“In a study of over 1000 workers, 31 percent reported having quit a job within their first six months.” – BambooHR
Employee retention is key to successful company growth. In order to retain your most talented and skilled employees, putting in place processes is a necessity. Plans for creating clear job descriptions, promotion and bonus structures as well as scheduled meetings and trainings are critical to encourage retention and growth. Here are 5 strategies successful companies put into place in order to retain employees.
Employee Retention Strategies For Company Growth
1. Set clear expectations
The best thing management and leadership within an organization can do to retain employees is start them on the right path. From the very start of the employee/employer relationship, expectations about responsibilities, deadlines and attitude should be set. During the interview process even, goals and challenges that will arise should be discussed and management should be sure that the candidate is the right fit for the position. A great way to set expectations clearly is to have a defined job description for each person in the company. If you need some guidance on this, RecruitLoop.com writes about creating a job descriptionin this article.
2. Transparent promotion and bonus structure
Your organization will thrive if you focus on transparency. People will never feel in the dark about where they stand and what they can achieve. Retaining employees will be easier and turnover will decrease because employees have an understanding about when they can expect increased salaries, promotions and bonuses. If you’d like to take this one step further, you can review what each position in the company makes and the structure for promotions and bonuses per position. People will be encouraged by the honesty and trust that the company has their best interests in mind. This will also avoid conversations with employees asking for promotions or salary increases because they will understand when they can expect these things.
3. Consistent feedback about performance
Regularly scheduled reviews and feedback about performance is a must in order to retain your best employees. Try putting in place a standard performance review worksheet so you can monitor progress and improvement over time. Write notes within the sheet about specifics, especially praise and high-performance rewards.
4. Scheduled one on one meetings
Great managers know the importance of meeting with each of their employees one on one. The time you spend together to review progress, suggest improvements and provide feedback is extremely value to both. The worst thing a manager or company can do is put off these meetings or reschedule everytime they are on the calendar. One on ones should be set in stone and happen bi-weekly or monthly, no matter what. This is the best way to gain honest feedback and build relationships with employees. They may have questions or concerns that they haven’t had a chance to speak about until this meeting. Schedule your one on one meetings ahead of time and identify a location (ideally in person) to have them each and every time!
5. Built-in training programs and mentorship opportunities
Training is key to not only retaining employees but improving their skill set and knowledge. There is no way your company can grow without having training and education opportunities available for employees at every level. It can be something as simple as having a team sit together and watch a webinar or training video in a private room to advanced retreat style training outside of the office. Be sure to have educational materials available for your people to access at all times. Some companies choose to have a library of books and resources based on the requests of employees and new industry trends. You can build an online portal where employees can access video tutorials, guides and links to resources easily and from anywhere. Mentorship opportunities are also a great way to retain employees. If a newer employee joins the organization you can partner them with an experienced team member and have them shadow that person during certains days of the week or specific activities.
What processes do you have in place to retain your best talent?
Do you have processes in place to successfully implement a retention plan? Are you regularly getting feedback from employees and clients in order to improve these processes and create new ones? Let us help you identify what you need in order to grow. Talk to us today!