Employee retention continues to be one of the greatest challenges facing HR practitioners, business leaders, and line managers. When one considers that it can cost up to 6x more to hire a new staff than to retain an existing staff, it becomes clear that more resources should be invested into retaining good employees.
Employee retention initiatives span the entire life cycle of an employees stay with an organization, and is not just limited to the point of separation.
The following can help improve employee retention within your organization:
- Keep and Deliver on Promises – when a person seeks employment with an organization, he/she does so based on a set of beliefs of what the organization can offer in terms of values, job purpose and responsibilities, working environment, and career opportunities. We have seen numerous occasions where organizations proclaim that “Employees are our Number One Resource” and then behave in ways inconsistent with that commitment. Experience has shown that employees recognize very quickly when such promises are not going to be met and leave. By ensuring that jobs are not over-sold and by keeping true to their corporate values, employers can improve retention across the board, and especially among those that are new;
- Ensure that the Fundamentals are Taken Care Of – All (or at least the majority of) employees work to make living. Ensuring the availability of proper tools, resources, and training, a safe work environment, and remuneration and benefits that are market comparable will go a long way in helping any organization improve staff retention;
- Ensure Proper Job Fit – As ogranizations try to fill in key positions, it is common for managers to transfer staff into new roles, or to make employment decisions based purely on qualifications and experience. Many employers fail to understand the different behavioural traits of their employees and end up putting a square peg into a round hole. Investing in understanding the needs of the job and the job holder’s profile can go a long way to ensuring good employee retention;
- Invest In Your Employees – We have seen many organizations shy away from providing staff training for fear that their investments will be wasted when (not if) their employees resign. It is clear however, that employees take career development and professional development into their own hands when they are convinced that the organization will not take care of their interests. This is especially true of younger, better educated, and more mobile employees. Employees who feel that they are not growing professionally will seek out other opportunities where they can learn and develop; and
- Engage Your Employees – Contrary to popular belief, employees are always interested to be a part of the decision making process. The ability to share their thoughts, provide feedback, and interact with management fosters a sense of ownership and belonging that act as the invisible glue that tie employees to their organizations.
Do feel free to contact us if you require additional information on how you can improve staff retention.