As employers, it is normal for HR to want to hire the best talent, and be able to keep them. Furthermore, it can not only be costly, but disruptive to business operations when an employee leaves and HR has to scramble to find a replacement.
For employees to make a long-term commitment to any company, the company has to first give them reasons to want to stay. If you are worried about losing employees, here are three ways you can switch up your retention strategy in order to retain your best employees.
1. Training & Development
Research from Robert Half showed that nearly 4 in 10 professionals surveyed (38%) felt their career has stalled since the start of the COVID-19 Pandemic. That number jumped to 66% for employees aged 18-24. It is important for employees to feel a direction and growth within the company that they are working for.
Make it a priority to invest in the professional growth of employees. This includes sending employees for courses related to their field of work or interest. Upskilling is especially important in the modern day and age as technology is constantly advancing. Implement a succession plan for employees as well, which is a highly effective method of advancing not only professional development, but also leadership skills.
2. Work-Life Balance
A healthy work-life balance is essential for job satisfaction and employee wellbeing. Take a look at current work practices. Do managers expect employees to be available round-the-clock? Do work emails continue to be exchanged long after employees clock out? Employees have their own personal lives outside of work, and it is important for employers to be able to recognise that.
Encourage employees to set boundaries when it comes to work, and to not constantly overexert themselves. Should they need to work late nights to complete a particular project, consider giving them time off as a reward.
3. Flexible Work Arrangements
The COVID-19 Pandemic gave rise to a hybrid and remote workforce. Many employees are now used to a combination of both working from home, and going back to the office. A survey done by Robert Half found that 1 in 3 employees would look for a new job if they were required to return to the office full time. Consider how your company can work around this. For example, alternate work from home and office weeks can be put into place.
There is no one right solution to how to improve employee retention rates. Instead, you need a multi-pronged strategy to build engagement and employee retention rates. This will take time and effort, but in the long-run, having happy and capable employees who are willing to stay for years is worth the effort.
AYP Group specialises in a plethora of HR matters and can help you boost your employee retention and engagement rates. To find out more about how we can help you, click here.