5 Employee Retention Strategies That Don’t Involve Higher Salaries
By Space Coast Daily // June 6, 2021
Employee Retention refers to the methods utilized by an organisation to make its employees stay with it for a more drawn out timeframe. To a majority of people, it may feel like hiring a new employee as soon as an existing one leaves is an easy task, given the high number of jobseekers present in the market today.
However, the cost involved in hiring and training new employees makes it very inconvenient for organizations to perform this practice regularly. Thus, organisations need to build effective retention strategies to ensure that their employee turnover rate stays under control.
While offering a lucrative salary is the most popular way of attracting and retaining employees, it is not the only one. Thus, in this blog, we will discuss 5 employee retention strategies that don’t involve higher salaries.
1. Invest in training and development
Training is one of the most basic yet important elements of every organisation’s employee retention strategy. An effective training programme can make your employees more engaged, inspired and knowledgeable. Realising that their organisation is willing to invest in their growth and development tends to make them more loyal and committed towards their work as well as the organisation as a whole. Thus, organisations must prioritize providing sufficient learning and growth opportunities to their employees.
Recently a large number of organisations have started embracing eLearning programmes for their employees as well. A LMS or other web-based tools help in designing a more customized and engaging employee training programme.
2. Transparency in the hiring process
A recent Glassdoor survey revealed that around 70% of managers accept that new recruits stay longer with their employer if they are kept better informed since the beginning of the process. Hiding or sugar-coating certain aspects of the job or the company during the hiring process is bound to make a candidate feel cheated once he joins the company. This will create a bad impression of your organisations not only in his eyes but also in the eyes of your existing employees. Such incidents can shoot up your attrition rate.
Thus, maintaining transparency in the hiring and onboarding process is crucial to finding and retaining employees.
3. Positive feedbacks
For many professionals, one of the main reasons behind leaving their jobs is the lack of positive or constructive feedback. Feedback is a process that allows both, the manager and the employee to better understand what was expected, what was delivered and what were the gaps. Thus, consistent feedback helps your employees identify their areas of improvement which motivates them to perform better.
Similarly, employees, too, want to offer certain feedback to their managers. These could be related to policies, appraisal systems, training programmes or any other thing. Being able to do so makes your employees feel valued and it’s obvious that one tends to stay longer where they are valued and heard.
4. Flexible work schedule
If you are caging all your employees in the strict routine of 9 to 5 and expecting the same level of performance from each of them, then you are sabotaging your growth. Each individual is different and thus, employees require flexibility in their work schedule that allows them to work from any place, anytime, they feel comfortable and productive. Such settings not only improve their motivation to perform better but also makes them value the efforts that their organisation is putting in to accommodate their personal needs. This deepens their commitment towards their organisations and makes them want to stay associated longer.
5. Team Building
We all know that an organisation’s greatest asset is its employees, but the optimum utilisation of this asset can be made only if all your employees work together as a team instead of different individuals working towards different goals. Thus, organisations should try to organise various time build activities, both inside and outside the workplace. This makes your employees feel like they are a part of something much bigger and instils a sense of belongingness. Such emotions help you in retaining your employees longer.
Organisations should put their best foot forward to improve their employee retention rate. Whatever may be the strategy, the only requirement is that it should be effective.