The resignation of a top performer can definitely put you at a loss of words and options. What led to the resignation? How would you manage without them? Would this lead to the domino effect, where everyone eventually starts leaving your organization? With all these questions, you try to make sense out of the confusion around you.
If you have gone through or are going through an experience similar to the one defined above, then you would know just how important it is to look after your employees and focus on retention strategies, so that they don’t leave you out of the blue. Software to help develop employees & improve retention can do wonders here, as it automates the process.
In this article, we take a look at a few reasons why your employees leave and then study some employee retention strategies you should implement today. Go through us as we help you improve your retention strategy and minimize costs.
Why Do Employees Leave?
Before we do anything else, let us first look at the reasons why employees leave. Exit interviews conducted when an employee is leaving your organization can help point retention strategies you can work on.
Most departing employees mention one or multiple of the following reasons;
- Salary was less than the industry standards and benefits weren’t enough.
- Employees felt unsupported and overworked.
- There were limited opportunities for career growth and advancements.
- Employees needed a better work life balance to improve their working standards.
- There was a lack of recognition in the workplace.
- The work was too monotonous.
- Employees weren’t satisfied with the management style. They often leave managers, not companies.
- Concerns over the financial health and direction of the company.
- Dissatisfaction over work culture.
- Employees wanted to make a change.
How to Improve Employee Retention?
Knowing the reasons why employees leave and the importance of employee retention, we now study some of the ways organizations can follow to improve retention and make sure that they have the best employees who work for them consistently, without testing other waters.
Hire Right
This might sound ineffective, but hiring the right people can eventually help you improve retention across the organization. There is a strong connection between employee onboarding and turnover.
If you hire the right people, you can make sure that they remain engaged and satisfied with the work that they do. Disengaged employees that do not like the way of work or the requirements of the workplace are 3.3 times more likely to resign from a company within 90 days of first being hired. You cannot make disengaged people stay for long, which is why the right step is to avoid the mess altogether and hire correctly.
Optimize Onboarding
Once you have done the hiring, the onboarding process sets the perfect first impression. Once you know you have found the right fit for the job, you have to start with training them for the role. Onboarding isn’t just signing a contract, but it also requires setting up an office tour and guiding employees through their work.
A good onboarding process should achieve these goals:
- Create a good first impression.
- Clarify expectations and work patterns.
- Communicate expectations for the first week.
- Introduce new employees to everyone else and create a bond.
- Provide opportunities for everyone to connect together on the job.
- Create a long-term plan for the future.
Focus on Recognition
Recognition and appreciation go a long way in retaining employees. You should look to set a culture that prioritizes respect and recognition and give all employees the credit they deserve for their hard work.
Here are a few ways to establish and maintain a culture of respect in your firm:
- Practice continuous listening to hear employee grievances.
- Create a recognition program where good performances are rewarded.
- Hold regular one-on-one sessions with employees to hear them out.
Train and Develop Employees
Training and developing your employees can also help you retain employees for longer durations. Employees want to enjoy a set future in your organization, for which they should know that you are investing time and money in them. Employee development can promote employee confidence and can give them the impression that you care.
Some good ways to prioritize employee development include:
- Make internal promotions
- Provide mentorship opportunities
- Make development and improvement goals for teams
We hope the directions in this article are concrete and help you build a better culture in your workplace. These tips will help you achieve the ultimate end goal of improved retention.