Boost Employee Retention: 5 Proven Strategies to Retain Your Top Talent
Keeping your employees on board long-term should always be a priority; however, now more than ever, putting effortful retention strategies in place is paramount. Estimates now show that a startling 35% of employees may leave their current jobs each year by 2023. Aside from the administrative headache that goes along with staff turnover, there is a substantial monetary cost for losing and replacing staff. It’s estimated that it cost up to an estimated $40,000 to replace someone at a manager level. This being said, you are not helpless to prevent this outcome as potentially up to 77% of the reasons people leave their jobs are for preventable reasons. By that logic, if companies implement a few key strategies, they stand a chance of preventing the loss and extra work caused by losing skilled employees.
1. Start With Recruitment
While it might sound unrelated, one of the keys to employee retention actually starts with proper employee recruitment. To have employees that want to stick around long term, it’s imperative that you attract top talent who align with your company’s culture and ethos. Throughout the recruitment process, employees expect to sell themselves, but in this market, you should also sell them on your company. Emphasizing interesting aspects of your company’s culture, fringe benefits, and flexible working arrangements can set you apart and help you secure long-lasting, quality employees.
2. Build An Inviting Company Culture
An oft overlooked aspect of why employees stay or leave a job is their company’s culture. The Associated Press reported that almost half of workers would leave their current jobs for a lower paying job at a company with a better culture. Establishing and maintaining a strong and standout company culture will connect your employees to your organization in a more meaningful way.
3. Emphasize Employee Wellness
Mental and physical wellbeing is a major factor leading to job dissatisfaction and eventual job departure. By focussing no only on employee performance and job satisfaction, but also on personal wellbeing, employers can prevent this. Teach your supervisors how to spot the signs of burnout and how to approach those they believe might be struggling. Arrange for seminars for employees on wellness, nutrition or healthy sleep patterns.
4. Manage and Incentivise Effectively
It’s reported that close to half of employees leave their jobs because of a bad manager. Therefore, it’s essential that the relationships between managers and direct reports in your company be effective and mutually beneficial to both parties. The best managers foster a mutual trust and create a team-oriented environment. There’s a plethora of management training courses on offer and it’s strongly encouraged that you have your managers take part in at least one. It’s very frequently reported by employees that they believe their managers require more training.
Tying into the skill of good management is proper incentives and feedback. Without clear goals and consistent feedback, workers run the risk of feeling lost or directionless. Managers who recognize their employees’ work consistently have staff who report higher confidence and engagement. The most typical type of feedback is from manager to subordinate; however, fostering a culture of feedback where employees feel they can give feedback to their managers is crucial in instilling a sense of autonomy and self-efficacy in employees. How you go about organizing your company’s system of feedback and recognition is up to you, but it’s important to remember that it should be meaningful, consistent and specific.
5. Education and Development
There is a link between low employee investment and high employee turnover. Giving your employees opportunities to learn new skills and grow professionally will contribute to increased engagement and investment in your company. Encourage managers to allow their employees to attend professional training programs, events or conferences. Or, challenge managers to have their direct reports work on a side project that interests and challenges them.
IT Talent Acquisition doesn’t have to be a burden. The IT Staffing Specialists at Microserve will do all the heavy lifting for you by helping you align your strategic recruitment plans with finding the best talent for your business. For more information on how Microserve can help you hire and retain the right candidates visit our website.