Employee turnover is something every business face from time to time. It shouldn’t be a worrying issue unless it’s on the constant rise. If you are facing higher than ever turnover rates and don’t know what to do to stop your top performers from leaving, keep reading.
Here, you’ll find some frequently asked questions about retention strategies that you can implement to battle this issue improve working relationships, and attract and retain top performers.
What Affects Employee Retention Rates?
Reasons for low retention rates are different. Employees usually don’t decide to leave their jobs lightly. And quitting can be a result of numerous factors combined. Here are some of the most significant ones:
- Potential for professional development and growth
- The lack of support
- The lack of recognition
- Toxic company culture
- Inadequate compensation
- Weak or non-existent interpersonal relationships
These are the most common answers to why employees want to quit their jobs But according to the numbers the lack of growth opportunities, support and recognition may be the most common reasons for employees to walk out the door. 74% of employees surveyed on this topic state that they would leave if not offered professional training or clear career paths. In addition, 9% of them say that they left because of a poorly organized onboarding process while 32% of them say that managers didn’t offer much-needed support and guidance during this process.
Surprisingly, inadequate compensation came fifth on this list of reasons for quitting showing that money can’t buy you employees’ loyalty. You need to make significant changes and create an atmosphere of acceptance, encouragement, support, and recognition if you want to make efficient and lasting teams.
How to Choose Actionable Retention Strategies?
To get a straight answer to this question you need to communicate with your employees openly and honestly. This may be challenging because most workers won’t admit that they want to leave.
So you can create employee surveys focusing on why they might stay or what changes in the company they’d like to see. Analyze these answers and your business practices to identify aspects that need improvements. And do your best to meet most of your employees’ needs.
If your employees feel overwhelmed with their workload and are slipping into burnout, try to devise clear attainable goals and redistribute their assignments to lift some weight off their shoulders.
An advanced employee tracker can offer you invaluable data on employees’ performance tracking time spent on various projects and tasks, the app and website usage, and overall productivity rates. If you see that their time is dispersed on various projects and yet they struggle to complete them, reassign some of these projects to other team members with more time on their hands.
Also if the majority of your employees want more opportunities to develop their skills and advance their careers, make sure to offer them various training and learning sessions outlining clear career paths. By investing in your in building highly skilled teams, you are building a base of loyal employees committed to reaching common goals.
Who Is In Charge of Making Retention Strategies?
Dealing with retention and turnover rates is usually the job of HR professionals, who are responsible for creating a working atmosphere. But if you want that your employee’s satisfaction and engagement remain high, you can involve others to implement effective retention strategies.
You can invest in training managers who work directly with employees to be more people-centered, offering much-needed support, especially during the onboarding process. Furthermore, coach managers on how to deliver meaningful and detailed feedback using employee tracking system data. In this way, employees will gain well-deserved recognition for their stellar performance or much-needed support to overcome specific productivity roadblocks.
These are commonly asked questions about retention strategies answered so that you can get a better understanding of the steps you need to take to make sure your employees stay with your company long term.
Here are the answers to the burning questions about employee retention. In times of crisis when hiring budgets and the work market are tight, you should focus on retaining your top talent. Now that you know the most common reasons for higher turnover, you can choose and implement the most effective retention strategies to keep your employees engaged and happy in their current positions.