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Employees are the biggest asset of any organization. So, it becomes absolutely crucial to take good care of one’s workforce so that they can work dedicatedly, which in turn enhances the reputation of their organization. According to a study by SHRM, finding and training a replacement for an outgoing employee can cost as much as the equivalent of six to nine months of his salary.
With the stakes of an employee leaving so high, it’s time companies started taking proactive measures to boost their employee retention. Below are ten tried and tested tips that companies can follow to ensure their employees stay and thrive:
1. Emphasize on Hiring the Right Person
Pre-placement interviews enable to understand the adaptability of the talent beforehand. Carry out personality tests to evaluate whether or not a candidate has the right mental and social aptitude to be fit in your organization.
2. Plan Proper Orientation and Induction
A new employee requires to understand how things work at a new place. Instead of leaving it all upon the employee, organizations should create a well-thought-of plan to align the employee mindset with the work culture. Carrying out induction programs help new employees feel less like an outsider and more like a part of the company that they join.
3. Take feedback from your employees
Listening to employees and encouraging them to come up with feedback is very important for an organization. Feedbacks makes employees feel that their voice is heard and their opinions matter. But feedback should not be mistaken with criticism. The feedback system should be a two-way road, where both employers and supervisors are transparent with each other.
4. Upgrade HR Policies
Dynamic employee-centric policies that adapt to the changing trends in the industry must be integrated into the organization. The more rigid and uncompromising the policies are, the more challenges your company will face in retaining employees.
5. Appreciate Your staff
Everyone loves a pat on their back every now and then. Getting appreciated, be it from their supervisors or co-workers, offers a stimulating boost of self-confidence. This, in turn, makes employees loyal towards their organization and improved retention.
6. Have a growth plan for employees
Your employees will work efficiently if they are shown a clear path that leads to both professional and organizational success. It’s human nature to want to stay in an organization which cares about their individual growth and development.
7. Lively working environment
For any organization to improve employee retention, creating a healthy and fun work environment should be the priority. Google is one such perfect example, which was ranked by Glassdoor in 2019 as one of the best companies offering a healthy work environment. So, make sure to include energy-boosting and engaging activities like tournaments, brainstorming sessions, and outdoor trips. Such activities provide a reprieve and improve their productivity, in turn boosting employee retention.
8. Maintain Transparency and Trust
It is important that organizations remain transparent with their employees and ensure clarity regarding their performance and the expectations from them. It’s equally imperative to cultivate team spirit to strengthen interpersonal relationships and create a social framework that makes it hard to quit the company.
9. Develop a standard training system9>
Training is the core activity that prepares employees as per their organization’s needs and ensures they work efficiently. So, develop an effective training regime with a properly planned structure that propels employees in the right direction, It will help you to ensure that they work in a manner that aligns with the company’s goals.
From the above steps, it becomes abundantly clear that with the right methods, companies can not only retain their employees but even help them grow. Making employees feel valued, providing regular feedback, enabling work-life balance and offering growth opportunities. can go a long way in retaining employees and creating a productive work culture.