Attrition usually has negative connotations in the corporate world, despite the well-known fact that it is fresh talent that moves an organisation forward. The negativity stems from the fact that attrition often robs the company of its most valuable employees.
Here are 8 actionable employee retention strategies to help you retain your star performers:
1. Hire the right person
This employee retention technique is so obvious that it’s often overlooked. In their eagerness to fill the open position, companies end up hiring the most skilled person rather than one who aligns with the company’s core values and culture. When an employee never fit into your organisation to begin with, attrition is inevitable.
2. Plan your onboarding strategy
A structured onboarding process will not only clarify what is required from the role, but also help candidates approach the profile with the necessary behavioural skills. If there are gaps, the onboarding process should actively equip employees by filling these gaps.
3. Provide avenues for professional growth
Your most talented employees will be highly motivated individuals who place a premium on professional growth and learning. Employee retention strategies should seek to fill this need through educational programs, opportunities for certification or chances to lead projects. When there are no opportunities to advance, improve or learn anything new, disillusionment and the desire for a steeper learning curve will inevitably set in.
4. Build an inclusive culture
Inclusiveness is more than just a fancy concept for your HR file. Foster a culture where you play up to people’s abilities rather than their disabilities. Parvathi Kannan, a mid-level manager at an IT firm, left very soon after she was promoted to senior management. Her reason? “After a few months in my new profile, I realised that the senior management consisted entirely of men, and the demands being made from my position did not take into account the fact that I was a single working mother.”
5. Bring work-life balance back
In 2015, the Great Place to Work Institute pointed out that work-life balance could be one of the five key issues that would impact the future workplace. The Deloitte Millennial Survey of 2017 corroborated this when it made some interesting finds among employees—67% employees felt that flexibility had a positive impact on their productivity, 65% agreed that flexibility enhanced their level of engagement, while 65% felt that flexibility helped enhance their work life balance. Companies that have consistently ranked high on employee surveys like Google, Facebook and Intuit offer their employees a lot of flexibility in terms of work hours, remote options and work from home options.
6. Inculcate team spirit
A good manager promotes a strong sense of unity and shared goals, charting out growth plans for individual reportees and giving them a sense of professional well-being. Invest in leadership programs for your team leads and they’ll invest back into you.
8. Manage change well
Change is inevitable but most companies lose out on valuable employees due to poor change management. Over-communicate expected changes, why they’re necessary, and how it will impact the way jobs are currently being done. This is even more important during times of restructuring or when employees’ line of reporting is likely to change.
Good employee retention techniques begin with understanding attrition. Find out everything you need to know about Employee Attrition.