Employee retention is essential for a successful and sustainable organization.
Investing in employee development and retention helps ensure the right people are in the right roles to reach goals and stay competitive in today’s ever-changing business landscape.
Why is Employee Retention important?
1. Reduced Costs & Time
Turnover is expensive, and recruiting and onboarding new hires can be time consuming and costly. Retaining employees can help to reduce these costs, as well as the costs associated with severance.
2. Team Synergy
It takes time to build a team and create a cohesive working environment. Retaining employees can help to foster team synergy and create a more positive work environment.
3. Skilled Employees
Higher retention rates mean that employees can become more skilled and experienced in their roles. This can lead to increased productivity and better customer experiences.
How to create a successful employee retention strategy?
1. Start with Onboarding
Onboarding is the process of integrating a new employee into the organization. It should include training and support from the first day, and should explain the job and the company culture to the new hire. This will help the employee feel more comfortable and confident in their new role.
2. Clear Communication
Keeping clear lines of communication between employees and their leaders is essential for a successful employee retention strategy. This will help create a culture of transparency and trust, and will ensure that employees feel heard and valued.
3. Utilize Mentorship Programs
Building relationships between experienced and new employees helps to bridge the gap between the two. Utilizing a mentorship program can help to facilitate this connection.
Establishing formal and informal mentorship programs can help new employees be more successful in their roles and help them build their networks.
4. Expectation and Feedbacks by the Supervisor
The supervisor’s role is integral in helping the new employee adjust to their position. If the performance during the probationary period is not satisfactory, it is important for the supervisor to invite the new employee for a discussion. This open dialogue will provide a platform for the supervisor to communicate their expectations, create an action plan for improvement, provide feedback and set measurable goals. The supervisor can also offer resources to help the new employee become more successful and answer any questions they have. A successful structured discussion between the supervisor and the new employee will help build better relationships between the two and help ensure that the employee is set up for success.
By following these four important points, companies can create a successful employee retention strategy that will increase the employees’ loyalty and retain their top talent while ensuring their business succeeds.
: )
This article is written by:
Angel Lim @ Anradus Pte Ltd.
Industrial & Organizational Psychologist
MTMA, MTPA, APAM
