Top talent of your organisation puts down resignation unexpectedly, and you are at a huge loss. If you wait until the exit interview to know what happened, you’d miss a golden opportunity – the ability to retain a valuable member of the team as well as address issues within the organisation that may prevent losing other talents.
Maintaining effective communication with your employees, appreciating them for their good work and knowing what motivates them are integral components of a key HR strategy – employee retention.
Discussed here are 4 crucial employee retention strategies that can give your business an edge in today’s competitive talent market.
1. Understand that retention begins with a good recruiting strategy
Right from the job application process to interviews and onboarding, the seeds of a good employee retention strategy is sown in your recruitment process. Often, organisations would hire great talent, get them on board with the team, show them around the office, and then leave them alone with their job. This can be stressful, awkward and disheartening for a new employee.
Good onboarding can go a long way in building effective communication with the recruit, helping them prepare, giving them job training and setting clear expectations & goals. Professionalism in the recruitment process and onboarding plays an integral role in employee satisfaction and retention, especially for top talents.
2. Provide ongoing learning opportunities
Employee disengagement is one of the biggest challenges for any organisation today. Actively disengaged employees tend to look for a different job and this needs the employer’s attention. Find out how to motivate them to engage and stick around. Providing ongoing learning opportunities is one of the best ways to improve on-job skills and pave way for a concrete career path. Good employees always look for opportunities to grow and not become stagnant in their job roles.
3. Performance Appraisals are a Must
Regular performance reviews and appraisals are key retention strategies that provide career advancement opportunities for your employees, making them feel more motivated and worthy in your organisation. Always appreciate good work done and reward them to keep your people engaged and loyal.
4. Offer the Right Compensation & Perks
Poor compensation and benefits are one of the top reasons why employees quit. Financial stability and additional perks like flexible schedules, wellness offerings, etc. motivate people to stick to their jobs. Therefore, make sure you offer competitive salaries and benefits that will motivate them to stay.
PeopleCentral is an all-in-one intuitive HR platform that offers robust solutions for effective onboarding, scheduling, employee lifecycle management, appraisals, payroll processing, and more – key factors of a powerful employee retention strategy.