Tips on employee retention
Dec 4, 2017-
Prioritise your onboarding
Onboarding goes beyond the first few weeks. In fact, 50 percent of employees leave their position within the first 120 days and organisations using effective onboarding say retention rates are boosted by 52 percent. If you make a poor first impression, your new hires may not understand the company culture, mission or values. If it looks like you’re bleeding employees within their first six months, your onboarding may be a problem. Spend less money on onboarding now or spend more later on hiring—which would you rather do?
Hire for cultural fit
When a candidate has an amazing education, years of experience and knows the industry like the back of his hand, you might be tempted to hire him on the spot. But you’d be short-changing yourself if you didn’t evaluate for cultural fit. 82 percent of companies say measuring cultural fit is very important. If you’re not ensuring your candidates fit, then you could be on your way to a bad hiring decision. Talk to candidates about your culture, the way you work, and how the organisation is structured. If a new hire isn’t interested in the kind of company you’ve built, it will show in their performance.
Hire their friends
Want to find employees more likely to be a good cultural fit? You may want to ask around. After two years, companies retain 45 percent of referred employees, compared to just 20 percent of employees who were not referred. Your current employees are familiar with what it takes to be successful at your organisation, so they can act as a prescreen when assessing if members of their network have what it takes, too. Your employees are unlikely to recommend someone who’s a poor fit for a job, as they don’t want a referral to reflect negatively on them. Additionally, companies spend significantly less time and money recruiting and hiring referrals. It’s a win-win for everyone!
Diversify your work options
If you find yourself repeatedly denying employees’ requests to work non-traditional hours in order to care for loved ones or take care of other responsibilities outside of work, it may be time to rethink your position. Organisations that are flexible about when and where employees work have higher retention rates.
Of course, you still have to pay your employees sufficiently. A good employee knows their value. While you may think you lucked out when they negotiated their salary under market value, it could come back to bite you when they accept a better offer and leave. So pay your employees well from the get-go—it well save you money in the long run. Turnover is inevitable. There’s no company in the world with a 100 percent employee retention rate. But between implementing the right evaluative measures and taking a holistic, employee-centric approach to managing your talent, you can absolutely inch your organisation closer to that mark.
Published: 04-12-2017 08:12