Nobody likes it when an employee resigns. In fact, we empathize with business owners like you because, in the end, it is your money at stake if the employee turnover increases. But what if you want to hold onto them? What if you want to let your star employees know that you value their association?
So, in this blog, we have decided to give you something that can make everything better – employee retention programs and strategies. And a little catalyst that can work in your favor for this – recruitment automation.
Here's what you will learn
Achieving The Nirvana: Employee Retention Saga
Allow me to get something out of the way before we get all feely – employee retention rules and statistics work differently for different industries. So, if the things I am talking about in this blog are not working for you, maybe you want to revisit the roots.
Okay? Good. Let us start!
Let me begin by highlighting what might stop you from achieving this stage and contributes to employees leaving, to never come back.
- More job responsibility than the poor guy can handle
- Pay for 1 but work for 4
- Not great benefits
Do you feel a resemblance? Time to have a meeting with the management. But if you are thinking, “I give my people creative freedom, great benefits, but they still leave my business and use us as a stepping stone for their career!”, let us talk.
See, the problem is that most recruiters fail to analyze the trends which have led to this kind of turnover. But here is something that can solve the problem – recruitment automation. Automation helps recruiters streamline the processes by analyzing certain metrics from the past that led to high employee turnover. Using these insights and improving them over time means a better employee retention rate for the future.
But Why Should You Care?
That is a great question, sir. Why should you care about employee retention? After all, there are probably hundreds of different people who would literally kill someone to get this job and I am telling you to put in work to make the present one stay? Pfffttt.
I must be out of my mind. But hear me out. Let me tell you why it is better to keep the present ones with you instead of waving them goodbye out of the door.
1. Bad Hires Can Cost A Fortune
I am assuming that the reason why you are eager to have a new employee is that you do not think the present one is good enough. And when hiring managers make a decision with the intent of “I’m gonna teach him a lesson”, they most probably end up with a bad hire.
But a bad hire is even worse. The whole hiring process demands both money and effort. In fact, it requires a lot of them. An entire team will be focused on hiring the best candidate for the job while the other people will be focused on every possible promotion of job availability in the firm.
But if you are using recruitment automation, then you can improve employee retention. How? Using a system that analyzes candidate’s profiles before you schedule an interview helps you to hand pick only those whose profile matches your job needs. The candidate who is a great fit for your job will naturally stay longer with the organization.
2. Veteran Employees Are Valuable
The employees who have been there in the organization for a more extended period, or in simple language – the veteran employees of the organization understand the objectives and strategies to attain those objectives better.
As much as the veteran employees will be motivated to work hard for their individual and organizational objectives, they motivate others too! New hires look up to such people and seek inspiration to work better in the long run for the organization.
3. Employee Retention Makes Way For Success
It’s an achievable world in the business industry out there, and it’s available for everyone increasing the competition at every job level. Every little detail of the project matters, and hence every job in an organization matters in some or other way too.
With that, an organization needs to have experienced and veteran employees at every level. This increases the productivity of the organization and delivers results sooner. And recruitment automation can help you achieve that with little effort.
The Moment You Have Been Waiting For
Here are some actionable strategies that you can use in your organization to improve employee retention:
1. Reward & Recognition
Talented and skilled employees are in the job market for hardly 15 days before they accept an offer. So, chances are that you and your competitors are fighting for the same employee. Because everyone wants the best person to grow their business. So, an employee working day and night is probably doing it for his individual and organizational goals. In return, salary might not be a sufficient factor, and he will need recognition and appreciation more than anything.
Check if the employees are appreciated enough for their efforts and role in the organization. It is essential to offer them a salary according to the industrial standards. Hence, you might want to start working on that too.
If you do not enjoy rewarding your employees, then chances are you are fostering a wrong relationship. It is going to become toxic and come back to bite you sooner or later. If you are using recruitment automation, you can let the system handle your manual tasks making sure your HR team is focused on getting candidates who match the job description from the starting stage.
2. Engage Your Employees
People love roles that challenge them and give them an opportunity to grow. And technology disruption becoming the new normal in several industries, businesses have actually been able to minimize the risk of experimentation.
So, if an employee takes the initiative and puts forward an idea, he demands support and proper guidance to improve in the future. After all, personal growth matters for all of them. Hence, whenever a new project strikes in, include the employees on every level to play a part in it. Especially if an employee wants to lead or handle a specific project, let them do it.
Because when you hire a person who doesn’t push the limits, you get an underperformer. And nobody likes an underperformer. Employee retention is directly dependent on employee engagement which is nothing but personal investment and passion, knowing their needs.
3. Promote Employee Growth
As soon as an employee joins an organization, they will seek challenges that will eventually question and develop their skill set. Hence, an organization needs to challenge its employees in a balanced way. Focus on balance. This does not mean you overburden the poor kid in the name of personal growth and challenge.
Promote your core values in the organization. I know most people write inclusiveness or fairness as their core value so make sure to implement that in reality. Ask different people to lead a project or assign them ownership of task to be fair about who gets to lead the project.
Or you can take a shortcut by using recruitment automation. The system will give you a profile analysis, skill assessment, and let you know if the person is the right fit for the job/role or not. You can save hundreds of hours of trial & error quickly.
4. Focus on Employee Well-Being
A sense of trust and security is something that a potential employee will seek from an organization for as long as he delivers his best for their goals. Hence, it’s an organization’s job to earn the trust of its employees. Offer long-term benefits that ensure a long time of an individual in the organization, and tend to offer job security to them.
They say that word-of-mouth marketing works wonders. It doesn’t only market your company for free but also leaves a positive impression in the mind of employees that they will be at loss by leaving such a good organization. So, make sure you have proper processes in place. Else, your employees will feel disconnected.
5. Focus On Teamwork The Most
Teamwork is the most obvious, and yet a missing factor in an organization often! The more you connect with your team and keep them together, it tends to increase productivity and decrease employee turnover.
Evaluate the team or departmental productivity in your organization, and look for scope of improvement in any way. You can promote team activities or happy hours to encourage team development in the organization.
Nothing could be better than a real-life example to prove the above-stated theory. Clif bar who won the award for employee retention of 97% believes that the health of their employees matters the most, and hence they practice regular health programs to ensure the same.
From building customized professional growth programs for the employees to their most successful employee stock option program, they do everything in their control to develop a sense of trust and belonging with their employees. Such programs and initiatives play a vital role in their high employee retention rate.
Hence, employee retention saves an organization a considerable amount of money and constant efforts for the hiring process. Or you can opt for a less-brainy solution by using recruitment automation to make better hiring decisions. After all, an employee who is a great fit for the role is highly likely to work with you long term.
Editor’s Note: Originally published January 21, 2020, 9:00 PM, updated 06 April 2021.