5 Ways to Boost Employee Retention, Illustrated by Top Businesses
Main organisations across the globe make employee retention a business priority. Apart from long-term techniques, they have also put in place specific ideas which have assisted in enhancing retention. The following are five illustrations to inspire you.
1. Design a progression track for every field, like Microsoft
Not every employee will be interested in undertaking managerial jobs. Some may choose to turn out to be gurus within their current area of expertise and grow inside the same function. If your company places a ceiling on the career progression of specific skill sets, these staff members are likely to begin looking elsewhere for advancement opportunities. In several technology companies, technical talent is only able to flourish until a certain stage, and after that, they need to change to a managerial role. Microsoft dealt with this by developing a technical track that could support an employee across their whole career trajectory.
2. Support workers in their educational endeavours, such as Walmart
Your staff may want to abandon the job in the quest for further education. Typically, this has been a case of inevitable turnover – but hugely regretted by the firm, as they lose out on determined and future-focused talent. By allowing workers to continue their education while on-the-job, it is possible to retain your employees.
People can pick a discounted higher education course as long as they pursue an education track related to their present or a potential role at Walmart. Because of this, its employees benefit from greater employability at a subsidised rate (as low as $1 a day) and Walmart increases access to a competent and devoted labour force.
3. Utilise a realistic job preview (RJP) tool, such as Hilton Hotels
Workers who enter the job with wrong expectations are most likely to leave in the initial few months. Or perhaps, if your company gives a competitive pay scale and benefits package, they may make an effort to stay on, but at below-average performance rates. Realistic job previews (RJPs) give a transition period where prospects try out the real-world duties of their future job without any commitment. Candidates must carry out actual tasks like making a specific number of beds. This makes sure that only people who are genuinely serious about the job were inducted. In the long run, this means a higher retention rate, as there is greater alignment between candidates and their careers, to start with.
4. Create an environment where every member of staff can thrive, such as Siemens
To get a truly sustainable retention strategy, you require a work environment that is conducive to each staff member. For instance, new parents might need days off often. Workers returning to education might desire a sabbatical. And a high-performing employee who was compelled to relocate might opt for 100% remote working. Your business culture should be able to provide all of these demands.
Siemens discovered that 16% of women and 2.5% of men often select part-time work. This company recognised that this benefit ought to be open to every person without having a lengthy authorisation process. Therefore, a senior manager running a team of 25 people was able to travel around Asia for 11 weeks without leaving his job.
5. Prepare employees for just about any wave of business disruption, such as Gucci
Economic downswing or a dramatic dip in profits, is a major cause of turnover. Workers feel that they don’t wish to be on the sinking ship, and they leave the business in a rush. This kind of waves could significantly dent your employee retention rate. However, if you prepare the labour force beforehand, offer financial assistance, and instil confidence in the company’s future, you can avoid substantial turnover.
Gucci’s CEO, in a four-minute-long video, explained that a dip in sales had been inevitable after the company had been increasing at an unsustainable 50–60% each month. Dipping sales are just natural; the leader assured employees, encouraging them to remain positive and “enjoy the ride.”
Why Employee Retention Ought To Be on Your Radar in 2020
Various 2019 reports outlined that retention is starting to become a substantial concern for businesses. Businesses are losing approximately $1 trillion annually, due to turnover, found Gallup. And according to a report by Work Institute covering 250,000+ employees, more than one in three employees will voluntarily leave behind their job every year by 2023.
That’s why you ought to understand what employee retention is, and ideas/approaches for enhancing retention rates at your business. While these figures may differ from industry to industry, and across areas, keeping your best workers will become increasingly challenging as the labour market tightens. We recommend that you do your research, spend money on employee engagement programs, and keep track of how different approaches impact your retention rate.
Need help improving employee retention in your business? Contact Beagle HR Today for a discussion on how we can help
