In today’s market, retaining top talent is increasingly challenging. There aren’t enough skilled professionals to go around. As a result, candidates have options about where they work, so those who aren’t completely satisfied with their current employer may not hesitate to look elsewhere.
Since that’s the case, employers need to embrace retention strategies that get results. If you aren’t sure where to begin, here is a look a retention best practices that you can start using right away.
Offer Competitive Compensation
While money certainly isn’t everything in the eyes of most professionals, it’s always part of the equation. Offering competitive compensation is essential if you’re going to improve retention. Otherwise, employees will leave simply to secure better deals.
Make sure your salary ranges reflect industry norms in your area. Additionally, compare the benefits and perks you offer to what’s available through competitors. If you see a misalignment, correct it quickly.
Conduct Exit and Employee Interviews
Exit interviews are a simple way for companies to learn the reasons behind an employee’s exit. By conducting them, you can find out about organizational shortcomings that need correcting. Then, you can come up with viable solutions, allowing you to mold your company into a place that employees view as an employer of choice.
Speaking with current employees is also beneficial. Find out about the obstacles they encounter, explore their frustrations, and ask what they’d like to see change in the organization. Then, use that information to improve your workplace.
For this to work best, interviewers need to ensure that employees feel they can express themselves openly. Avoid judgment and don’t defend the company. Instead, take as much information in as possible, allowing you to learn more from the experience.
Invest in Comprehensive Onboarding
Your onboarding process acts as an introduction to your company. How it unfolds makes a powerful impression on new hires. Plus, depending on how it’s approached, it either sets employees up for success or failure.
By creating a comprehensive onboarding program that’s designed to convey critical information in an engaging way, teach vital skills needed for job success, and set clear expectations, you’re empowering new hires. Additionally, by having your onboarding process span more than a day, week, or even month, you can effectively acclimate the employee to your environment, ensuring they have ample support.
Cultivate a Gratitude-Oriented Culture
Whether an employee feels valued has a significant impact on retention. When a worker believes their efforts aren’t appreciated, they’ll often get disheartened. In time, frustration and resentment build, potentially to the point of pushing them toward burnout.
By offering positive feedback regularly, employees feel that their efforts are seen and appreciated. Additionally, by encouraging workers to recognize their colleagues, everyone works together to create a positive environment. This significantly boosts morale, cultivating a culture where gratitude is the norm.
Support Professional Development
The vast majority of your workforce has career aspirations beyond their current role. If they feel that their employer isn’t supportive of their desire to keep moving forward, the odds that they head for the door get incredibly high.
If you want to boost retention, make sure professional development opportunities are highly accessible. Offer training courses, create clear paths for advancement, arrange mentorships, and take other steps to show your workforce that you want to help them succeed. By doing so, you can set your company apart, allowing you to become an employer of choice.
If you’d like to learn more about how to improve employee retention, the team at PrideStaff wants to hear from you. Contact us today.