Employee Retention Strategies That You Need To Know

An effective employee retention program looks through the team’s point of view. It addresses concerns related to their desires, goals, appreciation for their work and assurance of being paid fairly. It also helps that they are both excited and challenged by their job.  But it also goes beyond the basics. Your efforts should actually start on a new hire’s first day on the job as the training and support you provide from that day sets the tone for the employee’s tenure and the path for job satisfaction.  
Here are the key strategies to improve your organization’s employee retention and boost employee satisfaction:
Onboarding and orientation — Every new hire should be set up for success from their very first day at the office. Job orientation is just one component of onboarding which may last a few weeks to a month. Employers must develop an onboarding process where new hires not only learn about the job but also the company culture and how they can contribute and thrive, with ongoing discussions, goals, and opportunities to address questions and issues they might face.

Employee compensation — Companies must offer attractive compensation packages to stave off poaching from other companies. This includes salaries, bonuses, paid time off, health benefits and retirement plans. 

Training and development — Professionals want the possibility for advancement in their industry. Smart managers invest in their workers’ professional development and seek opportunities for them to grow. Some companies pay for employees to attend conferences or industry events each year or provide tuition reimbursement or continuing education training. 

Mentorship programs — Pairing a new employee with a mentor helps them learn the ropes from a veteran with a wealth of resources. They can offer guidance and be a sounding board for newcomers, welcoming them into the company culture. 

Work-life balance — Burnout is a very real issue if you constantly expect long work hours from your employees. A healthy work-life balance is essential. Management should make sure to encourage staff to take vacation time, allow some flexible work and schedules, and telecommuting to improve work-life balance for their employees.

Recognition and rewards systems — Every person wants to feel appreciated for what they do. Make it a habit to thank your direct reports when they go the extra mile, whether it’s with a sincere email, a gift card or an extra day off. Set up rewards and recognition systems that incentivize great ideas and innovation. Celebrate major milestones for individuals and for the team. 

Communication and feedback — Your employees should feel comfortable in approaching you with ideas, questions, and concerns.  You are also expected to be honest and open about improvements they need to make in their own performance Make sure you connect with each staff member on a regular basis — don’t let issues build up for the annual review. 

Fostering teamwork — When people work together, they can achieve more. Foster a culture of collaboration that accommodates individuals’ working styles and lets their talents shine. Do this by clarifying team objectives, business goals and roles, and encouraging everyone to contribute ideas and solutions.

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