Employee Retention Strategies
Everyone knows about the infamous employee retention battle, yet what can one do to win the fight? Our Recruitment & HR team at GCS Malta has established four employment retention strategies you can adopt to prevent employees from leaving your company.
Why should you adopt a range of employee retention strategies?
First and foremost, employee retention needs to be a priority. In the US, it is estimated that by 2023, 35% of employees will leave their jobs each year. Therefore, it is essential for HR to adopt several strategies to help prevent the loss of top talent within the company.
Secondly, low retention rates can affect motivation, productivity, and performance. One needs to figure out the reason why employees are leaving. Scheduling an exit interview is a great way to determine how to improve your retainment strategies.
Although strategies are essential, it is also important to remember that no strategy will overcome a lack of empathy or appreciation for your employees.
Common reasons employees leave their job
•Inadequate work-life balance
•Inadequate salary and benefits
•Limited career advancement
Strategy 1: Adopt a healthy work-life balance
Having a healthy work-life balance is essential for job satisfaction. If your employees feel that their managers do not understand that they have a life outside of work, this can lead to low motivation and resignations. An employee should not feel that they spend more time working instead of living. Having well-rested and satisfied employees will help tackle the employment retention battle. Here are some things you can do to promote a healthy work-life balance:
•Set regular working hours
•Encourage employees to take their vacation time
•Offer flexibility such as work-from-home programs
•If overtime is necessary, compensate by giving extra time off or further reimbursement
Strategy 2: Offer competitive salaries and benefits
Although money is not the main solution to employee retention, offering competitive salaries will make employees feel valued. If a salary increase is not permissible, try offering bonuses or other benefits as an alternative. The most important thing is to adjust salaries regularly.
Strategy 3: Implement a recognition and rewards system
Employees who feel appreciated will be motivated to work harder and to remain at the same company for longer. The aim is to create a culture of recognition by setting up a recognition and rewards system. Acknowledgement should be frequent and specific to each employee.
The rewards system should focus on both social recognition and monetary rewards by, for example, allowing employees to accumulate and redeem points for rewards.
Strategy 4: Recruit the right employees
Another way of tackling the employee retention battle is by picking the right candidate from the start. Aim to find employees who align with your culture as this will influence them to stay at the company for longer. In turn, make sure that you also offer a great onboarding experience by:
•Catering to different generational needs
•Selling your company – what do you offer?
•Being transparent about the role’s challenges
•Being honest about the company’s expectations
•Allowing flexibility and the option to work remote
Why GCS Malta?
Searching for the right employee or employer? At GCS Malta, our exceptional Recruitment & HR team can help you with any recruiting needs. Check out all the available positions here or contact us for more information.
Article by Sarah Jane Gauci