A much-needed discussion, especially in today’s volatile times.
Have you seen all-time high employee retention in your organization? Can’t scare them off even if you try? Well, then congratulations. However, many businesses today see a high employee turnover. Are you wondering how you can retain your most valued employees? Here are a few ways to make sure your employees are around for many years to come
Hire the right people - We can’t stress this enough. If you do this well, you’re bound to see the results sooner. It is the most vital step you take in your hiring process. You need to go in-depth and analyze if the candidate seems to be a job-hopper. While there is nothing wrong with switching jobs, you might want to consider someone interested in growing with your organization rather than looking for experience elsewhere.
Over the years, we have learned the importance of hiring the right kind of people and have built our DreamHire platform, a 21st-century multi-step hiring process helping us thoroughly analyze the candidate before hiring them. To eliminate incurring a bad hire cost, we use DreamHire for our internal hires and procure candidates for our clients.
Pay your employees well - As difficult as it is to pay competitive salaries when funds are low, and budgets are tight, calculate the cost to replace an employee. That’s 30% to 50% of an entry-level employee's salary just to replace him. You need to be mindful of the kind of pay you are proposing to your employees. Do a comparative analysis with your competitor's pay range to learn what amount would be appropriate for retaining your valuable employees.
Set clear and measurable goals - For your people to succeed, they need a clear understanding of what you need them to do and on what basis success will be measured. You need to set a pattern of giving and receiving regular updates. In this dynamic world of work, only having an annual conversation about performance and planning won’t suffice.
Invest in them by training them - When you offer them training, employees see it as an investment towards their career growth. Hence, they are more inclined to stay with you for a good while. When you take your employee’s education seriously, that’s when you see the bloom. They are more self-aware as to how to go about things in the organization. Understand what they need to succeed and give them the time and resources they require to do it.
Providing unique perks - Be it providing an on-site gym membership, 4-day work week, or something that Silicon Valley does by providing free meals and nap pods. You can come up with your own creative perks like giving them occasional gift brochures to splurge or doing festive giftings.
Walk the talk - As a leader or CEO of your organization, make sure you put your own words to action. You’re delivering what you have promised. Things on paper and great speeches are good ways to attract employees, but it would only add to the problem if you are not actively implementing them in the real world. Research shows that employees tend to quit their bosses, not companies. If you can cultivate an environment where employees feel rewarded and gratified, you will be ahead of many other bosses out there. Be a human of your words.
You might have already known a few or all of the points stated above, but it is now time to implement it. If you are on the other side where your employee turnover rate is low, don’t assume things can’t shift. Consider this as a constant work in progress. Start with repositioning your culture to one where people are thrilled to work instead of the one where they can’t wait to leave.