It costs far more to find and train new employees than to keep those you already have happy and motivated.
Some of the most effective employee retention strategies in 2018 don’t require you to increase salaries or pay out large bonuses.
With smart HR management, it’s possible to hold on to your most valuable employees and develop a strong sense of loyalty that binds the team together for the long run.
However, many companies stubbornly refuse to evolve, paying a steep price for this mistake by having to go through recruitment far more often than necessary.
The following three directions are perceived by industry experts as crucial for employee retention, and should be pursued by all companies regardless of their size or specialization.
Improve with digitalization
Since most HR departments have long been equipped with digital tools that enable capturing data on unprecedented scale, the time has come to take the next step and encourage HR leaders to become better data interpreters, assuming the role of ‘digital managers’.
This may lead to better understanding of needs and expectations of employees, as well as a more objective assessment of each worker’s contributions.
In an atmosphere where objectiveness is the standard, motivation tends to go up and the number of internal disagreements tends to decrease.
Digital managers are also expected to proactively utilize machine learning capacities that have just recently become available.
Take care of employee wellbeing
It’s important for HR managers to understand full context of employee’s lives, including their physical health, family situation and economic circumstances.
This logic is simple – if the company helps the employee resolve their private challenges, the employee will spend less energy worrying and redirect it into his work.
It is a holistic approach that goes beyond basic concern and requires a more involved approach on the part of HR professionals.
Younger employees typically have different things on their minds than middle-aged workers with aging parents, while individual differences also have to be accounted for.
Organizations capable of providing their employees with adequate tools to take control of their lives stand a much better chance of retaining their employees longer.
Invest in continuous learning
We live in an age when learning tools are abundant and easily available. Companies need to learn how to turn this into their advantage by enabling their workers to use top-notch resources to further their expertise.
Many employees value practical knowledge and regard it as their ticket to future success, so they might be more inclined to stay in an environment where they are constantly in touch with new ideas and facts.
Personalized and data-based learning programs are becoming more common, allowing for faster advancing and better targeted curriculums, while the employees should be given a choice how to consume the educational content.
Multimedia learning systems with AI capacity have the potential to improve company culture and attract highly motivated, knowledge-hungry workers to the company.
The labor market remains very dynamic, so key factors for employee retention could gradually change over time.
Companies are forced to evolve their policy on a continual basis, but some directions can be anticipated and therefore streamlined. Taking action now and applying some of the principles laid down in this article can make the difference between emerging as a shining example of progressive employer and losing most of your team leaders in a hurry.