In today’s increasingly competitive business environments, retaining A-listers in organizational talent pool has become every employer’s top most priority! No doubt, departure of some top-performing employees from the company can hamper the workplace productivity in a serious way, especially during its early stages.
According to a recent study, it is found that the cost of an employee turnover is, as much as 1.5 to 2 times of his/her salary. Finding a suitable replacement is not just a game of money and time but much more than that! It might trigger negativity among your other employees as well, and can make them re-think about their jobs. And if you just keep on waiting to find out the actual reason for the loss till your other valuable talents leave the workplace as well, then you will miss out on keeping the productive workforce in your organization.

So, what can you do to make them stay in your organization? Here are the four smart tips that will make sure that your employees are around for a longer duration:

Keep In Mind the 3 “R’s”: Recruitment, Right Candidate & Retention

Retention Starts With Recruiting the Right Candidate!! Your selection process should be efficient enough to improve both cycle time and the quality of hiring. By focusing on their skill sets, future plans, characteristics, and integrity rather on just giving importance to their personalities will more likely give you an employee with a long employment tenure.

Try to dig deeper on their mindsets, ask questions about their long term & short terms goals? Reason for leaving the last job? What roles and responsibilities are they looking for? And if their answers don’t align with the job role and your expectations, then it is unlikely that they are joining you for a longer period and may end up leaving the organization comparatively sooner.

Provide On-the-Job Training & Be Concerned About Their Career Advancement

According to a recent survey, career advancement is one of the main reasons why people switch jobs. You can only retain your best employees if you provide them proper growth and opportunity to advance. A good training program or tutorials can be considered as real investment for your employees’ development that also gives them a powerful reason to stay with the company. Extensive skills training and professional development give them the opportunity to grow along with the organization.

Moreover, when shown proper development and growth path, your employees will be more likely to stay and explore new opportunities than to switch job and give it a whole new start.

Take Care of Their Benefits

Better the benefits you offer to your employees, longer & better will be your experience with them. By providing some attractive and creative benefits & perks to your employees such as acceptance, performance and referral bonuses, health insurance & also giving them flexibility over timings, vacation offerings, etc. will help you in retaining them for a longer period. You can also take help from industry experts or brokers to help your employees in choosing the plans best suitable for them.

Encourage Them to Have Better Work-Life Balance

Sometimes offering well-paid jobs and benefits don’t actually hit the bull’s-eye and you need to offer something else to keep your employees engaged and motivated. Maybe, your employees are more interested in getting flexible working hours rather getting good compensation. Bestowing your employees’ with good work-life balance will increase their level of happiness and productivity, and also strengthen their integrity quotient towards the organization. As an employer, you must provide them that space and encourage them to have healthier lives alongside their professional commitments.

The Bottom Line..

In this dynamic job market, if you are not keeping your employees happy and engaged then you can easily lose them to your competitors. Loss of a valuable employee equipped with unique expertise and skills can be very costly for your organization and can also hamper the workplace productivity and efficiency, therefore, it is very critical to create a work environment where your precious assets can thrive and advance. Above are some of the important steps you can take to boost your employee retention strategy for better profitability and efficiency.