Employee retention is defined as the ability of an organization to retain their team and reduce turnover. In the past, it has been considered as a percentage, but nowadays it has become a strategy to enhance the environment of a company, and its’ outcome.
Before speaking about the main issue, employers need to focus on how much they spend to support the turnover within their company. Think about the process of an employee exiting. When it occurs, you must begin searching for a new one. Once you identify him or her, you must train and retain them or this cycle will repeat itself. Not to mention the time and money that will be invested to maintain this process, that can be arduous and expensive.
Many employers consider this matter beginning from salary and benefits. According to recent study, salary is not the most important factor when deciding to choose a job. Also, benefits must express alignment with an individual’s future goals. There aren’t any general rules about benefits but they must be tailored for the individual or they won’t be effective.
The real strategy to increase engagement, begins from its measurement because if you don’t understand your challenges, than you cannot overcome them.
Once you gather the data about your employee’s exit, you can apply some simple methods such as, regular meetings with managers to understand and discuss about performances and expectations. Also, “exit interviews” are becoming more and more meaningful. They help to understand where the problem stems from.
Recently, recruiters have been putting more focus on personality than just on skills to choose the right person to work with a specific manager. Certainly, in doing so, they will find the perfect match. However, this match will come later in time than knowledge and expertise. By pairing them with a good manager and being trained and developed to expose their best attributes.
When trying to enhance the domestic loyalty toward a company, you should consider the creation of career paths and goals to increase the recognition of a person’s value and augment their responsibility within the organization.
When you think about workers, keep in mind that Generation X is something that is on everyone’s mind and employees often seek flexibility. To this point: all of us look for a great work-life balance, so give them flexibility and your employees will give you allegiance.
In conclusion, flexibility, regular meetings and personalized solutions are your best weapons against turnover. So, just learn how to use them to your advantage!