02 Nov Improving Employee Retention

Thanks Simplilearn for some great ideas  on employee retention!

Top 6 Employee Retention Strategies for Your Business
By SimplilearnLast updated on Jun 7, 2021

How Can We Improve Employee Retention?
The best employee retention strategies will address the biggest employee retention problems. Here are six ways to do it.
1. Provide Opportunities for Advancement
According to the Consumer Technology Association (CTA), skills training and professional development programs are two of the top ways of retaining employees. This is because employees see those programs as a company’s investment in their future and an indication that they’re being honed for promotional opportunities.
Wherever possible, companies who wish to retain their employees should consider hiring and promoting from within.
2. Provide Effective Management Training
Some people are good at organizing and managing logistical affairs, but they’re not necessarily natural leaders. However, true leadership can be a learned skill. Train your managers to be empathetic, flexible, reasonable, transparent, and cooperative, and they’ll add those skills to their already formidable business knowledge. In turn, these managers will inspire great work and loyalty in others.
3. Reach the Millennial Generation
Engaging and retaining Millennials has become more important than ever when it comes to mitigating the costs of employee turnover. But how do you do this?
The engagement drivers within your organization should be identified and monitored, as these can change over time. Targets and goals for your engagement strategy should be carefully crafted to account for the modern ambitions of Millennials.
You can do this through a routine monitoring process and surveys. Transparency is also essential to this generation. As Millennials believe in continuous learning and self-development, it’s also imperative that you offer opportunities to reskill and upskill themselves whenever possible.
4. Offer the Best Benefits You Can Afford
Sure, benefits packages can be expensive. However, when you offset those expenses against the cost of high turnover, you’ll see that you can’t afford not to offer attractive benefits. Do your research and find the best package you can afford, and the resulting employee retention will be worth your investment.
5. Listen to Employees and Implement Their Suggestions
Another key element of any effective employee retention strategy is to get reliable feedback from your employees to see how they’re feeling about their jobs and their work environment. Talk to them. Listen to them. Conduct surveys (formal and informal) and evaluations to see if they’re comfortable in their physical environment and get along with colleagues and supervisors. Then, internalize and implement any reasonable suggestions they make, so everyone feels heard and valued. Steve Olenski, the former contributor to Forbes online, reminds you to “always put your people first.”
6. Do Market Research to Offer A Competitive Wage
A crucial element of retaining employees is knowing what your competitors pay similar talent. Is your pay for above average in the industry? Do your market research and stay competitive.