A staggering “83% of employers believe attracting and retaining talent” is one of the primary challenges for their recruiting and hiring teams.
For this reason, a realistic lens must be used when viewing or creating an employee retention strategy. As the lifespan of employees shortens, HR teams are faced with the challenge of turning employee retention from a dusty section in a procedures guide on the shelf to a real-world, best practice plan.
To take a realistic approach to employee retention, focus your energy and effort on the hiring process, conducting a regular pay analysis, and enabling growth and development within your organization.
Starting at the very beginning with the application, hiring process, and talent management, organizations who have been able to create and uphold realistic employee retention strategies are those where the leaders are creative and inspired, and the employees are motivated and feel valued. Ensure your hiring process includes the vetting of candidates in terms of whether they are a good fit culturally. Workplace culture, or the lack thereof, could be one of the primary factors behind higher attrition at your company.
Regular review of employee salaries and pay analysis is necessary to ensure you are paying employees within the industry standard, in addition to what is appropriate based on their skillset and responsibilities. Every organization differs in terms of amount, how positions are paid, and the responsibilities that make up each position. These are necessary elements when reviewing pay structure and roles. The end goal, however, is to pay employees fairly and keep them engaged and motivated.
Employees find growth and development to be a major factor in staying motivated and in showing professional progress toward their next career goal. Consider including opportunities for the adoption of new hard skills, the refinement of specific soft skills, job shadowing in complementary roles, or giving employees the ability to broaden their knowledge in an area of their choosing. Regardless of the method, it’s important that the organization supports the employees’ desire to achieve a goal and stay motivated.
Job satisfaction and employee engagement feed directly into employee retention. This, in addition to refining your existing hiring process, conducting a regular pay analysis, and enabling employee growth and development will all aid in improving employee retention, overall. Contact Vensure to learn how integrated HR technology can reduce employee turnover and accelerate organizational growth.