People have many opportunities when it comes to where they want to work, making employee retention a key focus at most organizations. The good news? Sapling, an award-winning provider of onboarding and HR software that automates workflows and empowers People Operations teams with connectivity, data, and insights on their global workforce identified a range of best practices to help you retain your workforce. It all comes down to doing what’s best for your unique team.
1. Gather employee insights
Employee satisfaction surveys and stay interviews allow you to ask people exactly what it would take to make them stay, while exit surveys can help you learn exactly why they’re leaving. This will allow you to identify trends, so you can prioritize your biggest problem areas—as well as some low-hanging fruit to make quick wins.
2. Start retaining employees from the moment you hire them
It’s not uncommon for new hires to leave shortly after starting a new job. Employees who had a negative new hire onboarding experience are twice as likely to look for new opportunities in the near future. On the flip side, organizations with a strong onboarding process improve new hire retention by 82 percent. Providing a solid onboarding, from the moment a candidate accepts a job offer, is one of the most important things you can do to set your new hires up for long-term engagement.
3. Update your compensation plan regularly
Over half of candidates say a competitive compensation package was the most attractive factor when considering a new job. If you’re not adjusting your compensation plan regularly, you could be losing candidates for two reasons. First, because candidates can quickly learn what they could be paid elsewhere. Second, because new hires may very well be offered market rates in order to close them, while long-term employees have not been adjusted and are still earning last year’s market rates.
4. Provide career pathing and employee development
Show employees they have a worthwhile future at your organization by mapping out a career path and helping them get there through employee development opportunities. This carries the added bonuses of helping your organization overcome the skills gap in the labor market, and providing strong internal candidates to move into key leadership positions as they become available.
5. Revisit your employee benefits and perks
Fifty one percent of employees say they would switch to a job that allows them flextime, and 37 percent would switch to a job that allows them to work off-site at least part of the time. Fifty three percent of employees who get paid vacation would leave for more at another company. Exact preferences may vary by your workforce, but it’s probably safe to say that most people would appreciate a better work-life balance.
Final thoughts on employee retention
Finding and closing on your top-choice candidate is no longer enough—now you have to do everything in your power to retain them. In this war for talent, effectively retaining your employees ultimately requires that you think strategically about the employee experience.