Your organization’s recruiting practices can influence your employee turnover for better or worse. SHRM says the research shows that presenting applicants with an accurate, realistic job preview during the recruiting process will help improve staff retention.
Employee turnover is traditionally highest among new hires. Implementing strong socialization practices as part of your onboarding program can help new team members feel like an integral part of the company – and improve their chances of staying. Shared and individual learning experiences, formal and informal get-to-know-you activities and mentorship opportunities between new hires and seasoned employee are all good plans to consider.
3. Training & Development
Training and career development opportunities are key to retaining employees. If you don’t provide a chance for workers to continue on their learning path and improve their skills, they’re more likely to leave.
4. Compensation & Rewards
Compensation and rewards can have a profound impact on employee retention. SHRM outlines 3 potential compensation strategies that employees can follow when it comes to pay and rewards:
#1 – Be the market leader for compensation and rewards.
#2 – Tailor rewards to personal needs in an individually-based pay structure.
#3 – Link rewards to retention. For example, offer vacation hours based on seniority; hand out retention bonuses to long-standing employees; or link benefit plan payouts to years of service.
Studies show that an employee who’s treated fairly by his supervisor is the most significant factor in staff retention. So if you’re looking to make an investment in a specific talent retention initiative, consider a program that focuses on supervisory/management training and communication skills development.
6. Employee Engagement
Engaged employees are satisfied employees who take pride in their work and care about contributing to their organization’s success. One SHRM study revealed that highly engaged workers are 5x less likely to quit their job compared to employees who are disengaged.
What employee retention programs have been successful for your organization? Share with us!