Employee retention should be one every company’s radar, but unfortunately, study states than almost 50% companies do not include any retention related subject matter in their HR strategies. Neglecting retention strategies can cost millions as recruits who are trained and provided a set of resource leave the company without delivering expected output.
If your company is one of those 50% companies who lack an employee retention strategy, don’t worry, you can just take a peep at our list of HR strategies that you need for employee retention.
Be selective while hiring
It is better to hire candidates who you think are retainable and will be a cultural fit in the organization. You can also use some of the tools to gather data of the candidates that can be future employees of your company. One such tool is hiQ, which can be used to determine which candidate will be the best fit for the vacant job position. It also provides internal data from companies that would help in retaining employees.
Show your employees that they are valued
Employees have a hope to grow constantly and see themselves as someone who is heading to success. Companies need to make them feel appreciated and valued for their contribution towards company’s progress. The probability of them sticking around increases reasonably, if employees are made aware of the results that their work delivers.
Provide a work-life balance
No one wants to work for a company that makes office their first home. Every person has a personal life to manage along with the work, so don’t miss to consider a work-life balance. Give them maternal and paternal leave whenever required. Your company should also consider adding some casual leave if it already doesn’t provide some. The reason behind providing casual leave is that employees have their responsibilities towards their family, it can be, parents meeting at kid’s school or to look after an ill spouse, and companies should recognize them.
Offer a competitive salary package
The most neglected aspect of retention is money. If you want the top talent to stick around, make sure that you provide a salary package that they deserve or something other companies are willing to pay. The increase in salary will motivate them to keep up the good work and will surely increase their productivity.