Employee retention in your organization is critical. Apart from the high costs associated with employee turnover, every employee is considered an asset who "appreciates overtime as its productivity increases over time. Once an employee leaves a company loses the value that the employee has built over time. Specifically, the value of an employee increases over time and the company costs associated with creating employee value decrease over time.
Before we go to the ideas to improve employee retention we should establish why employees normally leave their jobs. According to a recent research from SHRM, the 5 main reasons are:
Having summarized the main reasons why employees leave their job, we are going to show how you can do to improve employee retention.
Transparent guidelines on how employees can be promoted in the organization. Having a clear roadmap of promotion for every employee will improve employee retention as the employees will understand how they fit in the future of the company
Clear company vision and strategy. The better you communicate the company vision and strategy to the employees the more you will engage your employees. Especially when company growth is connected to employee progression.
Employee rewards and recognition.Every company should have a robust employee reward and recognition process and all employees should be able to participate. The process should have a clear set of information about behaviors that are being rewarded. The recognition should be closely linked to employee performance to promote behaviors that help the company grow.
Implement an employee performance management system that makes sense. A web-based performance review software will simplify the feedback process, performance reviews and most importantly goal setting in your organization especially if your company has more than 50 employees.
Set clear employee expectations. Often enough managers fail to communicate their expectations to their employees resulting to low morale as employees don't know what is expected from them. On way to set clear expectations is through smart performance review software where you can link company objectives to business goals.
These are the top 5 employee retention ideas that will allow you to engage and set the tone for hiring performance.