Employee resignations are always expensive for any organization. Finding a replacement means incurring steep hiring costs, subsequent training costs, and then a finite time in which the new employee will reach the same level of knowledge and productivity as the existing employee. On top of that, it might be difficult for the new employee to adjust to the company culture, while the existing employee was already well tuned to it.
The best option is to try to retain employees longer. A lot of people think that employee retention is only related to salaries, but it is not. Look at the example of armed forces, their employees stay with them the longest, despite the fact that they can have bodily injuries in their jobs, while still not being paid the industry best.
So, there are many other factors that need to be leveraged to retain employees longer and create some long-term employees in this short-term world.
How to retain employees longer?
Employees are more likely to stay longer in work cultures that are engaging, with greater perks available for them. It also avoids the company from the disruption that comes with new hires from having to learn new duties. Spending a lot of time and money on interviewing and hiring new employees can be costly, so avoiding the process as much as possible is a positive thing for organizations.
Creating an engaging environment ensures the willingness of employees to work. This not only leads to employee satisfaction but also to the growth of your company.
Providing fringe benefits
One simple and effective way to retain employees in your organization is to provide fringe benefits from the company. That includes bonuses, incentives, insurance, etc. This helps to encourage employees to enjoy the perks provided, and stick around for longer periods of time.
A satisfied employee is likely to stay at the company for the long term. That is a benefit to the company as well as to the employee.
Give freedom of suggestions and ideas
An environment where employees could speak up freely – with reasons – can keep employees engaged and give them the idea of their contribution and value to the company.
For fear of retribution, in many companies, employees don’t speak freely, so it’s important to make sure that employees feel absolutely comfortable sharing their suggestions and opinions.
In organizations where employees can voice their opinions and concerns freely, we can see increased retention and stronger performance.
Appreciate and respect employees
Employees seek validation and respect for the hard work they put in. Make sure to appreciate your employees and give them recognition. This also includes celebrations and acknowledgments for their achievements.
Although employee appreciation might not be on the top of the list, it is quite important for companies to retain their assets. Showing employees a sense of care and understanding will ensure their long-term commitment to the company.
Promote input and feedback
It is essential for employees to know that you are listening to them and hearing their feedback. It makes the employee feel heard and motivated in their respective jobs. Most companies are trying to retain their employees by any means necessary, promoting input and feedback is an important part of the process for a successful retention strategy.
Invest in your assets
With time and investment, employees develop skills. It is crucial to track employee productivity and identify the high performers who are assets to the company. Then work to invest in those assets by providing them with more and greater opportunities. This helps open a window for individuals to grow and keep them motivated toward the joint objectives of the company.
Great performers and high talents appreciate knowing that the company is helping them grow and move forward toward their career goals.
Offer a window to grow
We may need our employees with great contributions in a field to remain in their respective jobs and ensure a smooth workflow, but it is also important to offer newer opportunities to grow. This is helpful for the success of retention planning. It is common for employees to switch companies because they don’t have opportunities for growth.
Provide flexibility
For many employees to stick around, flexibility can prove to be a great incentive and play the main role. Flexible timetables and schedules can not only help employees manage their time well but also help them fit their personal deadlines without affecting their job.
Stop Micromanaging
This might be a very common and known strategy, to not micromanage employees as it can affect productivity. It can also prevent high-performing employees from sticking around in the company for very long. Micromanagement doesn’t allow employees to grow and brings down the working morale.
It is always said, “focus on the results rather than the process”.
Final words
Hiring and training new employees can create a disruption in the working environment. It also brings down the productivity level of the company. Hence, it is very important to strategize and retain employees within the company.
