The idea of having a lifelong job has become outdated in today’s workforce. Attracting and retaining top-tier employees has become a challenging task. This is especially true for younger generations, who plan to stay in their current job for an average of three years and four months. As a result, they are expected to have over 12 jobs throughout their careers, which is more than twice the national average.Staff retention is becoming a challenge, and employee turnover is becoming a nightmare for companies. This blog will provide you the strategies to increase employee retention and decrease employee turnover. WAIT!
Do you know what is Staff retention and staff turnover? NO
Let’s start from the basics.
Staff Retention & Turnover
Have you ever wondered why some employees stick around with their current company while others leave? Well, that’s what employee retention is all about! It’s the rate at which employees decide to stay with their organization instead of looking for another job.
On the other hand, turnover occurs when employees choose to leave the company for various reasons.
Retention is a crucial process that ensures employees stay put in their current roles. The retention rate can differ between companies and industries, and it indicates the percentage of employees who have remained with the organization for a specific period.
With a few examples, let’s examine the various sorts of turnover and how they affect your retention rate.
Example #1
Imagine that an employee has been with your business for more than five years. Because of health issues, their spouse is compelled to move to another city. In particular, if the position is an on-premise one, retaining this person may be nearly impossible.
Example #2
Let’s say you have an employee who joined your company a few years ago and has consistently excelled in their role. However, recently they seem to have lost interest as the job no longer poses a challenge for them. This employee may start looking for other job opportunities and might even be approached by recruiters from different companies. To prevent this from happening, it’s important to monitor their engagement level and take steps to keep them motivated and invested in your company.
Example #3
Imagine an employee who has been with your company for more than ten years but has not shown any significant growth. After conducting performance audits, it becomes clear that they are not contributing much to the company’s success and are just going through the motions. If this employee decides to leave the company, it might actually benefit the business. In some cases, retention is not the best option.
It’s important to recognize that retention is a complex process that requires thoughtful consideration before deciding on a retention benchmark for your company.
Making Staff Retention A Smooth Process
Retaining your top-performing employees and building a committed, motivated, and results-driven workforce is possible through effective tactics. It’s crucial to remember that retention approaches should be tailored to each employee.
Strategies For The Best Performers
Are you aware of the significant productivity gap between high and average performers? While it may vary across different industries, it is imperative to prioritize the retention of these valuable employees.
Give Them Difficult Assignments
You can keep your best performers motivated by constantly setting new goals for them to work towards. Additionally, by using this method, they can advance their careers and get new abilities.
Offer Cross-Disciplinary Training
Offering cross-disciplinary training to employees who have already mastered one area can help retain them. This approach provides opportunities to explore other skills and interests within the company and potentially move laterally within the organization.
Create A Succession Plan
To prepare for future leadership roles, it is important to establish a succession plan. This plan will create a talent pipeline that will help develop the skills of today’s top performers.
Strategies For Average Performers
In most businesses, the majority of the workforce consists of average performers. As a result, they also contribute significantly to your productivity.
Offer Customized Perks And Benefits
Providing customized benefits and incentives is a great strategy for keeping your employees happy and committed. These benefits can offer a sense of stability and improve their overall well-being.
Ensure Appropriate Management
It is absolutely critical to guarantee that employees are working under the appropriate manager. Inadequate Business management has the potential to cause employee demotivation and dissatisfaction with their job
Acknowledge Them
It’s important to acknowledge the efforts of all employees, even those who may not be top performers. Utilizing a social reward and recognition platform can help make them feel valued in their workplace, reducing the likelihood of them leaving.
Strategies for Low Performers
It’s possible that underutilized potential exists among low-performing staff. They can work in the incorrect division while being more suited to another one. Or perhaps they just need more training.
Identify The Root Cause Of Poor Performance
It is important to identify the root cause of poor performance to improve performance. In many cases, disengagement in the workplace is the culprit. It is crucial to recognize these patterns and take action to address them before it becomes a bigger problem.
Fill In Skill Shortages Right Away
You may ensure that your underperformers stay with the organization for a longer period of time by giving them the opportunity to refresh their skill set. Make sure these staff can be trained as well. Their overall performance in the organization should improve with even the most elementary level of training.
Create Precise Job Descriptions To Attract the Best Candidates
Some new hires will come to your organization with expectations completely at odds with what the position entails. A software developer might aspire to design goods, for instance, but in practice, they produce code for other people’s design and feature concepts. To avoid a decline in performance that results in a turnover, make these details clear in your job description and throughout onboarding.
