5 Best Employee Retention Strategies

Employee retention is always a  haunting concern for an employer.  Luckily, the market is safe for now as unemployment is at a record low level.  But do you know that around 3 million people in the US  quit their job every year to look out for a new job? 

Unfortunately, this data is a matter of concern for the employer. You don’t know when your best employee could turn up and ask for signing off.  In any business or organization, there are around 25% of people in the team whose contribution matters. Won’t it be Haunting if they say those words about signing off? 

Hiring a new employee is always a challenge for an employer. Every company or organization wants employee retention to be the least.  As it can costed double the employee salary to replace the position with the new joining. 

Consider the situation where your employee is the key contributor to business development. You have seen a growth 10 times more as compared to the time when that employ was not in your team.  It is obviously terrifying to think about accepting a resignation from their end. 

How would you help your self retaining those employees keep on contributing to your business growth?  What can be the lucrative offer which Can attract them to stay for a longer period?  In this article, we are going to discuss the 5 best employee retention strategies that you must follow to keep the best employee in your squad.

Competitive salary and benefits to control employee retention.

 Everyone works for a salary.  Are you ready to work for free? No, because you need to you eat food for a living.  It’s just not about leaving, it’s about having a perfect lifestyle.  That is what your employer is looking for.  If he or she is an amazing contributor they deserve better perks as well.  Recent Glassdoor survey claims that 45% of the people quit their job just because of a  salary reason. 

Your salary offers must be competitive with the other leaders in your industry.  This can help you retain your best employees for a longer period Of time but it will also hurt your budget.  It is evident that in order to maintain the employee retention at a safer scale salary priorities should be given importance but this is only not the method that you should stick to.  Let’s find out more ways.

Hire leaders, not Bosses.

We follow leaders, not Bosses. Your employer would love to collaborate instead of following instructions.  Even though following instruction is an important part of a business but you don’t need to make your employees feel that you are being forced to do work.  A leader is smart enough to handle situations and people where us a boss knows how to control instead of handling stuff.  That’s why we need a manager instead of a boss.  Have the role of the manager is to work as a leader and not as a manager.  So when you hire a manager make sure he does not have a bossy nature instead he must act as an honest leader.  How this can control employee retention?

 When you hire a leader,  you create a healthy workspace.  A healthy workspace helps you create a better environment to work at.  There has been a rat race among companies to get on the top of the list of the best place to work at.  This is achieved only when you create a better workspace. A better workplace is created only when you have a better leader. So, hiring a leader creates a better workplace. It helps you retain your employees for a longer period Of time for contributing to your company. 

Be transparent while hiring the right person in the beginning.

If you want your employee retention to improve, make sure that you must be honest with your new hire.  According to the Glassdoor survey, 37% of the managers say that the new hire stays for a longer period Of time if your onboarding experience was transparent. 

Try using HR software for onboarding software for all your hiring-related purposes. If you do not match up with the expectation, observing large employee retention is bound to happen.

Improve Employee Engagement in your workplace.

While 37% of engaged employees are looking for jobs or watching for opportunities, higher numbers of employees who are not engaged or actively disengaged are doing the same (56% and 73%, respectively).

Study by Gallup Poll

You must have realized by now how important it is to engage your employees in a workspace.  If your employees are distracted, it can affect your productivity and quality of the product or services that you are providing.  Engaging your employees can improve employee retention.  They would love to work at your place because they find their office to be more engaging and cooperative towards streamlining their skills for a better perspective. 

 Everyone work with a vision and behind every vision, there is an engagement.  This engagement comes out of a need to achieve something.  If there is no vision there is no need and hence, engagement would obviously see a drop.  So always try to create an engaging environment for your human resources to expect a better output without affecting the employee retention. 

 Happily engaged employee reduces its distracting thoughts and focuses on business requirements that matter.  A healthy engagement leads to a healthy business

Create Learning opportunities.

Nobody likes to be a robot.  Working on the same thing same Technology same skills throughout the year can be highly frustrating.  Every species on this earth wants to learn something or even though if they are not trying to learn, at least they want to grow. 

Creating a learning opportunity help them to be more engaged in the work that is allotted to them.  They try to innovate or create something better than what version they are already working on. A learning opportunity helps them to identify the loopholes and also innovate and create better growth for your company. 

Create a mentor and mentee kind of environment in your workplace.  Let people share the knowledge to everyone.  It boasts a feeling of excitement to learn something that can help them grow in the future.  Later those new skills for learning that they acquire would be used by your company from your employee itself to scale your business.  Having a learning opportunity and environment directly or indirectly help the company itself not only for the growth but also to improve employee retention. 

Such opportunities would never let the employee think something which is not healthy for the company.  With every new skill, they will improve their quality of work which is directly proportional to your company’s value.

According to entrepreneur

People have deep desire to feel they’re succeeding and that their talents and capabilities are being used in a way that makes a difference to the business.

Final Take on employee retention strategy.

Don’t take your employees for granted.  It is a competitive market where everybody wants to work where there are a better opportunity and healthy space.  Automating your human resource on paycheck can be harmful to your company. Employees do care about the place they are working in and they want to be proud of what they do and where they work.  Focus on Creating your company as a brand so that your employees contribute well even after a few compromises. 

These were some of the best practices that you can follow to improve your employee retention and create a better place to work in.

Do you have many more suggestions letter to this challenge of a workplace? Do let us know in the comments section below.  We would love to hear your thoughts.  We will also add more points to this article after getting a suggestion from you all in the comments.