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Employee Retention Strategies

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Organizations that desire to operate on a more efficient basis need to pay careful attention to their employee retention strategies. The costs to hire new employees include the expenses in the recruiting and the hiring processes as well as the efforts made to train new employees for the responsibilities of their job. There is also the loss of productivity that occurs when a position is not filled and during the time that a new employee needs to progress through the learning curve to attain proficiency in their position.

Organizations make significant investments in employees, especially those at senior levels. It is far easier for a company to implement solid employee retention strategies that are designed to keep its best workers from leaving the company than it is for an organization to constantly be seeking to fill vacant positions.

Vibrant Job Market

In today’s vibrant job market, it is the highly-qualified candidates who have the advantage. The best organizations want to both hire and keep good employees. Having a clear focus on employee retention strategies is a vital part of keeping good workers from leaving the company.

Identifying High-Risk Retention Categories

It is counter-intuitive that the job categories, which have the highest rates of turnover are not usually at the entry-level positions. Instead, persons holding senior positions are more likely to quit their jobs. The main reason for this is that they want to advance their careers.

When a person is successfully employed and doing a good job; they are a very attractive candidate for competitors. Poaching good workers from the competition is a classic way for an organization to fill their ranks with the best employees.

From an employee’s point of view, they may not see any opportunity for advancement if they stay at the same company. At the same time, they may see a chance to fill a position that advances their career when an opening comes up at a competitor’s company.

Best Practices for Employee Retention

The best practices for employee retention include:

  • Recognize and Reward Great Work: If a worker is exceptional, make sure that he or she knows there is a great appreciation for what they do and added financial rewards to compensate them for their contributions.
  • Encourage With a Path for Employee Advancement: Nobody wants to work in a “dead-end” job. Be sure employees know that there is a certain path for advancement if they continue with the organization.
  • Create Leadership Opportunities: Job satisfaction comes not only from financial remuneration, it also comes from recognition. By creating leadership opportunities and rewarding success, this creates team spirit and makes important employees feel recognized among their peers for their contributions.

Summary

One of the best practices for HR departments and senior management is for them to take a training course in strategies designed to retain employees. In such a course, they will learn the state-of-the-art methods that are used by successful organizations to keep their best employees.

Source

50 HR and Recruiting Statistics for 2016
https://b2b-assets.glassdoor.com/50-hr-and-recruiting-stats-for-2016.pdf

Stats on Recruiting and Hiring Practices for 2017
https://www.zanebenefits.com/blog/employee-recruiting-and-retention-stats-for-2017

Seven Things to Know About Employee Retention Risks
https://www.towerswatson.com/en-US/Insights/Newsletters/Americas/insider/2015/06/seven-things-to-know-about-employee-retention-risks

10 Surprising Employee Retention Statistics You Need to Know
https://blog.bonus.ly/10-surprising-employee-retention-statistics-you-need-to-know