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With people migrating from one zone to another in search of greener pastures, organizations have been affected by the outflow of talent and the rigorous process of talent acquisition.

Employee turnover and staff retention are significant issues, and many factors are at play including generational differences, the economy, sweeping changes in workplaces, and more. Retaining the best employees might sound simple and easy to do, but organisations continue to drain without the right strategy in place.

From research, due to the expense of finding, employing, and training a new employee as well as the necessity for current employees to work overtime until the business can fill the vacant job, over 70% of firms indicate that staff turnover has a negative financial impact.

In this post, we highlighted and explained some strategies to improve your employee retention rate.

Pam Baker defined employee retention as the organizational goal of retaining productive and talented employees while reducing turnover by fostering a positive work environment to promote engagement, recognizing employees, providing competitive pay and benefits, and encouraging a healthy work-life balance.  Employee retention is critical for workplace team building and cohesion so that employees can psychologically settle and rely on one another for the benefit of the company’s long-term business goals.

Organisations concerned about retaining their valued employees can take several immediate actions in critical areas to help retention and lower turnover rates.

Rewards and Recognition

Employees who feel appropriately recognized and rewarded in the workplace are much easier to retain in the long run, but studies also show that those employees work harder and are more productive. There are numerous ways to recognize and reward your employees, but it’s critical to prioritize both social and monetary rewards.

Employee Engagement

A disengaged worker could weaken morale, reduce productivity, and generally be detrimental to your business/organisation. Make sure to offer your staff a voice by making them feel heard and demonstrating the importance of their thoughts. Consider providing opportunities for your employees to feel comfortable providing candid feedback. Similarly, don’t compel unnecessary engagement or push activities designed to increase engagement without a clear goal or solution in mind.

Training and Development

You can encourage the retention of good employees by promoting personal development and implementing a company-wide training program. This can include leveraging outside resources and tools (such as workshops, online courses, videos, and more), internal rotation and a variety of talent management strategies.

These initiatives are viewed by employees as an investment in their future.

Healthy Work-Life Balance

Your team members will operate more effectively when they are well-rested and have adequate time to take care of themselves and their families.

Establishing regular work hours, policies for working on weekends, or work-from-home programs can provide your team members with the flexibility they require to give their all every day.

Compensation and Benefits

Your employees want to believe that the time and effort they put in at work is worthwhile. Money isn’t everything when it comes to employee retention, but offering a good compensation package can help your employees feel valued for their work and time.

Employee retention is critical to the operation of a successful business. 

Do you need help designing your compensation package? Talk to us.

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