Why Employee Retention Strategies Are Critical for Your Business
Whether your company has 5 employees or 10,000, employee engagement is vital to build a sustainable business. Every company wants to attract and keep the best talent.
Highly engaged employees tend to:
Deliver high performance
Interact with customers in a more dynamic way to serve them better retaining clients and attracting new ones
6 employee retention strategies you should focus on
#1 Retention starts with recruitment – by identifying the company culture, capabilities and personal attributes that you require at the beginning of the recruitment process, it will enable you to screen candidates more effectively. Beyond the CV, you should look at loyalty, engagement, perseverance and
a team mindset. Avoid the job hoppers – you don’t want to the hassle of going through the whole recruitment process and incur costs when they leave after a short time.
#2 The right salary for the role – whilst salary and benefits are a sensitive topic, it has to be addressed sooner rather than later and employees need to know that their responsibilities and performance are fairly aligned to what they earn.
Many employees may start off with the organization with a lower salary as they are keen to secure employment but over time they will want to revisit their remuneration as time passes and they prove themselves as a valuable asset to the company.
You may also want to consider compensation on the completion of projects and create a benefits plan that supports a healthy work-life balance such as flexible work schedules or working more home. Non-monetary rewards can be just as motivational as employees require support to manage their personal lives also.
#3 A transparent and open culture – creating a trusting environment with open communications fosters a sense of belonging and community. By encouraging employees to share their ideas, concerns and feedback as you will be pleasantly surprised that your team are able to contribute to innovation,
revenue growth and customer retention.
#4 Career growth & promotion – most employees want to progress in their careers. They will either seek opportunities internally or leave for a promotion and improved remuneration. Organizations should endeavour to nurture valuable employees’ aspirations to further their career growth through career development plans.
However small the organization, this can be achieved in different ways such as additional responsibilities and lines of authority and decision making if you are unable to move the employee upwards.
Promoting from within demonstrates the organization’s commitment to the workforce as it makes them feel valued and a significant contributor to the company’s success by giving them greater responsibility and remuneration.
#5 Develop a high performing diverse and inclusive culture – monotonous work can lead to loss of focus and productivity. Instead of letting your employees simply go through the motions of completing their tasks, challenge them with greater responsibilities within their capabilities to keep them engaged and motivated.
By sharing the company’s vision and goals, employees have a better understanding of where the company wants to go and how they can contribute to achieving this. You will build trust and loyalty with your team and in return they will want be part of the journey to success.
#6 Empathetic leaders and managers – management should not be the reason employees leave. Business owners and leaders should work with employees to improve their skills and capabilities and empower them. Creating a culture of continuous learning and improvement with foster an environment of two-way respect,
Regardless of your business size, life cycle or industry, it is important to value and look after your workforce. Taking a proactive approach to retaining your high performing and those that fit well into your company culture will avoid the time, money and anguish to replace good employees.
Contact us or call us on +971 552 167 567 to have a chat on how to create successful employee retention strategies and watch your business flourish.