2017’S TOP Employee Retention Strategies
Studies have shown that retaining an employee is 300% more cost effective than hiring a new one, yet retention remains ignored
Employee retention doesn’t get the attention it deserves, until an employee leaves. The very nature of this function in the HR leader’s agenda, alongside a multitude of others, is preventive in nature – a fact that is often ignored in favor of the more reactive approaches like exit interviews and damage control. It is, nonetheless, critical for an HR leader to engage an employee and enhance their performance on a regular basis. CHROs are creating a whole new approach to employee retention strategies for the new age workforce, and this is evident in the adoption of some new approaches towards the workplace
The new age workforce demands recognition from the employers. The days of an annual performance award are long gone. Employers who are generous in their praise for productivity and performance are increasingly making it a regular feature of the workplace with emails congratulating an achievement or thanking them for their contribution.
A Liberating Workplace Culture
Workplace Culture holds the key for the new age workforce. HR leaders who want a ramped up employee retention program usually ensure that the culture of the workplace is that of transparency, freedom and unrestrained, under broad and generalized frameworks. While compliance to company policies are not compromised, employees are encouraged to take initiatives and speak out for themselves and their workmates.
The Flexible Workplace
Several companies allow their employees to telecommute, work on an assignment/task basis and enjoy overall flexibility in their employment. Encouraging work life balance is the hot new trend and initiatives like these will only gain more ground in the years to come with the fragmentation of global industry players and the rise of startups in every industry.
Probably the only old-school retention strategy on this list, this holds just as true today as it used to last century. A highly competitive pay scale and structure, with adequate incentives and associated rewards is by far the most important factor that top talent, no matter which market, sector or industry, consider when choosing their next employer.
While remuneration tops the list by far, an optimum mix of all of the above factors will ensure that you get the combined benefit of a motivated and productive workforce, combined with high retention levels- a dream scenario for an HR leader.