Does your organisation know what employee retention is and are you using retention strategies? Do you have a high staff turnover?
Many reports have shown that post pandemic this topic is more relevant than ever. With organisations losing a huge amount of money due to staff turnover
What is Employee Retention?
Employee retention is where an organisation implements methods and strategies to ensure its employees are engaged and rewarded. Employees therefore choose to stay with their employer and do not actively seek new opportunities. Globally companies have different retention rates which can vary due to industry sector and location; however, every organisation has the ability to increase their retention rate when focusing on their retention strategy.
What are the Benefits of Employee Retention?
Employee retention can aid your business success and growth in so many ways. It will firstly reduce costs; staff turnover is expensive with an investment of both time and money to recruit and train new hires. It can improve morale, there is nothing worse for team spirit than a revolving door of team members. It can also Increase productivity; it is proven that happy employees are more productive! A higher level of customer experience can be gained through happy and retained staff since your customers will be dealing with contacts within your business who are engaged in what they do, and they will be familiar with your employees over the years. The list goes on including higher employee engagement and increased ROI.
Organisations that fail to focus on employee retention are impacted not only in terms of the costs related to finding, recruiting, onboarding and training replacements, but also in terms of lost productivity and knowledge, impact on customer and employee experiences, and lower morale and weaker corporate culture.
What are the Best Employee Retention Strategies for 2022?
The strategies used can vary and the list is ever evolving with top employers constantly brainstorming and using innovative ways to ensure their work force are happy and they retain them.
Some core strategies which have been successful to date and will continue to trend throughout 2022 are listed but not limited to the below.
- Strategic hiring, can they both do the job and align to the values of your business.
- A clear and structured onboarding process.
- Clear job descriptions and expectations.
- Training and development, tailored to individuals.
- Challenging and cross disciplinary work.
- Personalised benefits.
- A recognition system which is open to even lower performers.
- Listening to employees – try an employee engagement survey!
What GRS Recruitment think about Employee Retention?
GRS advise their clients to have an emphasis on employee engagement and reward to assist in maintaining and increasing their employee retention. As an employer themselves GRS have always adopted many employee reward schemes, and in recent years have introduced different ones in-line with the new world of home-working and online platforms. GRS Recruitment believe you need to know what employee retention is and create strategies for improving retention rates at your company. Retaining your best employees will become increasingly difficult as the labour market tightens. GRS recommend that you research and invest in employee engagement and monitor how different strategies impact your retention rate.
If you need assistance in both hiring and retaining strategically, GRS Recruitment is certified to administer the internationally acclaimed Hogan Assessments as part of its recruitment & HR service, helping you to identify new potential hires and retain your existing high performing employees.
Recognise and retain your most valuable asset, contact us today on +357 25342720 or email firstname.lastname@example.org