One of the biggest concerns employers face, irrespective of the work sector, is the growing employee attrition rate. A recent survey indicated that 67% of employers saw an increase in staff turnover in the last three years.
Having people leave regularly can impact the flow of operations and hamper productivity. Besides, finding suitable replacements and training them up to speed can take a lot of time and effort. Moreover, uncontrolled attrition levels can have a dangerous effect on the morale of your existing workers and on your company’s name too.
It does become clear that you need to have some strategies in place to retain your best talent. Here are six employee retention strategies you should stick to arrest attrition.
Get your hiring right - Retain the right talent
Every company wants the best employees possible; and it all begins at the hiring stage.
If you can nail your job description and sharp focus your candidate shortlist, you might already have done a big part in arresting future attrition. Going over resumes with a toothcomb and asking all the right questions can be the foundation on which you can build a workforce of stable employees.
Once hired, it is important to train your employees well and ease them into the organisation and their role to make them feel at home and be confident.
Keeping their skills honed and in tune with their job profile includes not just training them on the particular work they are doing or the knowledge levels on product or processes. Equally important is to ensure constant sessions on personal development, teamwork, leadership, and other soft skill-related topics.
Goal setting and performance reviews
It is your responsibility to clearly and specifically outline employee performance issues so that they know what they have to deliver and what they will be tracked upon. How this connects to employee attrition is the clarity and transparency they have that helps in self-assessment and having the motivation to shape their own growth path.
Periodic performance reviews and feedback helps your employees to be aware of their achievements and the areas on which they need improvement. Feedback and direction can improve employee engagement and retention.
Reward and recognition
Most everyone would like to be rewarded for the efforts they put in. Whether it is the salary package itself or performance bonuses, it is natural for employees to feel positive about the remuneration. Ensuring a fair salary – commensurate with qualifications and experience when joining and in line with performance while in the job – is your responsibility and a critical attrition factor.
Likewise, other recognition tools like performance incentives and awards underline the faith you have in your employees and motivates them to stay put and do better.
Every human thrives on being respected and every employee values that. Appreciating your employee at a personal level and understanding them and helping them with their work-life balance challenges can be vital to their being satisfied with their job.
Listening, engaging and involving your staff sees much lesser employee attrition. Guiding them on their short and long-term career goals and keeping things transparent can be seen as great confidence boosters for your employees.
Having working conditions that are safe and conducive can be a big factor in curbing attrition. The larger brands may have swankier offices, but even if you have a smaller establishment, you can improve working conditions, by ensuring that the workplace provides proper lighting and amenities and is clean.
By following these 6 simple and straightforward strategies you can control the attrition in your organisation.