4 Tips to Help you create an Effective Employee Retention Program
One of the most potent problems modern managers face is retaining talent. According to some estimates, employee turnover costs can range anywhere between 30 to 150 percent of the annual salary (of the employee), and can reach up to 250 percent if a senior manager resigns. It is, therefore, imperative for organizations to design and manage an employee retention strategy to survive and grow in a highly competitive environment. The blog suggests some elements that managers can include in employee retention program to ensure its effectiveness and relevance.
1. Create a System to Evaluate Performance
Employees often switch jobs when they don’t get proper feedback on their performance. It is, therefore, imperative that managers create a system that evaluates employee performance and gives them feedback on what is expected of them and how successful they have been in meeting these parameters. Moreover, the program should also create provisions for taking feedback from employees of their expectations from the organization. Evaluating and recognizing performance is one of the most effective and affordable ways to retain the right talent and is one of the ways management can show concern for their employees.
2. Create Career Development Paths for Employees Employees often get stuck in their roles and leave when they’re unable to ascertain their future role in the company. To tackle this issue, you need to shape the employee retention program in a way that it focuses on creating career paths for employees, which should include an evaluation of their strength, while making them aware of their weaknesses. Creating a career path for employees, apart from helping them evolve, is also an effective way to create future managers who can assume important managerial roles as and when the need arises.
3. Create Programs to Ensure Work Life balance Work-related stress and pressures can result in burnouts and force employees to look for better alternatives. Companies are already taking steps to promote better work-life balance for their employees and are offering more flexibility to their peak performers. You too can take a cue or two from their books by allowing perks such as childcare benefits, work from home, and flexible schedules for your employees. Following flexible policies not only helps you retain your employees but is also one of the most effective ways to attract the right talent.
4. Train Your Managers Train your managers to ensure they understand their roles in ensuring employee motivation and retention. Managers need to communicate company goals and objectives to their team members and set clear targets and expectations and provide honest feedback to their juniors to help them work on their work areas. Remember, your
employees will spend a substantial part of their office hours interacting with their seniors, and their behavior can have a considerable impact on turnover rates.
Conclusion Make sure to include the above elements in your employee retention program. Additionally, you can also avail the professional employment services rendered by staffing agencies to ensure proper implementation. Such providers understand employee psyche and can suggest you various ways to ensure employee satisfaction and retention. If you’re already looking for one you can use location specific keywords to refine your search. For example, if you’re in Dallas use search terms such as Dallas employment services, staffing agency Dallas TX