Lost a top employee to the competitors? We know how that feels. It is extremely disheartening when a high potential employee chooses to leave the company. If the number of people leaving is very high, it is a grave concern for the company as hiring fresh talent is very expensive. Moreover, onboarding them and waiting for them to settle in their roles is a long process.
This makes it absolutely essential to start employee retention practices right from the very beginning. The happier your employees are, the longer they stay with the company. The longer an employee stays with a company, the more productive they become. So how do you develop a workplace culture that ensures employees stay for the long term?
In this article, we will discuss 5 employee retention secrets shared by top recruitment companies that will help you reduce employee turnover:
Invest in Their Growth
Companies that help employees grow and enhance their skill set enjoy lower employee turnover rates. The main reason for this is, employee learning & training programs helps employees become better at their jobs which enhances their job satisfaction.
Training employees with cloud-based solutions like iSpring Learn makes the delivery and management of online training courses very convenient. Moreover, employees feel valued when a company invests in their growth, encouraging them to stay longer with the company.
Provide Them Flexibility
When a company provides employees the freedom to structure their day, it becomes easy for employees to build a good work-life balance. Having the flexibility to work remotely allows them to take care of their young kids or old parents without compromising on work.
This becomes a major perk and makes it easier for them to focus on work from the comfort of their home. Additionally, employees can choose their most productive time slots and work in them more efficiently instead of forcefully working the usual 9-5.
Have an Open Door Policy
Providing your employees a safe space to put across their issues helps in enhancing employee satisfaction. When managers show that they are open to have an honest discussion with employees and support them in case of any help, it promotes transparency in the organization.
This openness helps in developing trust and makes the workplace culture very positive. Working in such an environment makes employees feel stress-free and plays a crucial role in reducing employee turnover rates.
Be Clear About Goals and Expectations
Managers who fail to convey expectations clearly often leave employees confused about their roles & responsibilities. This leads to a drop in their performance, making them feel under confident. It can also cause them to shift teams, or worse, quit their jobs.
Managers need to plan work systematically and allocate tasks to employees based on their competency. While communicating about these tasks, managers need to be very clear about what the employee is expected to do.
Look After Employee Well-being
The pandemic has shown companies why it is so important to care for their employees. It has brought to light the need to look after not just employee physical health, but also their mental health.
Employees are facing a tough time working from home in isolation. During such times, building connections with them through one-on-one meetings and showing support is very important. It helps them feel a part of the company culture and makes them want to stay longer with the company.
If you go by the statistics, retaining employees is comparatively cheaper than hiring and onboarding new ones. Utilize the knowledge of the above secrets to get your employees to stay committed to your company and its growth.