“What is your most effective employee retention strategy?”
In organisational management, employee retention strategy stands out as a challenge for many businesses. Recognising the significance of this challenge, we decided to start a collaborative article to provide a space for business professionals to share their valuable insights and expertise on emplyee retention strategies and how to improve these stratgies. This collaborative article aims to foster an understanding of effective strategies that can improve employee retention within organisations. By bringing together the diverse perspectives and experiences of these professionals, this article highlights some brilliant ways to improve employee retention strategies.
See what the experts say here:
Millionaire Life Strategy
Employee retention strategy already starts with the hiring process. I recommend my clients to have their (company’s) core values clear, together with their vision and mission. The vision is what the company wants to achieve in the (near) future, the mission is their reason for existence, their why, and I consider the core values as the guardrails between which the strategy is executed towards the vision. during the hiring process, the aspiring employee should at least align with the core values and feel comfortable with the mission and vision of the company. Ideally, they share the same core values. That way, the relationship will last longer.
Also, it is important that the employee feels valued, so you have to invest in your employees. Not only in training, but also in personal attention. Listen to their feedback, ask for their opinion, and make sure you follow through. Employees are your most valuable assets of the company, so treat them accordingly.
A simple yet very effective tip is to call your employees team members instead of employees, because team members are part of a team and subconsciously will feel more committed to the company. And if possible, make them own a little piece of the company by means of shares.
A final thought I want to share, is a quote that one of my coaches once shared: “either you work on your own dreams, or you work on someone else’s dreams”. Since you own the company, you’re working on your dreams and your team members as well. Why not ask them what their dreams are and see if you can support them in that direction? I’ll bet that will go a long way and you will become the employer everybody wants to work for.
HR & Learning Transformation
Increasing speed of HR & Learning transformations year on year, improving HR and organisation agility by applying technology and augmenting human-in-the-loop capabilities.
To improve employee retention strategy introduce a development pay increment/bonus for your employees.
Even a nominal amount increases loyalty & employee engagement scores.
Pay employees to learn. A small one-off amount for personal interests, more or ongoing pay increments for skills/knowledge you will need in future.
Congratulations! By implementing these steps people will stay longer at your organisation, be better at their job and be more engaged, at least until they’ve finished re-skilling (so keep offering development) and outgrown your will to promote them.
One last thing…
If you are really serious about retention you should:
-Once they’ve learnt something, recognise it.
-Appoint a mentor to help them develop their career the way they want to. Even if they leave, they’ll be a great employer brand ambassador and they’ll happily come back when you have a role that suits them.
In conclusion, this collaborative article on employee retention strategies has provided a wealth of insights from experienced professionals. Erwin Wils emphasises the importance of aligning core values during the hiring process, investing in employees, and creating a sense of ownership through shares. Keiran Ward advocates for introducing development pay increments and bonuses, recognising employees’ learning achievements, and appointing mentors to support their career development. These expert perspectives underscore the critical role of a strategic and supportive approach in fostering long-term employee commitment. As businesses continue to work with the challenges of employee retention, the shared expertise within this article is a valuable resource for organisations seeking to improve their strategies and create workplaces where both employees and businesses thrive.
If you are interested in reading our other recent collaborative article follow this link to read what experts thought about the 3 key things that make an effective video in video marketing.