Dec 9, 2020

How to increase retention rates

Every employer knows that the workforce market can be fierce – it may seem that there are lots of people out there with the needed skill set, suitable background, and relevant experience. But the truth is that with the growth of the industry, we are witnessing an acute shortage of sufficient human resources. According to a recent Deloitte Human Capital Trends report, within the next three years, 42% of executives surveyed expect to expand the use of robotics and cognitive technologies, which, contrary to some news predictions, will increase the hiring level by 20%. 76% of surveyed expect automation will require new skills in the workforce in the next one to three years. Considering the aged population is currently at its highest level in human history, according to the UN, the shortage among the skilled staff will only rise in the future years.  

However, there is a way to significantly reduce the lack of a workforce by raising retention rates.    

Start from recruitment. When interviewing the candidate, a lot of attention is paid to the hard skills of the specialist, most of the time omitting interests, personal suitability with the project, and growth possibilities of the candidate. Being attentive to every potential newcomer is very important, as it can help build trust from the start. After all, it’s always easier to prevent a problem than to deal with it afterward. 

Onboarding is where you can win some extra points. We all know how the first day can be awkward, but you can win some good loyalty points here by putting in extra effort and helping your new team member settle in. You have to prepare, clean, and equip the workspace with the necessary credentials and facilities before the newcomer starts the journey at your company. Create a possibility to change traditional work equipment upon your request by a system administrator, who can also be the one regularly consulting on the hardware. Don’t miss the opportunity to gain trust from the start by giving the standard welcome pack to every newcomer — these can be some branded products, but be sure you choose the useful ones.  

Give your newcomer some time to get used to a new environment, get to know the team, the company, and the workflow better. After one month of working, check-in to make sure that the new team member is comfortable, happy, and engaged. Also, you can organize regular one-on-one meetings every three months. It helps to create a loyal and outcome-focused workforce. Provide your specialists with all the needed hardware and a comfortable working environment, and let them know who to contact in case they need organizational help. 

Your business is only as strong as the people behind it. In an ever-changing market and world, it’s more important than ever to stay current, competitive, and up to date. Good professionals always strive to grow. Let’s be honest, between a specialist who has finished any course in the last year and those who haven’t the company will give preference to the first one. You can gain additional loyalty by holding elective workshops and career lectures for the personal and professional development of the team members. Or you can add a line to your bonus system about covering the educational expenses for the employee. It’s a win-win situation.

You don’t have to give presents to employees, but it’s always a nice gesture of appreciation for their contribution and loyalty. With a gift, companies not only present their employees with a treat but increase their motivation. By giving presents to workers, companies can build a positive and harmonious working environment. Gifts may express recognition for employees’ contributions and encourage good relationships between the management and their teams. Make sure that the presents are not only branded but also useful — it’ll gain additional trust and show that you pay attention and really care for your employees.      

Employees respond to appreciation, expressed through recognition of their good work because it confirms their work is valued by others. A lot of managers underestimate employee’s recognition. But when your team members’ work is acknowledged, the satisfaction and productivity level significantly rises, they become more motivated to improve their work and loyal to the company. According to Gallup analyses, employee recognition is the key-factor influencing engagement, and therefore organizational performance. It should be given in a timely way, so the employee knows the significance of their recent achievement and to reinforce company values.      

Corporate parties and team buildings help to build trust, gain a better understanding, and foster strong authentic bonds between coworkers. Don’t miss the opportunity to get to know your employees better while having a good time away from work, live through new experiences and adventures. Organizing interesting and memorable events will help grow trust and allegiance among your team members. 

According to americanrpogress.org, according to thirty case studies taken from 11 most relevant research papers on the cost of employees demonstrate that it costs businesses about one-fifth of a worker’s salary to replace that worker. And these are only the numbers. Losing a dedicated member can be crucial to the team and the overall climate of the company. You can give extra care and devotion to the worker, but be sure not to smother your employee. After all, harmony must be observed in everything.