Around 70% of the companies and organizations have reported that staff turnover brings a negative financial impact in the respective workplace. The financial crises of the company show up due to the cost and planning of recruiting and then training a replacement employee.
The overtime work of the current employees also becomes essential as it required more work more until the company can fill the empty position.
In this way, a lost employee can bring a massive negative impact of 6 to 9 months of that employee’s average salary. Here, it becomes very clear that companies need employee retention strategies to maintain their workplaces.
EMPLOYEE TURNOVER AND STAFF RETENTION
Around 47% of the HR professionals believe that employee retention is one of the most top talent management challenges.
Since the pandemic of coronavirus has originated, companies are facing hard times with employee retention. People are being quarantined at their homes and this is bringing a hard time to companies as the pandemic has brought the global economy to its knees.
Some people believe that employee turnover is also dependent on the salary of an employee. If the company won’t be paying a good amount of money then an employee would definitely not stay to contribute his skills.
But, the professional resume writers from cheap cv writing services shared their views, a good amount of salary can surely play a significant role in the satisfaction of the employee but it is not the stat player. There is no guarantee that after getting good pay, an employee won’t leave your company for another good opportunity.
STAFF AND EMPLOYEE RETENTION – 7 EFFECTIVE STRATEGIES
Employee turnover and retention of the staff is one of the major problems in the workplace. This includes so many factors mainly work, economy, market value and requirements, and rapid changes in the diverse landscape of the workplace!
The HR leaders need to be very proficient and they must plan the strategies of making a strong bond of employee-business relationship.
To keep your employees engaged with the company and to retain the staff, you need to take care of your employees. Your strategies can never compete with the absence of empathy and appreciation. Make sure to be emotionally understanding towards your staff.
Below I have put together a comprehensive list of the strategies that are proven enough for the improvement of employee retention in the workplaces. HR leaders and recruiting managers are highly advised to be efficient enough for the implementation of these tips. Let’s get down into the study.
Provision of positive feedback on a larger scale and win the trust of your employees:
Providing good and positive feedback to your employees timely can help in boosting their functionality that will indirectly encourage the growth of the company. From the internet to a senior manager and executive, everyone must be recognized for his contributions.
Winning the trust of your employee can help your company to earn a lot of respect and employee retention. This is also important to make your employee feel that they are working in a respectful and trustworthy organization.
Appreciate the creativity of the employee and ensure a respectful attitude:
The professional resume writers from executive CV services UK penned, around 65% of the employees feel unappreciated at their job. This ratio showcases that why employees leave their jobs after a little time. Appreciation for creativity and hard work matters the most.
Make sure that everyone is being respectful towards each other. No one must be allowed to disrespect the other person. Either the juniors, seniors, or even the junior staff members, everyone must be respectful in the workplace towards each other.
Provide your employees with an opportunity to grow professionally along with flexibility:
94% of the employees stay longer in an organization where the chances of professional growth are maximum. It is very important for a company to offer opportunities to their employees that could help in smoothening the path of the chosen career.
Providing your employees with flexible timings and compensation is going to do wonders in creating employee retention strategies. You can also encourage remote working if any of the employees are facing serious issues of health or transport during the pandemic.
Ask employees to give input and make your staff feel valuable:
You can also ask the employees for input and valuable recommendations. Hold an anonymous suggestion hour and collect the views of everyone on separate papers. This will also help you to keep the matter private and known too!
Treat your staff as they are your precious gems. Give them rewards and treat them with some amazing cupcake and pizza treat. Your employees would stay with you a lot longer due to your empathetic behaviour and concentrations.
Get connected with the employees and encourage your staff with positivity:
Make sure to have a fun hour with your employees once a week. Get connected with them a little personal and make sure to keep them encouraged in every employee activity to the optimum level.
Ensure to encourage your staff at every complex task. If a single department or team is performing a little low then get in touch with the whole department. Become a part of them within the task. Be polite and positive with them.
Keep a keen eye on managers:
Employees don’t leave the company; they leave the managers. Keep a keen eye on the managers of the teams that either they are engaging everyone in the conversation or not. Also, make sure that they are not being rude or threatening towards the newbie.
Most of the time, due to a single bad manager, the whole team and employees suffer which results in top talented employee leaving the company.
Improve the onboarding process:
Around 76% of the companies aren’t keeping up with the process of onboarding which results in employee turnover within just some days. Organizations are highly recommended to improve their onboarding process to retain the newly hired top talent.
You definitely don’t want to lose talented hiring within two months just because of your only-paper-filling onboarding process. Improve the onboarding process by giving a complete introduction day and proper training guides.
With the help of these 7 effective and proven tips, you would be able to decrease the ratio of employee turnover and the staff retention would be increased. Implement these 7 employee retention strategies smartly in your team and departments of the organization and notice the positive change yourself!