Employee retention is one of the most critical issues in a tight economy – as such, increasing retention rates in this climate could be crucial to a company’s success. In this article by Sharon Florentine in CIO.com, she describes eight great strategies to retain top talent.
Strategies to Retain Top Talent
- Retention Begins with Recruitment: Retention begins right from application processing and screening, to choosing who to interview. Further, it’s important to identify what aspects of culture and strategy you want your candidate to possess.
- Find Candidates Who’ll Stay the Course: Identify candidates who have a history of longevity at previous roles. This will indicate that they have been through the ups and downs at a company and have stayed loyal. Therefore, they are more likely to stay loyal to your organization as well.
- Provide Education and Paths to Advancement: Promoting from within displays a path to better compensation and responsibility, and also shows employees that they are valued. In addition, employee development and education efforts can help retain employees as well.
- The Right Benefits: The right benefits include stock options or other financial awards for employees who perform well and for those who stay at the organization for a predetermined period. Besides this, companies should also look at offering flexible work schedules, remote working opportunities and generous paid leave policies.
- Transparency: Open communication between employees and the management can help foster a sense of shared purpose and community. In addition, regular meetings and an open-door policy where employees are encouraged to speak frankly should be made available as well.
- Leverage Technology: Employee polling tools which tally answers anonymously and strategically poses questions can be considered. This lets leaders identify issues and lets them work towards solutions early on. This process also lets employees know that the company is listening and is working on the issues that matter to them.
- Put Data and AI to Work: Organizations possess huge amounts of data which can be used to determine who’s likely to leave and why – the use of AI and advanced analytics can help do just that.
- Be Prepared: Succession planning can be crucial and can help prepare for the inevitable employee exits.
Click on the following link to view the original article in full: https://www.cio.com/article/2868419/how-to-improve-employee-retention.html