Written by Jordan Lore August 17, Employee retention factors are more important than ever. To receive optimal output from a hire, a modern employer must have it all plus prepare them well enough to move on quite the tall order if you ask me! Employee turnover is costly, it affects the performance of an organization, and it becomes increasingly difficult to manage as the availability of skilled employees continues to decrease. So where does that leave your business?
As an employer, you must identify these issues and work to correct them. Improve Communication Open communication is an important part of building good relationships with your workforce. It's important that managers don't say one thing and then do another. Also, employees need to feel that their suggestions will be heard or acknowledged in some way.
Otherwise, they will grow frustrated and more likely to jump ship when the opportunity presents itself. To help improve communication, many companies create advisory councils to serve as a liaison between employees and senior management.
This gives employees a forum to air their concerns and offer suggestions. It also establishes a vehicle for ensuring that employees' voices are not only heard, but acted upon. Develop Retention Strategies To combat high turnover, your solutions will depend on the reasons so many employees leave in the first place.
If a lack of professional advancement is the issue, then you should develop programs to help employees learn new skills and earn new job titles and promotions. If a particular job seems hard to fill, look for factors that drive employees away, such as unrealistic deadlines.
If low salaries are pushing top performers elsewhere, learn what competitors are paying for similar positions and work to meet or exceed the median. Hire the Right People Employees don't always leave because of bad managers or working conditions.
A mismatch between skills and responsibilities is one of the most common reasons for leaving a job, according to the BizFilings website. Using detailed job descriptions and tests during the hiring process reduces the likelihood of hiring overqualified or underperforming workers who get frustrated and quit when the job doesn't meet their expectations.
Conversely, if the job doesn't offer a path for much professional growth, you should tell applicants upfront to minimize the chances that they will get disillusioned once they take the job.
Employees also want to strike a balance between life and work. Companies can gain a competitive edge by providing ways to help employees strike that balance. Popular methods include offering employees flexible scheduling, on-site daycare and the opportunity to telecommute from home a couple days a week.
Failure to address these issues might cause your best performers to go elsewhere. Show Your Appreciation Employees need to hear more than the occasional acknowledgment of a job well done.
The consistent recognition of individual contributions is a powerful motivator, particularly when it's tied to immediate rewards, according to the HR.
The type of reward is less important than the fact that you are showing workers that they're valued and appreciated. Employees who believe that the boss cares about them personally are more likely to go the extra mile and stay on the job.Part 2 of our interview with Vevo's Chief People Officer, Colleen McCreary, includes advice for improving employee satisfaction & retaining your top talent.
The Top 3 Factors Influencing Employee Satisfaction And Retention: An Interview With Colleen McCreary. Employee motivation is one of the important factors that can help the employer to improve employee and organizational performance. But the need of retaining employees is more important to retain talented employees from getting them with opportunities to contribute.
People also need to feel self-confident and a sense of achievement, to. On the basis of the results achieved from the present research, the study may conclude that these factors have substantial roles in determining the retention management strategies of the two respective organizations and are considered to be the main components for retaining the employees in similar contexts while blanket retention policies may.
Since , the percentage of employees at organizations with a defined benefit (DB) plan who said the plan was an important reason they joined their company rose from 31% to 51% — a nearly 65% increase.
Top 5 factors to create employee engagement. it’s no surprise that employee retention has risen to problem number two in the minds of business leaders and that some factors contribute more than others in creating a high level of satisfaction and engagement.
“Engaging the hearts, minds. Key employee retention depends on the organisation’s Total Compensation and Benefits package.
There are several ways on how to retain employees and these are as follows: Effective rewards and recognition – Managers need to introduce procedures for rewarding employees more explicitly based on effort or performance.