Employee retention is a primary goal for almost any company, and it’s easy to see why: losing people means losing important assets and institutional knowledge, as well as reduced productivity and morale among remaining team members.
Almost 70 percent of firms believe that the attrition rate has a detrimental effect because of the costs of recruiting, employing, and training a new employee, as well as the overtime work required of current employees until the company can fill the vacant job (The U.S. Bureau of Labor Statistics)
A company can anticipate losing 6 percent of its personnel due to a decrease in force or termination due to poor performance, a phenomenon is known as revolutionary turnover.
Employee turnover and employee retention are big issues, and many factors are at play, including generational considerations, the market, sweeping changes in workplaces, and others.
To keep and engage your staff, you must genuinely care about them. No technique can compensate for a lack of compassion or appreciation for your staff.
Listed below are some of the employee retention strategies for maximizing employee engagement and retention at the workplace.
Fortify employee creativity
Although many businesses claim to embrace innovation, they may not have had any initiatives or rules in place to foster it. Google, for example, has a 20 percent initiative in which staff is allowed to engage on side projects that they are interested in. The following steps can be used to increase employee engagement at the workplace:
Offer rewards and outlets
Setting up innovation teams
Illustrate how you value creativity
Hire cross-culture at workplace
Foster respect at the workplace
People are yearning for respect at work now more than ever. They do not want to feel undervalued or inconsequential within a company, which might occur as a result of a lack of regard. According to CEB’s Quarterly Global Labor Market Research, the top five things individuals search for in a new job are:
Respect is one of the top three qualities that job candidates desire. Implementing many of the tactics indicated on this list, including feedback, acknowledgment, fostering innovation, cooperation, and so on, can help to develop a culture of respect as an employee retention strategy. It is also important as an employer or a business leader to provide your team members with the skills and resources they require, and exhibiting kindness and consideration may go a far way.
Encourage employee feedback
Providing feedback to your employees is one thing, but you must also receive input from them. When employees do not believe their ideas are being heard, they believe the company is disinterested in developing or pursuing worthwhile ideas. Many employees believe that nothing is going to change, even if they propose something novel.
According to Hay Group, strong levels of employee engagement can increase income by 2.5x (KaiNexus). This includes giving them the necessary tools and resources, providing feedback, and so on, as well as encouraging them to provide you feedback.
Encourage a healthy work-life balance
Many businesses have high expectations of their personnel. However, for employees, this may imply less time spent on personal grooming, leisure activities, and family.
According to the OECD, approximately 12 percent of employees in the United States work extremely long hours. This is significantly less than the national average of 13 percent. However, full-time employees devote just 60 percent of their day, or 14.5 hours, to personal grooming and leisure, which is less than the average of 15 hours.
It is important to identify the employees in your company who are overworked. Allow them some time off, or take everyone outside for a walk. Examine how your work schedule encourages a healthy work-life balance.