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Top 10 Employee Retention Strategies | Everything You Need to Know

Last updated on 04th Nov 2022, Artciles, Blog

About author

Shalini (Retention Sr. Manager )

Shalini is a Retention Sr. Manager Specialist who manages internet pay-per-click advertising campaigns, including the strategy, design, implementation, SEO, and analysis of ad performance. She has 11 years of experience in Metrics, KPIs, ROAS, CPE, and CPL and their respective domains.

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    • In this article you will learn:
    • 1.What is Employee Retention?
    • 2.Why is an employee retention program so important?
    • 3.How to build employee retention program through a training.
    • 4.Conclusion.

What is Employee Retention?

Employee retention is an art and science of keeping an employee satisfaction levels more enough to keep the turnover rate and recruitment costs low.Although a one article can’t cover all possible strategies for the boosting employee retention will cover six of a top employee retention strategies here.

Why is employee retention program so important?

An employee retention program with the high-quality foundation for learning could be a factor that makes (or breaks) on company.A survey published in a October 2019 by a Harvard Business Publishing Corporate Learning directly tied up high-quality employee learning to higher employee retention rates and a job satisfaction. Consider these findings from a report.

  • Just 20% of an employees would recommend a company’s learning programs and 50% would not.
  • The majority of the employees (more than 55%) consider opportunities for a career growth in company more important than salary.
  • 21% of employees were three times as likely to leave the job if the training provided did not meet their needs When it comes to be choosing a company to work for a millennials, the second largest demographic group after a baby boomers won’t settle for company that doesn’t engage them in a thoughtful useful and creative training.
  • The rate of what is termed as a job hopping has nearly doubled for a millennials in their first decade out of college. Most notably as this survey shows it’s often tied to the jobs that do not offer substantial opportunities for a meaningful training tied to potential advancement.
  • This job-hopping comes at high price.
  • The real cost of a losing an employee can be crippling to the business. Some estimates place the cost of a hiring a new employee at six to nine months of that an employee’s salary (and potentially much higher at an executive level).
Employee Retention Strategies

How to build the employee retention program through training:

Building the employee retention program through training starts with a figuring out an actual employee turnover rate with the simple formula.Once figure out how many employees are be leaving try incorporating these are six employee retention techniques into the training programs:

1. Develop comprehensive onboarding program:

An Employee retention techniques start an even before an employee walks through the door. A rock-solid, welcoming onboarding program helps employees settle in a faster while giving them all tools they need to be succeed. A comprehensive onboarding program can be increase employee retention by a as much as 82%.Human resource managers are should be involved with development of onboarding programs, as they are most likely to the hear employee complaints and participate in an exit interviews.

2. Hire excellent managers (and invest in a leadership training):

Excellent managers can make or break an employee experience. Are managers are supportive and positive, or do they use sarcastic management techniques? Google spent a ten years researching what makes great manager and found that a great managers had significant characteristics in a common.On a whole best managers:

  • Are an inclusive, supportive, and concerned for the employee well-being.
  • A Communicate openly and with the clear vision.
  • Are a strong decision-makers with solid skills and a desire to be collaborate.
  • A Support career development of an employees and are committed to the employee success.

Consider a words of Jack Welch a former CEO of General Electric who said: “Before a leader, success is all about a growing yourself. When become a leader success is all about the growing others.”An Excellent managers aren’t born – they are trained and learn through an experience and time. On-the-job leadership training and role playing can help to managers develop a skills they need.

3. Establish culture of learning:

Maybe have worked at a company that schedules an annual one-off training over a three days in conference room. How much did retain from that an experience and how long did it impact on job? Our guess is a not much and not be long.Instead a bake learning opportunities into everyday activities of an employees. Use a microlearning resources on-the-job training opportunities and more to show how are committed are to learning.It was found that a companies that commit to ongoing development of their employees:

  • Have highly committed an employees.
  • Develop the strong link between employees and a company they work for.
  • See their retention are rates rise.
Benefits of Employee Retention Strategies

An Engaged employees are more likely to the complete a training programs. Build a regular employee trainings that are useful, applicable, and just in-time for needs.

4. Train for soft skills:

Soft skills for a managers and employees are more about how every employee interacts with the others and less about the hard skills of techniques and a practical knowledge. Soft skills training is be crucial, especially for employees who are just entering a workforce and may not know or grasp more subtle skills are business requires.

5. Incorporate positive feedback into the training and reviews:

Positive feedback is a more than a feel-good employee retention strategy – it can actually works.A study from a Harvard Business Review found that an ideal positive to negative ratio for the employee feedback was 5.6:1. This means for every “negative” or corrective comment, find an opportunity to offer five or a more positive (or growth-oriented) comments.Build this type of a reinforcement into the online training. Gamification, with its ability to have an employees “level up” or earn badges, can help keep a positive feedback loop going.

6. Offer opportunities for an employee creativity with cross training:

Cross training employees and allowing them to be explore outside interests inside the workday may be key to an offering employees more creativity in their work This doesn’t mean a setting time aside for knitting or a video games, but maybe a artistic IT professional might also need to work with the graphic design department on a special projects. Or a community-minded employee who are regularly volunteers their time outside of work might need to organize company volunteer outing.Look at (and train) a whole employee – not just their job description. will find a wealth of a skills and knowledge to draw on to help develop a more rounded, happier employee. Put simply, employee who feels valued and stays on a team.

Conclusion:

Finding a perfect employee isn’t simple . need people with a right education, skills, qualifications, experience and personality to make the operations run efficiently—catapult an organization to the top of an industry. The problem is the other organizations want those people too and they’re doing their best to be recruit them away .

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