5 Effective Employee Retention Strategies
“Great vision without great people is irrelevant.”
As any good HR head or CEO knows, good hires are the key to a successful company.
Good employees are an invaluable asset to a company, and can mean the difference between failure and success. But as good talent is in short supply, keeping those talented workers loyal and satisfied can be more complicated than you think. Company culture, wage disputes and so much more can easily lead to employees leaving your enterprise.
High employee turnover is a colossal drain on the financial resources and staff of a company- some experts estimate that it can cost an employer double an employee’s salary to replace them when they quit! By losing key employees, you risk limiting productivity, losing money and damaging morale. That’s why it is so critical for ALL companies to implement employee retention strategies to keep their top talent. Read on to discover the 5 strategies we believe critical to retaining your top talent!
Five Strategies to retain Your Employees:
- Make salaries and benefits competitive
Remuneration is often the chief reason employees seek new opportunities, and low remuneration can lead to employees feeling undervalued and unappreciated. Make sure that salaries are set at a competitive industry standard, and consider offering benefits. Benefits don’t always have to be monetary- consider offering work-at-home days, childcare support and insurance options.
- Keep expectations and policies clear and easy to understand
No one likes uncertainty. When employees don’t know what is expected of them and how their work is measured, it can prove frustrating and demoralising, potentially leading to employees seeking opportunities elsewhere. Ensure that workers understand what their positions entail, how their work is evaluated and what the company policies are.
- Open up the communication flow
Open communication can do wonders for morale, conflict resolution and emotional investment. Establish clear communication paths that allow employees to voice their concerns, resolve grievances and more, and ensure your managers are open to transparent and respectful communication.
- Show employees that they are valued
Employees who feel appreciated and respected are more likely to remain in their positions for longer and are more motivated. Make sure that employees are treated fairly and that their positive contributions are recognised and rewarded.
- Understand why employees stay
It’s not just important to understand why employees leave, it’s just as important to understand why employees stay. Include your team to get their insights into what is keeping them in their jobs, and explore how you can build on these elements.
Professional Sourcing has a strong reputation for highly developed recruitment expertise within our specialisation areas. We develop strong long-term relationships with our loyal clients. Allow us to help you deal with your frustrations of a lengthy hiring process.
Professional Sourcing is a top-tier South African-based recruitment agency operating internationally, IPM accredited, LEVEL 2 BEE RATED and 51% Black Owned.