Three Tips for Improving Employee Retention
Employee Retention: What Organizations are Getting Wrong and Right
Most company leaders will tell you their most valuable assets are their employees. However, when employees don’t feel valued they may not stay around long, and that hurts your employee retention rate. You may have no idea why you lose valuable employees until the exit interview, which puts you in a reactive situation.
One of the reasons employee retention is so important is that it’s costly to seek out new talent, train them and then wait for them to get comfortable in their new surroundings and become productive. What can you do to ensure you’ll improve your marks on retention?
Promoting From Within
Are you looking for people from outside the company to fill vacant roles? This practice has proven to be a real loyalty killer for your employees. Instead, promote from inside the company when you can because it is a motivator for your employees to do well and move up.
Obviously, you’re not going to choose a person who isn’t ready to take on more responsibilities, which is why you must also groom them with continued education. Corporate training will result in a more highly skilled workforce.
An educated workforce is more engaged and ready to tackle new projects and come to work with new ideas for improvement.
Leave the Door Open
Employees appreciate transparency and the willingness of upper management to effectively communicate regularly. When this happens, the workplace becomes more of a community, and communities like to stick together.
Companies that create a forum, whether it’s a regular meeting or tech-related, can engage with each other, sometimes even anonymously, share ideas and come to a consensus on important matters. Even matters that are not necessarily work-related can be discussed to help create more of a community atmosphere and stronger teams, which helps to improve employee retention.
Even your best training programs can’t inspire people who aren’t the right fit for a job. It’s an easy mistake to make because most organizations rely heavily on interviews, which can be really misleading in the long run.
A smarter approach is to use science-backed methods of finding people who will fit in with your company culture. The predictive index, which uses behavioral assessment, is widely known as a sure-fire way to hire the right person the first time and not go through a series of employees before finally landing the right one.
At PI Consulting Group, we’re the predictive index experts. We use behavioral assessment to help clients fill their talent pipeline with the right candidates. Our clients find talent that shares their values and are a good fit for specific teams within the company. We know your work demands a great team, and that’s exactly what our methods will provide you.
Our clients also use our services for current employees so they have a better idea who they should groom for management positions. Contact us today and let’s begin stocking your teams with qualified individuals who will help improve your employee retention rates.