Employee retention, as the word itself suggests, refers to an organisation’s ability to prevent its employees from leaving the company. Increasing employee retention has a direct impact on the performance and success of any business. Therefore, most organisations adopt thoughtful and comprehensive employee retention strategies. Let us explore the best practices for employee retention.
Top Eight Practices For Employee Retention
Employee retention refers to the strategies that organisations use to prevent employees from leaving the company.
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Onboarding an Employee
The onboarding process of the employee should be very clear. Onboarding is not just about signing a contract, it’s also about setting up the desk and taking a tour of the company. This process is a great opportunity to develop a long-term employee development plan.
Help the new employees connect with the older employees and encourage an open platform for communication.
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Employee Compensation
Employee compensation is not only about how much money the company gives to employees; it also includes- insurance benefits, provident funds, retirement plans, and leaves. The employees get bonuses when they complete a specific goal, especially sales targets.
You should revisit employees’ compensation timely and revise it periodically to keep employees happy. Employees should know that their hard work is appreciated and rewarded.
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Frequent Check-Ins And Updates From The Employees
Do you give the freedom to your employees to connect with you? Do you let them present their ideas, verbally or in an email? If the answer is yes, then you are following a great employee retention strategy.
There should always be a clear line of communication between you and the employees. Frequent check-ins with your employees motivate them to share their feelings with their superiors. It can be any updates regarding a project, their suggestions, feedback, or complaints. You can sense whether the employees are satisfied working in the company and, if not, what retention measures the company can use to retain their employees.
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Flexible Work Arrangements
Before the pandemic, companies didn’t give work from home. The circumstances were rare when the employees got to work from home. However, the situation changed after the pandemic; employees now prefer to work with companies that follow a hybrid working model.
Employees who live far from the office often choose to work from home, and women with their newborn babies can also benefit from the hybrid model. Providing such flexibility is a sure-shot way to retain your employees.
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Reward And Recognise Their Work
Who doesn’t like receiving gifts and recognition? Recognising your employee’s work can give them a sense of motivation and happiness as their hard work gets appreciated. You can verbally applaud the employee in an announcement in front of the whole office or a meeting. You can also give them cash bonuses or gift cards as a token of appreciation.
Many companies keep the system of choosing the best employee of the month, which further motivates the employee to work hard and helps the company retain their hardworking employees.
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Training Your Employees
Helping your employees upskill motivates them to stay in your company longer and saves you from the hassle of finding new employees. Training also increases workforce engagement, teamwork, and bonding between employees. Doing workshops and conducting productive activities provide a much-needed respite from the daily workload and reduce the stress level of the employees.
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Provide A Mentor
As new joiners, employees feel hesitant to ask their queries and doubts. You can assign them a mentor as a part of the onboarding process; they would not only train the newcomer, but it will also help develop a sense of loyalty in the newcomer’s mind, and they can learn things more efficiently.
It would be like a return gift for the mentor since they can showcase and impart their knowledge and skills.
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Focus On Employee’s Wellbeing
Working in a company for a long time can affect the mental and physical well-being of the employees. Employees shouldn’t have so much workload that they feel overwhelmed. The company should understand employees’ concerns and try to find solutions for them.
You can organise yoga sessions and provide employee assistance programs, especially for the mental well-being of the employees.
Conclusion
Comprehensive policies that prioritize employee retention are essential for the success of organizations. Investing in the well-being of employees supports a successful and loyal workforce through a variety of means, including clear communication, flexible work arrangements and the identification and development of talent. By putting these best practices into effect, you can increase employee retention while also creating a happy work environment, which is crucial for long-term success.
