What tools can employers, HR partners, and managers use to optimize employee retention and provide recognition to their employees for their hard work?
In today’s competitive job market, organization leaders are hard at work developing strategies for how they can retain valuable employees. Though the process may seem daunting, there’s a chance that there are existing programs, tools, and opportunities within your organization that you can utilize to retain your key employees. When considering how to retain an employee, reduce turnover, and improve employee retention, HR partners can provide support to their organizations and management by taking a deeper look into existing programs such as benefits, compensation, employee recognition and appreciation tools, and talent management practices. Working with your HR partners to develop an employee experience platform or engagement strategy, and provide recognition to your teams, may prove to be an invaluable retention tool. HR partners can work with a manager to screen their employees for feedback and develop useful programs before it’s too late.
How can benefits be used as employee retention tools?
Employers who offer their employees an all-encompassing benefit package are more likely to keep their employees long-term. Employees who are offered time off, sick time, retirement benefits, or health benefits, are more likely to stay with their employer in fear that they will not receive these benefits elsewhere. A total compensation plan can be a great employee retention tool to show what factors impact an employee’s willingness to stay with their organization.
How can exit interviews be used as a platform for employee retention?
The greater goal for any company is to retain valued employees and reduce turnover. A skilled employee is an asset that helps promote and drive organizational success.
This is why it is important that employers learn and ask the following questions:
Why do they stay?
Why do they leave?
If people are leaving an organization in increasing numbers, it is imperative to
figure out the whys. Exit interviews are a great feedback platform to use so that your company can know how and what may need to change if it is contributing to employee turnover. A well-developed Exit Interview process can be conducted in different ways and can provide great insight into hidden challenges and opportunities that the company may not be aware of. Exit interviews can also promote engagement and enhance retention since they can show employees that their views matter and can help make departing employees a great source of information. Exit interviews are a tool that does not get the time and attention that they deserve.
How does compensation affect employee satisfaction and retention?
It may be obvious to most employers that compensation directly affects employee retention. If an employee is paid competitively, it’s going to incentivize them to stay! Compensation is a motivating factor for many employees, and having a compensation program that acknowledges milestones and aligns with an employee’s job performance, is going to motivate them to continue driving forward towards their next achievements.
There are other ways, beyond wage and salary increases, where compensation can be used as a tool to retain employees. Employers should also consider bonuses, incentive pay that provides recognition and appreciation to employees for meeting goals and objectives, or issuing stipends that can be used for wellness, or even childcare costs. In regards to compensation, there is a common misconception that the employees cannot discuss their pay with other workers. However, the Equal Pay Act prohibits employers from retaliating against employees from disclosing their own wages and discussing the wages of others. So it’s important to remember that whatever compensation strategy is used for retention, it is fair and equitable for all employees.
How can employee engagement be used as a retention tool?
It’s important to know exactly what employee engagement is. It relates to the level of commitment and connection an employee has to their organization. Employee engagement shouldn’t be confused with job satisfaction. Job satisfaction is more related to personal satisfaction rather than being actively involved in advancing goals within the team and the organization.
Engagement can be defined in terms of employees’ feelings and behaviors. Examples of engaged employee behavior may include loyalty, productivity, team and solutions-oriented, having a passion for learning, and advancing professionally.
So how does engagement impact retention?
Employees who are engaged are more likely to stay. This reduces the employee turnover rate and all related costs. They feel a stronger bond to their organization’s mission which allows them to become stronger brand ambassadors. They build stronger relationships with their customers which helps companies increase sales and success.
How can you simplify your retention strategy within your organization?
Whether you have a retention plan mapped out, or you’re just getting started, focusing on employee retention doesn’t have to be a challenge. With Bizhaven, we can help you identify the right employee engagement tools, custom-tailor an employee recognition program to impact your employee retention initiatives, or make your HR tasks and initiatives easy. Bizhaven provides a complete HR approach to your organization that meets your business needs, wherever you are. Let us help you reduce your turnover costs and improve retention with custom tools and support!