Editor’s Note: This is a guest post by Hilda Peter – Educational Consultant with Dissertation Help Squad. Her opinions are her own.
Today we are living in a competitive era where workplace ‘loyalty’ does not carry the same importance as it used to. Employees are constantly on the lookout for better jobs, and tend to switch jobs regularly. Intelligent businesses do realize the importance of retaining key employees, and do work genuinely to turn the current workplace into the only battleground for top talent. Besides that, even if the workers are no longer willing to work on full-time basis, they can still act as company representatives. In short, planning for short employee tenure is the new trend.
Retaining top employees is critical. If we look at tech companies around the world, they register the highest turnover rates in any industry. Agreeably the job of retaining staff is not as easy as it sounds, but there are several tips we are going to examine that can help you to positively tempt your key performers to stay and keep on delivering what they do best.
1. Promote flexibility
Today the element of mobility and flexibility for a workforce is no longer a nice to have, but has become a necessity. People may still be working in a traditional 9-5 hour system, but flexible hours, leave policies, and remote working options are gaining grounds. The point of flexibility is to keep your employees refreshed and motivated. Provide your employees the justified mobility and flexibility and see the change in their attitude towards their job and workplace for yourself.
2. Uplift the employee engagement strategy
About 33% of new employees are fully engulfed in their new job responsibilities.
Given the efforts companies undertake to provide a pleasant and comfortable onboarding experience to new employees, this is quite a disappointing percentage. Firms should blend the right investment of money and time to fabricate a spot-on employee engagement strategy and incorporate the right technology tools to see their engagement processes are effective and abreast of the industry trends.
Using collaborative software in organizations is one of the current employee engagement trends which management can use to ensure employees are acquiring the right information in a timely manner.
3. Exciting programs for new graduates
77% of graduates tend to stay at their first job for less than a year. In an attempt to counter the issue, many tech giants are developing creative programs to nurture new graduates to display full talent at the first job of their career.
Some companies offer valuable long-term fellowships with the aim to grant students top opportunities in different departments within the same company, while others can also avail short-term intensive programs that allow the newcomers in the industry to hone their management skills and become the leaders-of-tomorrow.
4. The onboarding process should be as seamless as possible
Over 70% of employees state that they are willing to stay at their new workplace for more than three years if the company offers them an appropriate and encouraging onboarding process. The application process is the initial vital touchpoint you have with your new colleagues. By facilitating a seamless, stress-free, and straightforward process, you are giving the needed boost to your talent.
However, the hiring process is not over when you bring the new employee onboard. Remember, a pleasant, interactive onboarding experience is just as important as the application process itself. As the average working tenure for a typical employee is getting shorter every year, it is not desirable for new employees to spend a whole year getting accustomed to the new environment and organizational culture. A seamless onboarding process is essential.
5. Provide constructive feedback on regular basis
Negative feedback is the most potent killer at any workplace, as it can disrupt the motivation of even the most productive and ingenious of employees. There is always a right time and place to provide criticism to an employee, but be vigilant to use the right words and platform to expel your suggestions and remarks. For instance, annual performance reviews are rarely a happy time. If needed, revamp your annual review criteria and try to incorporate two-way communication as much as possible. Positive, constructive, and active listening in 1:1 meetings with your resources is a powerful way to give praise and recognize their efforts, extra milestones achieved, or anything done for the betterment of the team and department.
6. Upgrade all the technology tools for the employees
One of the most common complaints employees have is they aren’t provided state-of-the-art systems and supporting tools which impacts their efficiency and quality of output. Besides slowing down the efficiency and productivity of the workforce, it also sends the impression the company is not willing to update its tools and systems. Management need to invest in modern, cloud-based systems allowing employees to perform technical work in a seamless manner.
7. Provide easy access to information
On an average, employees spend about 4 hours each week seeking information. It is highly frustrating as well as a complete waste of their valuable time. Provide employees with the right tools and access that would save them time in researching the required information.
Management should connect performance metrics with actual outcomes that help the employees display accurate results, which eventually helps the company’s stakeholders in making the best decisions for enhancing the overall brand image and performance of the business.
8. Provide sufficient professional development opportunities
There is always a room for improvement! The phrase also applies to the need for ongoing professional development programs within the workforce. Open new and creative opportunities for certifications, continual education, and other training that could strengthen the skillset of your employees. By encouraging employees to participate in different training programs, some companies offer tuition reimbursement along with allowing time off for study and to attend exams.
9. Use a two-way communication channel for employee feedback
Lack of communication is one of the major factors leading to employee attrition. Develop a two-way platform through which management and employees can communicate open, honest and personalized feedback, as well as review the comments from peers in real-time. Try to implement a policy of regular 1:1 meetings.
Furthermore, create a environment where you empowering team members to sit down together to resolve issues without the need for management involvement.