Hiring exceptional employees is by no means an easy feat for any organisation. Keeping hold of them is an even bigger challenge. In the current climate where new jobs are posted every day, employee retention can seem like a next to impossible task. Notwithstanding, it is one of the top priorities of any successful enterprise. The cost associated with employee turnover costs organisations thousands. If you’ve recently encountered a number of your staff handing in their resignations, there are ways to minimise this. There are steps you can take to counter turnover and keep your staff happy. This article discusses some tips and measures in how to enhance employee retention.
Create valuable opportunities
People are motivated by good opportunities to grow, both vertically and laterally. Those who are challenged to grow and take advantage of opportunities create more fulfilling experiences and connections to the company, in turn reducing turnover.
Combine various approaches to motivate employees
Employee retention is multidimensional and is very much dependent on organisational culture. It is heavily influenced by the emotional intelligence of leaders, employee appreciation, job type, security and compensation. A lack in any of these may lead to increased turnover.
Providing platforms where employees can engage with senior management and communicate in a facilitated fashion is conducive to a working environment. When feedback is acted on, employees feel valued, knowing that they are making an impact on the organisation.
Most negative scenarios between employees and their superiors arise due to unclear objectives and expectations. Leaders should focus on well-documented hiring and promotion processes, and make sure that their team understands how they are being evaluated so that they have a clear, measurable path for growth.
In a number of cases, people do not quit their companies, they quit their managers. Organisations must develop leaders who are well conversant in hiring, teaching and developing their staff. Employees want to feel that their leaders care about them and their career progression.
Understand why people are leaving
Continued feedback is crucial here. Leaders need to understand the reasons behind resignations.
Are employees leaving due to better opportunities?
Are they leaving due to our culture?
Or is it the lack of communication?
Familiarising with the different reasons through exit interviews and employee survey enable the organisation to identify potential solutions to minimise turnover.