Employee retention is a major challenge faced by organizations today. The loss of a well-performing employee not only creates instability in a team but also causes financial loss amounting to around 33% of the annual salary of the outgoing employees. Moreover, the struggle to find a suitable replacement can be an extremely time-consuming process which further hinders a smooth workflow. That is why the experts from a recruitment company Germany advice their clients to work towards maximizing employee retention rates. However, there are various reasons that might prompt an employee to give up their current role and organization. Since it is impossible for employers to control all these factors the next best thing they can do to build a stable workforce is to implement various strategies that are likely to improve employee retention. The most effective of these strategies are discussed as follows.
Make The Employees Aware Of Their Worth
In most business organizations, managers are quick to point out the mistakes and failures of employees while they do not show similar eagerness in appreciating their efforts and achievements. This tends to demotivate the employees and reduce their engagement levels. They then seek employment opportunities with other organizations with the hope of being better appreciated for their hard work and contribution. Hence it is important for an organization to ensure that the employees are constantly made aware of their value and worth by their superiors through the provision of positive feedback on a regular basis.
Provide A More Flexible Work Environment
A large percentage of the workforce today comprises of young professionals seeking flexible work environments. This flexibility might be in the form of different work hours, freedom to work from home or other remote location or even the choice of workspace within the office. By providing this freedom to the employees, an organization assures them of being considerate of their needs. It also reflects a sense of trust in their work ethics and ability to perform even without any supervision. This goes a long way in motivating the employees and enhancing their sense of loyalty and commitment towards the organization.
Encourage Managers To Have Difficult Conversations With Employees
One of the key reasons for low retention rates is the lack of effective communication between the employees and their managers. That is why the consultants from a top headhunting company in Germany, stress on the need to encourage the managers to hold difficult conversations with their team members. Such conversations can help the employees to share any work-related issues and stresses with someone capable of resolving these problems. In addition to helping them find an effective solution for their problems, such conversations can help in restoring the trust of the employees in their organization.
Help Employees Develop A Clear Career Path
Professional growth and stability form an important aspect of enhancing employee retention rates. That is why organizations that help the employees to develop a clear career path and provide them with the right opportunities to follow the same, enjoy a high retention rate. Being assured of having enough growth opportunities within their current organization minimizes the chances of employees seeking better employment options with other organizations.