Replacing employees is expensive, and can feel draining.    Regardless of business size, industry studies show the total cost of losing an employee can range from 1.5-2X the employee’s annual salary. Which is why a key recommendation at HRO is building a bed of solid employee retention strategies.

Whilst there may not be a golden elixir to fight employee turnover, we’ve put together a list of 8 sure-fire employee retention strategies that will help you re-engage and keep your top talent.

Employees leaving? Check out the other pieces in our employee retention series:

1/ Find why people are leaving (and then fix it)

When it comes to retention, the details matter. Has more than one employee quit because they were feeling burnt out from under resourced teams or flet that they weren’t being treated fairly? Is your company being priced out by a competitor? Have the majority of those lost been ‘unregrettable’ leavers aka low performers? This type of information can be obtained through exit interviews, manager feedback and honest conversations with current employees.

Beyond exit interviews, businesses must be proactive in their efforts to retain top talent.  Engagement surveys enable companies to measure employee sentiment and get ahead of turnover by keeping a pulse on its warning signs. Just please remember, if you’re going to solicit feedback, you have to act on it.

2/ Create an effective onboarding process

Make sure there’s a solid plan in place for new hire’s first 30 days, especially day one. Whether it’s a personal email from the MD, a small gift, team breakfast, a buddy lunch or a welcome swag pack, do whatever it takes to make a new employee feel welcomed and part of the team as early as possible.

Considering the tie between employee loneliness and turnover, these small acts of kindness and inclusion will pay dividends in the long run.

3/ Clarify purpose by tying employee work to greater company initiatives

With 93% of employees said to be unable to tie their day-to-day work to organisational goals, it’s no surprise disengagement and turnover are on the rise.

When employees can’t see their impact on a business, it reduces meaning, and productivity, among other things. To re-connect employee’s to their sense of purpose, try re-imagining your goal-setting process using the 5 As or OKR method.

4/ Breed a culture of appreciation and ensure managers give positive feedback

In the busy workday, even the best managers forget to verbalise what their direct reports are doing well and even more so since the prevalence of hybrid working. This simple act boosts employee confidence and builds the trust needed for when constructive feedback is necessary.

To increase recognition-driven engagement, try enhancing your recognition and rewards program. There are ample inexpensive employee recognition software tools that can help foster a real-time positive feedback culture where employees feel valued for wins both big and small.

5/ Offer learning and development opportunities

Access to growth and personal development opportunities is the fastest-growing reason people leave jobs. In 2018, 61% of job seekers ranked career growth as most important when looking for new opportunities. (For younger workers, it’s 65%.)

This doesn’t necessarily mean promotions and lateral career pathway moves,  it is also about providing enriching on the job learning opportunities, career and development conversations, access to education, exposure and experiences to develop . When given opportunities to develop new skills, quality employees jump at the chance.

6/ Communicate the shared vision and values

People feel engaged, valued, and loyal when they’re in the know. As much as possible, allow employees from all levels in your company to know where you’re going, and how you’ll get there.

7/ Perform regular compensation analyses

Whilst autonomy, mastery and purpose are said to be the top drivers of motivation according to Dan Pink, paying people sufficiently and fairly does matter. In order to retain quality employees, compensation plans need to not only be fair, but competitive. If you’re not already doing annual compensation analyses, have having a dedicated annual review cycle for each employee, now is a good time to start.

8/ Have a wellbeing strategy

The pressures of the pandemic, workplace and remote working can act as stressors for your employees.  Helping build organisational resilience, compassion, connection and wellbeing will be key to ensuring your team members are set up for success. 

The solution should not be about investing in or redesigning one wellbeing initiative after another, but carefully tailoring your approach to the needs of your workforce. In the right environment, organisations can drive authentic and sustainable behavioural changes to improve wellbeing.

Were these employee retention strategies helpful? HR Optimisation is passionate about bringing together all the advice, tools and support you need to make work work better for everyone.  We are here to help if you are ready to align, connect, and engage your employees to ensure you can retain your top talent, feel free to get in touch for a no obligation, free chat on hello@HROptimisation.co.uk

 

 

 

 

 

Hannah Powell