a lot of time, money, and effort. The hiring and recruiting process can also slow down the business’s productivity. Even the fastest turnaround for a hiring process still pulls resources away from day-to-day activities. If a role goes unfilled for too long, then existing employees need to fill the empty space. Extra work contributes to burnout and can be demoralizing.
The bottom line is recruiting, hiring, and onboarding is a process that takes time and money. The good news is there are a variety of employee retention strategies that businesses can utilize to keep this rate high.
Recruit the Right People
Employee retention starts at the recruitment level. Teams need to be cohesive and inspire others to do well. Employees come from everywhere, and not all of them will be the right candidate for the job. Networking at job fairs is one way to meek potential applicants. Or businesses can work with staffing agencies to have a list of applicants sent to them.
For whatever reason, if a business feels they are not getting enough quality applicants, then consider revising the application. Consider adding additional resources, such as reference letters or skills tests amongst other qualifiers.
FJC Personnel works with organizations in the Austin Metropolitan area to supply our clients with quality applicants. We keep our clients satisfied with applicants who are motivated to work and get the job done. Consider partnering with FJC Personnel to fill your next opening.
Wherever businesses get their applicants, HR teams should thoroughly review applicants and determine the best candidates to move forward. The real work begins after the candidate accepts the offer.
Invest in and Take Care of Your Employees
Any quality talent will say that the thing that keeps them at their job is if they are happy to work there. This can be for a variety of different reasons. One thing employers can do to make an employee happy and have a sense of belonging starts from the beginning. If employers take the time to create an exceptional onboarding process. This makes an employee feel welcomed and confident in the work they can do right from the start.
Many employees will stay with a company if they are regularly recognized for their hard work. Frequent, specific acknowledgement or feedback does wonders for morale and motivation. Consider utilizing social recognition platforms for your company’s group communication. Provide opportunities for further development or learning and incentivize when appropriate.
When providing feedback, make sure that the feedback is actionable and applicable. Employees who receive vague feedback that isn’t clear can do more harm than good. It’s important for managers and leadership to take on a coaching ideology when working with their direct reports.
Respect Your Employees’ Time
Time is one of the most valuable resources for any company, employer, or emploee. Respecting time by reducing meetings, or removing unnecessary roadblocks makes for a more enjoyable work experience.
This means promoting a healthy work/life balance. Your employees are people outside of the workplace. Getting the work done during the workday should be top priority for both employers and employees. However, in some situations, overtime is inevitable. Compensate your employees appropriately when overtime is necessary. This tells them that their employers are grateful and respect the extra time and work.
In that same vein, promote the quality of the result of a project over the time spent. While high quality work can still be done in any given amount of time, rushing or prolonging a project doesn’t do anyone favors, be it the employees or the intended audience of the project, be it a client or just a general audience. It’s the quality of the work that will have the most impact, not the time spent on it.
Keeping top, quality talent couldn’t be more important for any company or business organization. Businesses who put in time, effort, and care into employee retention will see the results. These are just some strategies to improve employee retention, and they’re worth the investment.