Employee Retention; 23 top strategies to keep the best Talent
Today’s employee retention strategies need to be creative to be effective, particularly as employees’ expectations of employers have shifted during Covid.
Here are our 23 most effective strategies to keep the best pool of talent in your business:
1 Give managers the tools to have better “money talks” with employees
Train managers to communicate better with employees and how to address the difficult issues that might drive employees to look for other opportunities. This means talking about salaries, mental health, and organizational culture. When it comes to compensation, it’s especially important to be able to manage employees’ expectations about their earnings, at your company or with another employer.
Many employees may make false assumptions about whether their current salary is low, average, or above average. Sharing market range numbers with them might save you trouble later. In the end, if they think they can find a better position, they will probably try.
Considering 60% of millennials making $100k p/a say they are living paycheck-to-paycheck, this presents a challenge for employers. Having frank discussions about current salary can help, especially when you can chart an employee’s future earning potential and help them see a long-term career stability with your organization.
2 Be prepared to match or better offers they have received.
If your employees do begin to look for work for your competitors, expect and prepare to make counteroffers to keep them on your team. You’ll likely need to offer tangible rewards to convince them to stay—higher salary, bonuses, and other valuable perks. Remember that it costs 6 to 9 months of an employee’s salary to replace them, so from a budget perspective, you can offer substantial compensation and still come out ahead.
3. Ask for constructive criticism
Employee feedback has always been a significant part of building a productive and positive organizational culture and, right now, understanding how employees feel could determine whether they stay or go.
Survey employees regularly about how your company is doing and ask for suggestions on what you can do better. Ask them about the benefits and perks they would like to see inputted, and look for tangible ways to deliver on those wish lists. If necessary, meet with employees individually to discuss their concerns and ensure they feel (and are) heard and seen.
Not forgetting that the old anonymous suggestions box can offer some valuable insight where employees may not feel safe speaking their mind directly.
4. Get real about remote work
More than a third of employees have been reported to feel that they will quit their job if they can’t continue working from home. If you want employees to return to work full-time or on a hybrid schedule, talk to them about their feelings and concerns before agreeing to a schedule.
Since employers and workers mainly disagree about what an office and home work split should look like, frank discussions about how to meet company and employee needs at the same time are necessary.
As we all are aware of a new way of working with pandemics, many employees continue to be concerned about safety and health, for themselves as well as their families, Employers need to show employees that they are tracking the trends, learning about the science, and ready to adapt in the event of another wave of lock downs and school closings.
4. Recognize their progress
While giving constructive criticism helps guide people in the right direction, it’s great to also point out the positive things your employees do. Acknowledge them individually and verbally show to them that you are aware of where they started and where they can possibly go to next.
Employee of the month has had astounding results across the board and ask any sales man what being top dog and getting the best room at Sales Meetings means.
5. Plan team building activities unrelated to work
While there are different positions in the workforce, it is important to gather the different areas in your business under one umbrella. Plan social gatherings or team building days out for the crew to help build relationships.
6. Trust your employees
Delegate without micromanaging. Once you instill more trust, you both will learn. Start by giving employees more projects and responsibilities and in turn ask for their input on issues or ideas for the company.
7. Offer, don’t assign responsibility
Create a friendly competition amongst the office. This will get employees to step up to the plate and be productive while offering a chance for you to evaluate how others work. You may discover some work better in cooperative teams or as leaders.
8. Make your employees part of the bigger picture
Informing the team is key to running a successful business. In order to have great communication and trust, it’s great to talk about the company’s future and goals for the upcoming months or years. This will make them feel valued and demonstrate to them that their hard work is going towards something great for the company, and this way they can learn a lot about business and after all; more experience is so undervalued by employers, but often a critical component for longevity at your company for the employee. Company shares and perks for targets met always works well.
9. Be receptive to employee preference
While your business shifts and you notice areas that may need more help, it’s a great time to ask your staff their advice. Ask employees if they’d like to learn something new or improve their skills and gain more experience in a designated area. This helps motivate them to work harder and do the job well.
10. Set clear goals
Make sure to define the company’s goals in which employees can work together towards. While working together as a team permits productivity, it’s also great to develop them as individuals and help them set their own personal goals.
11. Celebrate both personal and team milestones
As you set goals and track employees’ progress, it’s nice to take a step back from the work and see what everyone has accomplished. Make sure to celebrate the goals you all accomplished and where these could lead your team members.
12. Encourage breaks
It’s important to work hard but also put value on rest periods. By allowing employees to take a breather, they’ll be more productive and come back to work with a focused mindset. Google is the world’s leading employer and offer so many ways for staff to take breaks as they understand how valuable a fresh mind can be to the overall company goal.
13. Provide perks (without breaking the bank!)
By setting up common or individual goals, propose creative employee perks such as free meals, casual dress Friday’s, or concert tickets, you can create employee loyalty. One company we know have a desk neck and back massage on Fridays, it virtually wiped out the absenteeism on Friday issues they had.
14. Don’t be afraid to switch it up
As the business has a set regular schedule, it helps to add diverse routines throughout the day. Change the order of things or try to come up with a new way of approaching a common task. It doesn’t hurt to do something different!
15. Offer mutual evaluations
Whether you’re the team leader, Boss, or an employee, it’s important to have both sides evaluated equally. By working as a team, you can communicate to one another your concerns and ask for feedback. By doing so, it helps to create a sense of ownership.
16. Support innovation.
A great way to include your staff in making an impact towards the company as a team is to allow them to innovate.
Try new methods and test run them together. By allowing this, the whole team can learn what works and what doesn’t. It helps them understand their challenges and encourages growth.
17. Be consistent
In order to have things run smoothly, make sure you’re consistent. While it’s great to connect with team members on a personal and relatable level, it is just as important to be respected.
18. Take an interest in who your employees are
While you may be busy with instructing employees on what to do next, it’s important to get to know them. Understanding employees as individuals is key to understanding what areas they excel in, and how you can utilize their passions in your favor to help the business grow.
19. Provide tools for success
While policy may be the sole focus at first, remember to think of creative solutions. Instead of giving strict guidelines, try to allow problem-solving come into play. Create safe environments for employees to express their thoughts and ideas for the company.
20. Respect staff time
While the needs of your business may shift gears from time to time, it’s important to have a consistent schedule. Implementing scheduling tricks for the weekend shifts, for example, helps show you respect everyone’s time. Dipping into their lunch hours may be more detrimental than you think!
21. Don’t keep score
It’s important to not keep track of all of the good and bad results employees have produced. Remaining positive and reassuring a common goal to have everyone work towards is what is most helpful.
22. Allow workplace flexibility
While showing up to work on time and completing all tasks in a timely manner is important to keep a business flowing, it’s also great to show flexibility. If respect is shown at work, employers should respect that their employees have a life outside of work as well. Some employees prefer to come in a little later and go later or vice versa it is important to recognise this and offer flexibility.
23. Say “Thank You”
Simply saying the words “Thank You” can go a long way. There is a sense of comfort and recognition that is felt when these words are heard. Money is the least motivating factor for any employee , feeling part of the team and being recognised and appreciated are worth so much more.
Sponsored by the top recruiters in Thailand