Statistics regarding employee attrition rates are staggering. Studies suggest that one sixth of employees quit their jobs within first 3 months and one third of employees quit their job within first 6 months of starting work. What these stats suggest is a lack of comprehensive employee retention strategies on the part of the organization.
With specific skills and roles in high demand across businesses and industries, a certain set of people are in very high demand. Organizations too are in hot pursuit of such employees.
If you retain these employees, your organization can reap rich dividends in the future. The need of the hour is to devise comprehensive employee retention strategies.
Here are 5 employee retention strategies that work.
Employee Retention Strategies That Work
- Proper Hiring Strategy
Measures to retain skilled people should start from the hiring stage. You need to ingrain principles of retention at the very stage of hiring your employees. You need to see recruitment as sowing the seeds for the future of the organization. You need to devise a good recruitment strategy that focuses on hiring the right person with the right skills.
- Clear Job Description
The candidate needs to visualize his role clearly. A clear description of what the organization wants from the candidate is a must have for the candidate. The job description must give a clear picture of his roles and responsibilities to the candidate in a self-explanatory way.
- Assessing Cultural Fitness
Psychometric assessments can indicate cultural fitness of candidates to working environments of organisations or otherwise. Such assessment techniques should be introduced at the recruitment stage. These techniques measure employees’ behaviors and beliefs vis a vis that of the organization. They try to assess whether an employee is fit to align with the core values of the employer and the organizational culture or not.
- Job Satisfaction
This is of utmost importance when it comes to retaining employees. If a worker drives job satisfaction in the role he or she is assigned, it is very likely that he will stay on. However, job satisfaction is not only about satisfactory roles and job profiles. It is also about leaves, upgradation, medicals that include parents etc. So, try to devise an ensemble of perks, and club it with proper role play. You are very likely to be able to retain an employee.
- Professional Development and Learning
Candidates are on the lookout for opportunities for learning new technologies and developing new skills. You need to emphasize during recruitment that there are ample opportunities for such development and learning. This can be very productive for the company in the long run in terms of what these workers can accomplish for the organization, albeit if you offer them the right incentives to stay on.
Employee retention strategies must be devised in such a way that new entrants like to stay on. It is possible only when they derive job satisfaction. But job satisfaction is not a singular item. It involves a whole host of stuff and you need to integrate all these into your employee retention strategies.