Employee turnover is expensive. Some reports estimate that losing an employee can cost you double their monthly salary. This is where the retention of talent can help save money.
In this post, we’ll cover eight simple tactics to improve your retention of talent. These techniques aren't complex, and they'll start producing results immediately.
1. hire the right people
80% of employee turnover is due to bad hiring decisions. So tweaking your hiring process can save thousands of pounds in the long run.
An immediate way of improving your hiring process is to look at potential employees' job history. If you find someone has a habit of job-hopping and leaving every few years, you might want to steer away.
Consider implementing other techniques like:
- Asking for references
- Contacting previous employers
- Implementing a proper vetting process
By putting a little more attention into hiring processes, you'll reduce turnover.
2. help employees reach their goals
Guiding employees to their short- and long-term career goals is another effective method of decreasing turnover. It shapes their skill development and encourages engagement.
This is why developing in-house training programs is a must. It improves their knowledge in your industry, which offers additional benefits like:
- Better work quality
- Increased productivity
- Streamlined work processes
In addition to implementing training programs, you could also have regular yet casual meetings with employees to get an idea of their goals so you can help them. And as employees grow, consider advancement opportunities like promotions.
If you're promoting talent from within instead of hiring new employees, it shows junior members that growing within the company is possible.
3. offer unique benefits
51% of employees consider benefits a significant part of retaining talent. This is why catering to the needs of employees is essential.
Offering incentives and benefits makes your company stand out. It shows talent that you care about them and want to empower their lives with:
- Financial incentives
- Retirement savings plans
- Paid holidays
- Incentive stock options
- Life insurance
These benefits also make your company stand out to top talent, allowing you to hire the best candidates.
4. appreciate your employees
A little appreciation goes a long way when looking to retain talent.
This appreciation doesn't even have to be in the form of financial bonuses. Here are some simple yet effective ways to show employees you care:
- Sending thank-you notes
- Giving employees recognition on social media platforms
- Shipping goodies to the homes of new employees
This takes your relationship to the next level. Just as company benefits show you care, these small gestures ensure you aren't only relying on salaries to keep employees.
5. offer attractive salaries
Speaking of salaries, a big reason employees leave companies even if they are in a happy work environment, is the lack of remuneration.
To avoid this, make sure you are benchmarking your salaries to ensure that they are competitive and fair. This will allow employees to maintain their standard of living even during times of rising inflation.
You could even give bonuses and salary increases to top-performing employees to retain them. Think of it as an investment. You're paying extra every month, but you're avoiding the high costs of retaining talent.
6. maintain a work-life balance
To improve retention, share the workload evenly between employees. Allow talent to work from home and practise flex time.
If you want to stand out from other companies, you could even offer additional holiday allowance. This gives employees a chance to spend time with friends and family without stressing about finances. They'll also be more productive when they come back due to the extended break.
7. ask for feedback
As an employer, it's challenging to do everything right. There will always be a few sticking points that you can work on.
This is where feedback helps. It gives you insight into the problems employees face so you can improve management.
Not only does this help you iron out issues, but it gives employees a voice. When employees feel that they have an active say in the company, engagement and retention skyrocket.
An easy way is to forward anonymous surveys to employees, asking for constructive criticism.
8. conduct exit interviews
Even if you're asking for feedback from existing employees, there's a possibility they'll omit some information because it might be offensive.
This is where exit interviews help.
During this interview, ask ex-employees why they left and what you could've done to improve their work experience. Maybe their new job offered better benefits or more detailed training.
If you identify some common themes for why people are leaving, you can raise these issues with senior leadership and see what can be done to address them.
retaining talent made easy with hireful.
Retaining talent allows you to save money, increase productivity, and boost employee morale. This makes it essential when managing your team.
If you're looking to boost the retention of talent, consider hireful. It helps you attract and retain top talent so you can focus on building a better product. Sign up for a free hireful trial.