We know that many workers, especially in IT, might change jobs every 2-3 years. This is great for them, they get to chase higher salaries and better titles. But on the other end of the equation, employees who last for longer periods of time provide more value to their company. Improving your ability to retain your talent is a must in today’s competitive market.
Here are 7 tips on how to increase your employee retention rate.
The road to retention begins when you make the first contact with a candidate. Your HR department and the hiring managers need to be looking not only for skills and abilities but also for signs that potential hires will be a good fit. Assess your interview processes and make certain that you are screening properly. You’re not only interviewing for skills and experience, but also for cultural fit.
Employees that are comfortable with the company norms are more likely to be with you for the long run and provide more value.
Once you’ve gotten your new hire, the next step is making sure their first experience in your organization is a positive one. The on-boarding process needs to be well thought out and clear. It should be employee-centric, focusing on getting the new hire comfortable and quickly acclimated to the workplace. Be certain to conduct periodic reviews of the process to make certain you’re meeting the needs of the current workforce.
Offer Unique Perks
Look to go beyond the mandatory perks such as insurance, or the standard ones like parking. Business models that allow for flexibility appeal more to today’s workers. Allowing for remote work, equity compensation, or gym memberships and other perks let your employees know you value them and want them to be happy.
Seek Employee Referrals
Implementing an employee referral program is a great way to increase employee engagement. It shows employees that you value their ideas and that you want to invest in their networks. It keeps employees engaged, increases morale, and moreover, has been shown to increase retention.
Provide A Roadmap
While not all roads to the top follow the same route, there does tend to be a proven path. Provide your employees with a roadmap they can use to work towards those opportunities. Make opportunities available for further training, extended certifications, even attendance at seminars and conferences is a way to invest in their growth. When your team understands what they need to get to the next level, they’ll be more motivated and willing to take on the extra work.
It Starts At The Top
Management is your best first line of defense. We think of training managers for specific responsibilities, and sometimes forget how important they are for keeping morale up. Always remember, employees don't quit jobs, they quit managers. Sensitivity training is one thing, but the ability to keep employees engaged and feeling recognized is just as important.
There’s Always Room For Improvement
Track your effectiveness. How well have you done in the past, and how well are you doing now? And most importantly, where do you want to get to? Take the time to survey your employees. Listening to long-time employees is a great way to understand what you’ve been doing right. Don't forget to speak with those who are on their way out the door, it can help you understand where you need improvement.
Working to increase retention might require some additional resources or time, but the benefits of higher retention rates have a direct effect on your bottom line.