What is employee retention?
Employee retention is vital to the health of any company. Employee retention is the ability of a company to reduce employee turnover or the number of people who leave their jobs either voluntarily or involuntarily within a given time frame. It has been discovered that improving employee retention directly affects the performance and success of businesses.
Retaining top performers is becoming more challenging for many employers. We examine what employers should prioritize below to make sure they aren’t always recruiting to replace their top performers. Having a high turnover rate of employees does not reflect well on any company, also, it is a costly and time-consuming process for employers that you want to avoid.
How can employers retain their high-performing employees?
1. Recruitment
According to research, the key to successful employee retention starts with recruiting the right person for the job. To ensure that qualified candidates are applying for the position, job descriptions should be precise and frequently updated. Interviewers should be properly prepared to thoroughly evaluate candidates to make sure they possess the abilities and personality to manage the position and fit appropriately with the culture and ethics of the business.
2. Prioritize employee recognition efforts
It’s unlikely that an employee will work for your business for very long if they don’t feel appreciated, 39% of workers claim they don’t feel valued at work.
Employers should consider investing in employee recognition programs. Making a conscious effort to recognize when co-workers succeed is a huge boost for employee morale, as it shows employees that management sees them and appreciates their hard work. Recognize positive contributions, and encourage team members to do the same for their peers.
3. Career Development and Opportunities
Studies indicate that at least 80% of employees would consider leaving a company that doesn’t provide opportunities for personal or career development. Ensuring that career development and training opportunities are valuable and accessible to all employees is crucial.
Retaining talent in a highly competitive labour market requires investing in employee development through regular reviews and training. Restricting employees to career paths without growth opportunities not only limits their potential but also hinders organizational growth.
4. Flexibility
Companies that have embraced remote working are better positioned to retain their employees. Many workers have found that remote work aligns better with their personal, financial, and family circumstances. Businesses should prioritize flexible and remote work options to avoid high employee turnover and the associated costs of frequent retraining.
Trusting and empowering your staff to deliver results away from the office, is key to high staff morale and is essential for maintaining productivity and staff retention. Employers should assess their existing work arrangements and consider offering remote or hybrid options to retain their talent.
5. Communication Platforms
Creating a friendly and team-oriented workplace with open communication is crucial for keeping top talent. It means listening to questions, addressing concerns, giving feedback, and considering suggestions from employees. When employees feel like their input matters and makes a difference, they’re more likely to do better in their jobs and contribute more.
Any employers with concerns about retaining their employees can visit ghrconsulting.ie or call Ruairi on 089 4736323 for a discussion on the various options available to them.
