What is Employee Retention?
Employee retention is defined as an organisation’s ability to prevent employee turnover, or the number of people who leave their job in a certain period, either voluntarily or involuntarily. Increasing employee retention has been found to have a direct impact on business success and performance.
How can Employers Retain their High Performing Employees?
Research shows that successful employee retention starts from the outset of recruiting the right person for the right job. Job Descriptions should be accurate and updated frequently to ensure suitable candidates are applying for the position. Interviewers should be correctly equipped to assess candidates thoroughly to ensure they have the skills and personality to manage the job and fit in suitably with the culture and ethics of the company.
2. Employee Engagement
By placing significant focus on employee engagement, employers will ensure that every employee understands exactly how their role impacts the business and contributes to the wider goals of the organisation.
Employee engagement can be measured by reviewing employee behaviours, monthly engagement surveys and participating in the organisation’s daily activities.
3. Growth Opportunities
Studies have shown that 80% or more of employees would leave an organisation that doesn’t provide personal development and growth opportunities. Employees want to feel valued and involved in an organisation’s long term goals.
Investing in employees’ potential and growth, through regular reviews and training, can help retain talent as the need for new skill sets and evolving roles are in high demand. Putting an employee on a career path that doesn’t have any room to develop is not only a career-limiting move for the employee, but a business-limiting move for the organisation.
The on-going COVID-19 pandemic has shown that organisations can in fact adapt to a remote working environment. Many employees have discovered that a remote working schedule is better suited for their personal, financial, family situations. With major organisations such as Amazon and Apple setting the bar for offering flexible remote working, employees will feel more inclined to work for an organisation that can provide a suitable working model that fits their needs. Therefore, employers should review their current working models and ensure they can retain their talent through offering a remote or hybrid working environment.
5. Communication Platforms
Creating an approachable and collaborative environment with open communication in the workplace is deemed essential for retaining top-tier talent within an organisation. Listening to questions, addressing concerns, providing feedback and implementing suggestions are benchmarks for employees to feel appreciated and motivated within their work. If employees can see their input making a difference in their organisation, they are more likely to seek increasing their performance and contribution level.