The cost of Employee Turnover goes farther than it appears.
Employee retention, therefore, is the top priority of HR managers everywhere.
Although the problem might seem too big and challenging at first, it still is solvable. The simplest way to manage turnover is to develop a plan to make employees stay.
Studies and surveys have revealed some common drivers of retention. People want to feel valued, appreciated, trusted and involved in the workplace. They also seek a good salary, challenging role, mentorship and alignment with the place of work.
Keeping these drivers in mind, we have listed 10 highly effective employee retention ideas. As the title suggests, we will try to keep the ideas uncommon and specific, yet readily actionable.
10 Lesser-Known Employee Retention Ideas
1. Hire “Cultural Fit” Employees
Although experts have been saying this, again and again, we often tend to overlook that retention begins with the right hiring processes. When you vet candidates, finding culturally fit candidates should be your top priority. Candidates should not only have the right skills but also fit well with the managers, co-workers, and company as a whole.
For this, you can optimize the interview process by asking a few uncommon questions or asking them to fill a personality test. Try to focus more on the soft skills that fit the role. Outline the company core values and be as clear as possible on what you want from your future employees.
2. Revamp the Workplace
Another effective way to retain employees is by offering them a great place to work in. The immediate work environment has a big impact on our mood on a day-to-day basis. When the vibe isn’t right, everything else fails. Colorful and eye-catchy office designs are becoming more and more common lately because of this very reason.
Modern workplace design must have a blend of comfort and style. You should put special care on the colors you choose for the interior and the lighting facilities in every nook and corner of the office. The workplace design, when done properly can also speak volumes about the company values and working style.
3. Go a Little Crazy with Benefits
Giving a pay hike is a proven way to boost employee morale. However, the effect tends to diminish after some time. Raising salary is more like a quick-fix to a much larger problem in hand.
Employee Benefits, on the other hand, aids in long-lasting employee happiness. When your employees receive something above and beyond their salary, it reflects the company’s goodwill. Well-planned and meaningful employee benefits especially help in attracting and retaining millennial employees. Company-sponsored yoga classes, gym memberships, free food, Pet-friendly office spaces are some out-of-the-box benefits ideas.
4. Foster and Promote Wellness
The working style can make and break the health and wellness of your employees. "Workplace wellness" has been making the buzz in the HR space for quite some time now. But, very little effort has been actually taken by employers to promote wellness in the true sense.
A healthy and balanced lifestyle results in improved sleep cycles reduced anxiety and improved mood. All of these factors collectively improve employee motivation and leads to employee retention. Additionally, healthy employees are more productive and absenteeism is much less among them.
You can start by offering free healthy snacks, onsite gym or membership to a local gym, or employee health, and fitness mobile application.
5. Reverse Performance Reviews
The reasons for employee turnover vary from one organization to the other. Hence, one of the proven ways to tackle the problem is to understand how an employee feels in the office. You must give your employees a chance to communicate how they are feeling and what they are facing in the workplace.
Reverse performance reviews, meaning give employees the voice to share their experience on what is working and what isn’t in the workplace. Similarly, conducting proper exit interviews is another great way to gauge employee experience.
6. Identify Workplace Stressors
Workplace stress factors are the primary causes of high employee turnover. Prolonged workplace stressors also lead to physical and psychological disorders such as cardiovascular diseases, obesity, stress, burnout and so on.
Some common workplace stressors include workload, unrealistic expectations, lack of recognition, conflicts, poor communication, and harassment.
95% of human resource leaders admit employee burnout is sabotaging workforce retention.
As conscious managers, you must keep an eye out for these common workplace stressors. Having a sound action plan and guidelines in place is crucial to prevent such cases. Creating an emotionally and physically secure workplace should be a prime agenda in every organization.
7. Become Socially and Environmentally Aware
Businesses can no longer separate themselves from what is happening in and around them.
The newer generations, the millennials and GenZers love to part of an organization that has an eco-friendly and charitable approach. It gives employees a feeling of making a difference and companies naturally earn better employer branding. Consequently, it boosts employee retention.
Companies, therefore, need to find sustainable ways to grow while protecting the planet and acting responsibly to socially causes.
8. Encourage Collaboration and Teamwork
Gone are the days when workplaces were hot-bed for conflicts and cut-throat competition. People now wish to be part of a collaborative workplace driven by strong teamwork. A place where people uplift one another and are focussed towards one greater goal.
This is a win-win for both the employees and the employer. The result of this is a pool of ideas, resources, and perspectives.
When you promote team-building, you’re bound to have a bunch of motivated people who give their best and overall performance shoots up. To keep your employee retention strategy on track, you must invest in such long-term initiatives and mold your company culture.
9. Embrace Employee Growth with Open Arms
Employees dread to be part of a company where their growth is stagnant. 70% of high-retention-risk employees say they'll be forced to leave their organization to advance their careers.
Whereas, LinkedIn’s 2018 Workforce Learning Report states that 93% of employees would stay at a company longer if it invested in their careers.
Offering ample opportunities for the personal and professional development of employees must be part of your broader employee retention plan.
Large and small businesses must invest more in learning and development programs. They must be offered workshops and e-learning courses from time to time.
10. Digitize the Workplace
Employees today are digital natives, they’ve grown in an era of fast-paced technological advancement. Naturally, they are fast adopters of tools and technology in the workplace.
A digital workplace will comprise all the tools, programs and tech that you feel will help your employees in doing their job more efficiently.
With a focus on improving employee experiences, businesses must choose and leverage the right tools for their digital workplace. A digital workplace also makes it easier to manage virtual and remote teams.
Effective employee retention strategies although it might seem very costly at first, the cost will be must lower than replacing your biggest assets. I hope these employee retention ideas will help you in boosting employee engagement among your workforce and give them a fulfilling experience.
If you have any other strategies in mind or anything that worked for your organization, do let us know in the comment section below.