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Your employee retention strategy is all about keeping your employees happy and motivated to work for you.
When people feel valued, they stay. When they feel unhappy, they go. It's as simple as that!
Granted, there are other factors impacting employee turnover such as layoffs or relocation - but employee retention strategies are especially effective at keeping employee turnover low.
As more companies become global, employees have the opportunity of being recruited by other organizations with more attractive compensation packages outside of their home country. That's why employee retention strategies are even more important in today's business climate of international competition for talent.
The key to employee retention strategy success is understanding that employee retention is a core employee value, not just something we do to "be nice" or so we don't have to hire and train new employees.
The employee retention strategy that you develop should be tailored to your organization and employees. There is no one employee retention strategy that works for every employee in every company, but here are several key areas where employee retention strategies can be employed:
An effective and comprehensive employee retention strategy will include fair and competitive compensation and benefits, a healthy dose of appreciation and recognition of employee achievements, and the opportunity for employees to develop their careers through company-sponsored learning experiences. It will also include provisions for employee health and wellness, and an emphasis on creating a work culture that is inclusive, engaging, and fun.
Software can play an important part in your employee retention strategy. Use programs like Matter to create a culture of constructive feedback and positive reinforcements in your company, encouraging team members to send each other kudos when a job is done well. This has been shown to increase employee happiness and engagement. Cultureamp is another program that can be used for pulse surveys, performance evaluations, 360-degree reviews, and analytics.
Of course, software is only as effective as the person using it. For employee retention software to be effective, you need to make sure that managers are using it to their advantage. You also want to encourage employee participation. One employee retention strategy involves providing incentives for employee use of peer feedback software. Free food, free pens, or a few hours of work could be used to get employees accustomed to using employee retention software like Matter.
Measuring employee retention is important because it helps your business understand the effectiveness of the employee retention strategies you've decided to use. Recruitment software can be used to measure employee turnover costs over time or you can use our employee turnover calculator. This should be done annually because it provides a benchmark for measuring the success of future employee retention strategies. But you don't have to wait till a year has passed to figure out whether what you're doing is working. Employee pulse surveys and employee performance evaluations will allow you to track job satisfaction, employee morale, and employee engagement all of which are directly related to employee retention. Keep tabs on company culture: if your company can boast of high employee satisfaction and a positive employee experience, your key employees won't want to be going anywhere. A record of absenteeism trends can also give you an idea of how engaged your workers really are.
An employee retention strategy is an important part of keeping your team happy and motivated. Everyone on your team should know exactly what's in it for them if they decide to stick around. They should also know (and believe) that you care about employee retention. A loyal, committed employer leads to employee loyalty, and committed employees who care about the success of the company as much as you do and want to stick with it through the coming days and years.