Organizations work hard to attract the best candidates. It’s even better if they hire these candidates to be part of their workforce. As employers and HR professionals would know, however, hiring great candidates is not the end of the story. The truth is, it’s only the beginning. Just as it is important to onboard top talent, so it is to keep them in the organizations. Companies know that retaining employees is essential. This is where an organization’s retention strategy comes into play.
What is a “retention strategy”?
When we talk about retention strategy, it refers to a plan that companies develop and implement to keep their employees happy within the organization. An effective retention strategy reduces employee turnover, prevents attrition, and increases employee engagement.
Why is it important?
Companies hire employees to be successful contributors. Through effective retention strategies, an organization can meet employee expectations, keep them engaged, and retain them. While some employee turnover is expected, retention strategies help reduce voluntary turnover that can cause problems to company operations. By doing so, companies save time, resources, and money.
Furthermore, retention strategies are not just useful in preventing employees from leaving the company. They also contribute to improving employee satisfaction and engagement thereby making a positive impact on company culture.
What are the components of a retention strategy?
Creating retention strategies involves identifying specific areas where you would like to focus on. Here are some examples of areas you can consider:
Company culture. Culture refers to the collective attitudes, goals, and characteristics of an organization. Many people consider company culture as an important factor that influences whether they prefer to stay with or leave a company.
Environment. Improving a company’s work environment as a retention strategy means addressing the needs of employees in terms of physical workspaces. For example, employees may want more spaces for collaboration or group activities, or even quiet spaces.
Benefits. Employee benefits bear much weight in meeting the needs of employees. Healthcare, benefits for dependents, retirement plans, life insurance, and childcare are just some examples of what employees look for in an organization. Selecting benefits that align with the needs of employees can help companies improve employee retention.
Professional development. Chances to gain knowledge, acquire new skills and grow professionals are also important to many employees.
Rewards and recognition. Employees like to feel that their efforts in the workplace are appreciated and valued. Companies that recognize hard work and contributions are more likely to improve employee satisfaction and engagement.
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