While recruiting the best candidates is a critical part of maximizing your workforce potential and bettering your bottom line, you’re taking two steps forward and one back if you fail to focus on an oft-neglected part of the equation: retention. Let’s take a closer look at five proven strategies aimed at helping you retain good employees.
1. Refine Your Recruiting
Qualified candidates who are a good “culture” fit are far more likely to stay the course than those who are merely filling a vacancy. The first step in retaining employees starts early and seems simple enough, and yet lapses in this area are a major cause of organizational attrition: hiring the right people.
How can organizations incorporate the recruiting process into the strategic objective of reducing turnover? Begin by taking a look at your recruiting sources, along with which typically result in higher retention rates than others. Tracking this data can help you draw actionable insights in order to target your efforts where they’re most likely to be successful.
Using job previews during the recruitment process can also help potential employees get a better understanding of the position and whether it’s a good fit for them. This also promotes self-selection by engaged candidates, and self-elimination by others.
2. Onboarding Matters
A recruiter’s job is hardly done when a new hire shows up for the first day. Part of a recruiter’s job is building relationships; after all, many new hires feel as connected to a recruiter as they do to the job itself. The involvement of recruiters throughout the onboarding and orientation process can help ease the transition of new employees into the workplace.
Specifically, how can you employ onboarding to ward off turnover? Use the process as an opportunity to establish clear expectations and objectives. This not only sets a bar, but also helps employees adjust and contribute faster. A structured, systematic, consistent, and mandatory approach to onboarding and orientation yields best results.
Ongoing training opportunities are a natural extension of onboarding. Current employees are a woefully underutilized source of future organizational leadership. Establishing an employee development program helps employees grow their skills while also enjoying a top-down vote of confidence.
3. Communication Counts
Today’s employees value transparency beyond all else. Employees want to understand your mission, and want to feel like they’re a part of it. Internal communications are an essential part of keeping employees in the know… and in their jobs. This can mean everything from monthly, organization-wide CEO webinars to one-on-one, face-to-face employee/manager meetings.
Additionally, the value of performance evaluations cannot be overstated. Employees want to know where they excel and where they can improve. Giving them routine access to this information not only promotes better organizational outcomes, but also fosters employee satisfaction.
4. Money Talks
Today’s employees expect a plethora of incentives ranging from timely feedback and the chance to make a contribution to flexible work schedules and the opportunity to grow in their fields. But giving them all of these things doesn’t detract from the fact that they still want something else: a good pay (and benefits), along with the opportunity to increase it.
Generational differences are also a significant factor when determining compensation packages. For example: Baby Boomers and Millennials prioritize different things. The more you know about what they want, the more you can give it to them in the form of an attractive salary and tailored benefits.
5. Leverage Termination
Too many organizations adopt a “Don’t let the door hit you on your way out,” attitude about termination and outplacement. Despite your best retention efforts, employees are going to leave, and the truth is that those who leave on good terms are most like to represent your company in a positive way to others.
Not only that, but you have plenty to learn from departing employees. Exit interviews are an essential piece of solving the retention puzzle.
Ultimately, the key to minimizing attrition comes down to one reality: understanding your employees in order to engage them better. One last thing to keep in mind when deciding whether to invest resources into retention measures? While implementing effective retention practices is relatively inexpensive, failure to implement good retention practices can be quite costly.
To know more about how Witty Parrot can help HR professionals and recruiters stay on message and consistently deliver a vibrant, compelling candidate and employee experience watch the video below.