Are You at a Loss on Where to Start in Developing Employee Retention Strategies?
The Simplest Employee Retention Strategies Are Often The Best
The high cost of turnover and the effort involved with hiring a new employee may have you wondering if there’s a better way to approach talent management. The good news is that the best employee retention strategies don’t necessarily require a big investment or a lot of time. Instead, it’s often about a change in overall approach and recognizing what’s really costing you money.
If you want to build a team that’s cohesive, loyal and enjoyable to work alongside, implement some employee retention strategies that have immediate payoff and long-term applicability:
Talk a lot about your company culture. During the hiring process, make sure your candidates have a clear picture of what life is really like at your company. Take time to talk about what forms and styles of communication are prevalent, how special occasions are marked and what the feel of a typical day is. These are the things your potential hire wants to know. Consider having them meet with a member of the team so that they can ask questions about the culture and get a true picture of how they will fit.
Invest in competitive pay. You think you can’t afford to pay your employees more, but if you’re not above the industry standard, you can expect to lose some good people. Hiring managers often overestimate the cost of improving wages and underestimate the cost of replacing a great employee. Don’t make this mistake.
Care about your employees as people. It is important to make an effort to take interest in what’s going on with your employees outside of work. Delivering a housewarming gift when they buy a new home or going to hear an employee’s band play on the weekend is a great way to recognize that your employee is valuable as a person, in addition to their value to the company.
Provide the support they need. Talk regularly with your employees about what they need to do their jobs and progress in their development goals. If they don’t have the equipment or training to do their job well, you need to make sure you solve it. Employees that feel ill-equipped to succeed at your company won’t tend to stick around.
Get the right people in the right roles. Much of your work surrounding employee retention strategies starts with a better understanding of your employees, being sure that they’re in the right role and that they are thriving in their jobs. Whether it’s at the initial hiring stage or when you’re considering some reorganization, a behavioral assessment can be a great tool for understanding your employees’ tendencies and motivations.
When it comes to employee retention strategies, it’s tempting to implement complicated programs or incentives. In this case, though, the simplest strategies are often the best, such as gaining a better understanding of your employees, supporting them in their professional and personal lives and paying them a competitive salary. To learn more about how good employee retention strategies fit in with a comprehensive talent management plan, talk with the specialists at PI Consulting Group.