By | Ritik Singh
Developing a performing and motivated workforce requires good set of employee retention strategy in place. Employee retention is the key to developed organisation and outcome.
Employee turnover is the one of the biggest red hot topics for HR managers these days. Especially with the rise of candidate competition and new generations being job hoppers, it becomes a critical area for any company.
With increasing percentage of job quits per year, business owners and HR folks have been seen focusing well on employee retention strategies and satisfaction.
And why not? Benefits of successful employee retention are as follows:
- Improved revenue
When you successfully manage to keep your employees engaged and motivated, you also save lot of hours and efforts. You save hiring costs on new employee. Less employee turnover and hiring cost lead to improved revenue of entire business.
- Dedicated employees
Retained employees are definitely the result of engaged and directed workforce. Focused efforts and motivation to perform better yields better outcomes for a business.
- Better morale
Employee retention strategies definitely includes employee support. This then results in morale-rich workforce.
- Productivity at base
Productive workforce and better results of operations are the outcomes of dedicated and supportive environment. Retaining your employees can be both beneficial to employees and employer too.
- Employee experience
Employee experience is one of the most important factors of keeping your people/ internal customers happy and satisfied at work. HR today needs to focus on employee experience to perform right HR and employee retention strategies could be a good idea.
Businesses can benefit themselves on a wide variety with right employee management AKA retention tips. The benefits are undeniable.
Are you looking to learn ways you can engage your employees and curb down employee turnover? Well, this article is just right. Here, we will be discussing about few popular employee retention strategies and ways you can engage your workforce for long term.
Here are 5 ways your HR can excel in employee retention successfully:
- Performance appraisals
- Initial training
- Challenges and opportunities
- HR software
Be transparent. Guide your employees with the available resources and convey opportunities. Challenges and growth opportunities can help keep your employees engaged. But, failing to communicate can be worst.
Keeping it visible and practicing transparency at communication can help win their trust. What could be better than this to retain an employee?
Recognising and continuously rewarding performers could be one of the best ways to motivate your employees. Who doesn’t appreciate to be rewarded for their hard work?
A team leader can contribute by conveying a worker’s work or new accomplishments. You must ensure every employee is attended and rewarded (based on performance). Ensure no one feels left out. Performance appraisals could really help you win.
Around 30 percent newly onboarded employees quit due to improper training programme. That’s the power of initial employee training programs. It really helps you retain your new people for some long.
Employee who leave soon after joining give you the real pain in the back and pocket. Instead, practice some working training strategies and promote employee learning and development. Employee training management can save your extra hiring costs and reduce employee turnover.
Challenges and opportunities
Frequent challenges (and not over work) helps keep employees focused on their work. Remember there is a fine line between new opportunities and overloaded work. This could go against retention strategy.
Well, this can be an overall package for your concern. Dedicated HR software comes up with the pack of employee experience solution along with feedback based appraisal software, empowering self-service portal, and much more.
Integrate one HRMS (human resource management solution) and solve your employee management and retention concern all at once.
Its all about employees. Isn’t it? Investing a bit into employee betterment and retention can have a great impact on business’ performance. It is not hidden than motivated workforce can be the required gem of an organisation.
Start by collating your needs and curate a healthy strategy. Start today!
I hope the blogs helps you. Thanks for reading!
Ritik Singh writes about HR (Human Resource) software, cloud, and enterprise technology. A dynamic content writer who writes for Pocket HRMS, a leading provider of cloud-based HR software with inbuilt AI-powered HR Chatbot (smHRty) to small and mid-sized businesses across India.