Cementing the cracks: 10 steps towards increasing employee retention
In this increasingly competitive market for talent, business leaders need to ensure that the plug is in their bath, as is best possible, for retaining their people.
There exists a multitude of reasons why great people leave businesses which, with better foresight and infrastructure, could have been otherwise prevented.
Here are 10 steps business leaders can take for increasing employee retention and thus not losing great staff to their competitors.
- Set the tone with your on-boarding
Great companies go the extra mile with their on-boarding efforts that create a long-lasting impression on their new starters that in-turn breeds loyalty and commitment.
- Make an on-going investment in your employee’s development
How can you develop your people outside of the technical skills required for their performance? What are they interested in? What motivates / de-motivates them both intrinsically and extrinsically? Provide clarity on succession planning and their future.
- Encourage cross-departmental collaboration & secondments
Are any of your employees considering a change of career? Could that Change be facilitated inside rather than outside of your organisation?
- Properly reward your staff, ideally paying them more than the market rate
We are not just talking about remuneration here of course, but it bodes well to be known as an employer who pays well.
- Treat your staff like adults thus avoiding top-down, big brother-type hire and fire cultures
Autonomy breeds trust and enables staff to flourish.
- Do away with hierarchical job titles
A job title can often not be truly reflective of the value an employeebrings to your organisation. Avoid restrictive traditional job titles that pigeon-hole.
- Create fit-for-purpose working conditions
Not all working environments need to be state-of-the-art with pinball machines etc but getting the basics right with good lighting, layout, technology and space can make all the difference. Flexible and agile working has been around for years in some organisations but not the majority. Do not underestimate its important as a retention strategy.
- Make sure your Managers lead and inspire by walking the walk
Employees get inspired by Leaders who do exactly that. They lead from the front and engage their teams to improve and to deliver their best. Are you Managers such Leaders? They should be empathetic, social and high on EI (emotional intelligence) to inspire and not just gifted technically.
- Nurture employees through performance dips
The true sign of a top employer is how they treat and care for a staff member when they are under-performing.
- Encourage visibility and regular communications from your senior leadership teams
When staff regularly see and interact with senior leaders of a business their trust in a common-cause is heightened.
A great starting point in respect to increasing retention would be to simply look around at your fellow team members and to pose the following risk question.
Outside of their technical competency for their jobs, what untapped potential / soft skills / aspirations do they have that are not being fully utilised by your organisation?
Motivating your staff comes down to understanding them individually rather than by adopting a one shoe fits all collective approach to whatever engagement and reward strategies you adopt.
The future world of work is already demanding that business leaders continually invest in the individual for nurturing positive organisational cultures