Employee turnover is costly for companies. If your company has increasing employee turnover, it can do serious damage to organizational goals and may also dampen the organization’s reputation. So how do companies tackle this problem? Have you wondered how HR leaders at renowned companies keep their employee turnover rate in check?
If you’re wondering how here are a few powerful employee retention strategies from HR leaders at the world’s leading employers that you can put to work.
- Engagement is the key – Jo Deal, Chief Human Resource Officer, LogMeIn
Engagement is the key to improve employee retention. However, employee engagement is difficult. Engagement happens in the sweet spot where the personal goals of the employee are met. Each employee is different and has different personal goals. The goals also differ according to the stages of a career, so it’s difficult to give a definite answer. Here are a few themes that help to drive engagement for most employees.
- Give constant feedback: Each person at a company wants to know how his/her work fits into the overall company goals, how they are doing, and receive ongoing feedback on how they are. It seems easy, but it doesn’t always happen. Company leaders should give constant direction and managers need to give regular feedback and employees need to set achievable and realistic goals. Companies should invest in front-line management development.
- Show your culture values – Setting cultural values is essential. However, don’t do it for the sake of doing it. Be your authentic self. If you recognize one trait or behavior, but at other times appreciate completely another, employees will recognize this. HR leaders should work toward setting up concrete organizational values. Mismatch of values can lead to low retention and engagement issues.
- Active listening – Listening can help to understand what employees want. A global workforce with different demographic it’s difficult to know what each employee wants. Listening actively can help here, to understand what’s working for them and whatnot, and what changes can be made to engage employees. Retention and engagement are often a result of well-intentioned and meaningful acts.
- More money isn’t always the answer — Racheal Book, Director of Diversity Recruiting Strategies, Fidelity Investments
More money may seem like the answer to improving employee retention. However, it’s not always the case. In fact, it’s rarely a factor in employee retention metrics.
– Be realistic – Book advises being realistic and having an open dialogue with the candidate. It will reduce the chances of surprises and disappointment once the employee joins the company. Human resource leaders should encourage talent acquisitions and onboarding teams to talk openly with candidates.
– Give them a warm welcome – A warm welcome eases the employee onboarding experience. Don’t throw them into them and expect them to learn everything on their own.
– Keep the rigor –Once an employee joins the organization. Make frequent contacts with them and ensure they can be themselves. If they don’t feel comfortable being themselves, there might be a cultural issue you have to deal with.
3. Make them feel valued – Rose M. Velez- Smith, Pitney Bowes, Global Vice President of Human Resources
According to Velez, the following three factors can improve employee retention
– Stretching assignments—Employees come with a purpose to work and want to be recognized for the work they are doing. Keeping employees on their toes and giving them the opportunity to learn and get better, keeps them engaged. Involving employees in decision making and initiatives should be a regular thing. HR leaders can ensure employee participation by training reporting managers to ensure that each team member is actively participating.
– Wellness perks – By ensuring that employees are proactive about their health, companies can ensure a healthy work environment. Free programs on stress management, behavior health, nutrition, fitness, weight management, and flu vaccinations goes a long way in establishing employee-employer relationships.
– Career growth – As long as employees see themselves growing, they will stick with the company. As soon as an employee joins the company, he/she should get a clear mental picture of the career roadmap.