The ability of a firm to maintain its employees under contract results in a more reliable, effective workforce. Companies that are serious about keeping their best employees create policies and initiatives designed to lower employee turnover. Those who are successful in generating high staff retention rates are in a better position to accomplish corporate objectives and attract new personnel. A company's capacity to keep onto its people, particularly in competitive hiring markets, has deep implications for its ability to function at a high level, free from the disruptions that staff turnover brings, making it a key competitive differentiator.
1) Employee Engagement
Employee disengagement is harmful to your business. They lower morale, deter other workers from giving their best effort and set a bad example.
The lack of a voice for employees is one of the factors that lower engagement the most. Giving employees a true voice can significantly increase retention since employees want to have a role in choices that affect their job and the direction of the firm. Putting feedback into practice reveals that management is attentive to workers' issues. 90% of employees claim that they are more inclined to stick around a company that values and acts on employee feedback.
2) Recognition & Rewards
Over 80% of American workers claim they do not feel recognised or rewarded, even though employees who feel valued work better and remain at organisations longer. It takes more than occasional recognition to create a culture of appreciation. It needs regular, targeted acknowledgement. According to research by the Brandon Hall Group, organisations that give employees recognition regularly have a 41% higher chance of increasing employee retention and a 34% higher chance of boosting engagement.
3) Recruit the right employees
The most productive workers prefer to work with upbeat people rather than those that drag them down. Find strategies to draw top applicants who will fit your culture and remain with your business for a long time. Employees, for instance, want to promote your firm as much as they want to sell themselves. On your careers page, what intriguing facets of your culture can you highlight? Do you offer wonderful perks like free monthly massages, on-site gyms, or amenable parental leave policies? Did your business make a list of "Best Places to Work"? Consider how to position your workplace for each applicant and role.
4) Create an exceptional onboarding process
Making new hires feel welcome at your firm begins with onboarding and continues throughout their first year. Making a new employee feel confident and capable from the start can do wonders for retention because it can take a new employee up to two full years to reach the same level of productivity as an established staff member.
Even while putting all of the aforementioned tactics into practice might seem overwhelming, there are resources available to help. Through frequent praise, Successroute helps firms retain people. We aim to make recognition simple and enjoyable for all users. It promotes regular, genuine appreciation that will change the culture of your company.