How to Establish a Successful Employee Retention Strategy


How to Establish a Successful Employee Retention Strategy

Posted on 15 February 2022

Finding the employees your company needs to progress is only half the battle. Keeping them on board is the other!

Here are the core principles to keep in mind as you develop strategies to lower your Turnover Rate:

1) Hire the Right People
Make sure the roles you create are clearly defined and make sure the people you hire not only fit the role but also fit with your organisational culture.

2) Make Sure Your Compensation Packages Are Competitive
Offering competitive salaries and benefits encourages your workers to stay in house rather than pursue opportunities elsewhere. If you want to attract the best people, you’ll need to offer salaries that equal or match your competitors, especially if you’re located in a geographic location where the cost of living is high.

Don’t forget that compensation extends well beyond salary. Company benefits, paid time off, and overall package should all be assets to help you attract top talent.

3) Show Your Employees They’re Valued
Celebrate their professional and personal accomplishments and consistently demonstrate you value their contributions to your firm. Something as simple as recognising and celebrating employee birthdays can boost retention.

4) Be Flexible
Employees’ lives are complex and unique. Offering flexibility encourages workers to do their jobs without compromising their personal lives. It can also boost productivity and lower overheads. Too much conflict between work life and home life is likely to force your team members to seek opportunities with other organisations.

5) Enhance Engagement
Finding ways to accurately gauge the level of engagement of your employees to their work and your company is vital. Engaged workers are likely happy workers; happy workers are likely workers you will retain.

Effective engagement assessment requires identifying specific goals, implementing quantitative ways to measure progress, clear communication with employees, and a detailed plan of action to reach those goals. 

6) Encourage Internal Upward Mobility
As mentioned above, people want to work for firms where they can grow their career and climb the corporate ladder. If team members see plenty of examples of upwardly mobile colleagues and understand what’s required to move up in your company, they’re far more likely to stay.

7) Offer Mentoring
Not a supervisor, a mentor. Assign new employees a mentor who has worked for your business for a long time and can offer advice and insight and can serve as a sounding board for their mentee.

8) Seek Feedback
Seek out information about what’s working and what isn’t. What can you do to boost morale, etc. Letting workers know implicitly that you value their feedback and will act upon it in and of itself promotes a healthy and inclusive corporate culture, one that people are more likely to remain engaged with.

9) Offer Training
To help facilitate and encourage internal mobility, provide employees training to help them acquire the tools they need to stay interested, stay engaged, and grow within your organisation.

This can be as simple as encouraging employees to block off time in their schedules to acquire new knowledge with online learning courses, or to regularly meet with a mentor. Or, if your company has the resources, you could set aside a personal development budget for everyone, allowing them to identify skills they’d like to learn that are aligned with their personal interests, as well as company goals and needs.

Employee retention is a crucial way to hold onto your top talent and minimise the cost of maintaining your workforce. A thoughtful and proven retention strategy is the essential first step for retention success. 

Share this article

Job Alerts