A GREAT company can generally credit a large proportion of its success to its employees– but not often employers don’t do enough to keep talented staff. In today’s market, employee retention is more important than ever due to the increasing number of opportunities available in the competitive job market. If you have talented employees, it is important that you do everything you can to minimise the risk of losing them. Here are our top tips to improve your employee retention rates.
Finesse your hiring process
One of the first steps you can implement to begin to cut down your employee turnover, is to hire the right people for the job in the first place – and the best way to do this is to have a robust recruitment process. Ensuring that you ask the right questions at interview stage, and that the employee is fully aware of everything that the role is going to require, so they get no surprises once starting is critical. Make sure that this process is not too long, as prospective candidates may get snapped up by another company, or become frustrated by the drawn-out process.
It is really important to always recognise the successes and milestones of your team. This could be something small such as a shout-out in the next staff meeting, a box of chocolates, or an extra half-day holiday. Making sure that they feel appreciated and valued will keep them happy and motivated, and help to stop them from looking elsewhere for fulfilment. It is also important to celebrate employees in a way they appreciate, asking them what extra perks they would like can be a great way for them to feel heard, and it ensures you aren’t wasting time or money on things your staff don’t value.
Make use of technology
Employers who have a smooth and easy onboarding process are likely to improve retention by up to 82%, new research has found. The right technology and processes can make or break an employee’s experience, and first impressions play a vital role. Making use of up-to-date systems to empower your employees to manage processes succinctly. Utilising an ERP software is a great example of how you can use technology to improve employees’ experiences, ultimately improving your employee retention rate.
Create clear progression opportunities
Good employees will want to advance their careers and are motivated by opportunities to secure a higher position within the company. Providing clear career progression opportunities can offer people a path that highlights the route they need to take in order to further, giving them something to work towards. It is a common misconception that employees want to advance into a management position, some may just want to further their skills in a specialty. Understanding what motivates individuals is essential to keeping them. Be sure to tailor progression opportunities to the specific individual and consider what motivates them.