Never really had to think about employee retention strategies? It’s that way most of the time. One moment, things are going fine at your company. And in the next, a star employee resigns. You now realise that you have to rely more on the other team members.
Other members must now take on additional responsibilities while you try to hire someone new for the opening in the company to take up the resignee’s spot. These individuals might suddenly feel pushed and stressed too. With the sudden change of work environment and culture, they may also feel like resigning to find a job elsewhere they will not feel as pressured.
This situation can also affect the morale in the company and reduce their performance and engagement at the workplace. Thus, it is important to have employee retention strategies to avoid all this mess.
Here are 5 ways to reduce employee turnover rates at your company.
Here are 5 ways to reduce employee turnover for your firm!
1. Hire the right employees
At a healthy workplace, leaders lead by example and other employees want to be around someone who inspires them. This is why when you initially hire someone, you have to try to find an employee whose work culture and beliefs align with those of your own organisation.
At the end of the day, you want to create an environment that each and every employee wants to be in. A place where they identify that they belong.
2. Provide good incentives
Always remember that recognition is essential. Individuals tend to feel more comfortable when they are either rewarded or recognised for the work that they have done.
Rewarding individuals with incentives is a wonderful way to appreciate employees for the hard work they put in. Most employees would also generally feel more motivated to put in their best efforts if a reward or incentive is offered to them.
You may be wondering how to incentivise your employees. Fret not, there are endless possibilities. Employers can offer monetary incentives through referral programs or profit sharing. Obviously, the best incentive someone would look forward to is a raise in pay or a big bonus.
You can also offer them non-monetary incentives. To keep them healthy both in the heart and body, you can offer them rewards like gym memberships too or spa. This provides employees with the opportunity to stay healthy and relax! Great stress-relievers indeed!
3. Give employees a voice
Retention can be vastly improved if employees are given a legitimate say in the company. Gathering feedback from them and turning it into actions show that there is a sense of leadership present. It shows that their opinions are taken seriously and do not go unheard.
An opportunity can be designed for employees to give candid feedback that they find valuable for themselves and the company. This opportunity enables them to identify and highlight problems and even possible solutions that they can think of.
This also provides the management with another perspective to possible issues that surface. The management can make decisions based on these feedback and address issues efficiently. Thus, building engagement can in turn improve employee retention for the company!
4. Encourage positive values at the workplace
Building on the earlier point, it is also essential to keep a workplace healthy. Many people leave an organisation when they feel that the culture there is beginning to get toxic and unsupportive.
As employers, the responsibility falls on you to ensure that your workplace is well-managed, inclusive and a safe space for your employees. Ensure that there are avenues for those who may be unhappy about situations to come and speak with you.
Identify problems, come up with solutions and put in place measures to ensure that only positive values will be entertained at the workplace. Allow no room for discrimination or violence. That’s one tactic to reduce employee turnover rates!
5. Keep a pipeline of candidates with GrabJobs
Sometimes, there’s no other way but to accept the fact that it’s time to get more people to join the firm. Instead of scrambling to set up a hiring process from scratch, let the technology at GrabJobs do the work for you instead!
Sit back and focus on other goals as your entire hiring process can be efficiently handled by this recruitment software. With GrabJobs, employers can post to multiple job boards, gain visibility to and reach millions of job-seekers in just 1 click!
