Business sustainability and growth heavily relies on companies having successful employee retention strategies. While hiring new employees is important, it would be a shame to lose top talent because efforts and attention being placed elsewhere rather than with the existing talent already available.
To help you make the most of your existing talent, we’ve pulled together some of the top successful employee retention strategies for you to take into consideration;
Prioritise employee engagement
The simple act of listening to your employees concerns and acting on them is something that shows that their opinions and feeling are valued to the business. Whether it’s a new idea for the business or a complaint that can better the culture, your employees should know that their voices are being heard from those at the top of the company hierarchy.
Business leaders will benefit from paying attention to elements and ideas which are highlighted more often than others as these could be pinpointed as real pain points in the company.
Paying attention to the thoughts of your whole workforce shows that, as a business leader, you are willing to adapt to the needs of the many rather than the few. This will help your business growth in the long term as you will always be able to act on elements or processes that aren’t working as well as others quickly.
Invest in their future
Employees will always be looking to better themselves and if, as a business, you’re not contributing to that you will see talent disappear in favour of companies who support their workforce’s professional growth.
Either by having a process, fund or actively providing learning and development opportunities within the business is an ideal way to see those already committed to the company rise internally rather than seeking the development and progression elsewhere.
When companies pay attention to the wellbeing of those working to make it successful, the business will begin to see a better company culture and a rise in productivity from their workforce. Research by ERS Research & Consultancy found that once a company implemented processes to improve employee wellbeing, 82 percent of sickness and other absences reduced drastically.
Not only does it help employees to be healthier but, it also signifies to them and others that the company cares about their wellbeing and supports their mental health. Therefore, flattening the sigma which may surround it. Putting these offerings in place is essential to the future retention of top talent.
As crazy as it may seem, listening and acting on the feedback you have been given from exit interviews is the best way to make sure others do not follow in their footsteps. The best part of an exit interview is that the ex-employee is there to give honest feedback as to what they think of the company and its people and processes.
So, business leaders would be missing an opportunity to be able to act on honest feedback is they were not asking the right questions during this stage. Turning an unfortunate situation into a potential resource to better your other employees is a key way ensure future retention.
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