Many a time companies or organisations register a high level of turnover, where employees leave their positions for greener pastures elsewhere and it becomes a norm. But in the long run, employee turnover has immeasurable impact. Employee retention is one of the biggest challenges companies and organisations face today. It is critical to your company’s survival in the saturated, competitive international job market. In the post-pandemic era, countries like the US and Canada are seeing more employees voluntarily leaving their jobs or going for better offers. A study in the U.S showed that the number of people quitting their jobs voluntarily is expected to reach 1 in 3 by 2023, and this could be truly worrisome for employers. In the African setting, people leaving their jobs is not something considered worrisome as there is always a quick replacement, but the truth is there is immeasurable impact it has on an organisation, especially if it has invested in their training and growth. A different study showed that millennials are more likely to leave their jobs because they find it easy to do so and have more options than their peers from older generations. There are certain things companies or organisations can do to retain staff and avoid unnecessary turnovers. Below are five tips from experts to consider to ensure retention of workers. Hire the right people Hiring should be a comprehensive process. Inevitably, hiring the right employees is often the first step to employee retention. To hire the right people, you need a recruitment process that ensures the right people are hired. Organisations or companies must ensure that the hiring process is comprehensive without necessarily making it long. A long recruitment process might prompt candidates to pursue other openings elsewhere. Job interviews must be conducted in a manner that allows you to understand the candidate best and that way you will certainly hire the right people. Promote from within Now that you have hired the right people, the other best way to retain workers is ensuring that you promote from within. According to employment expert Leigh Perkins, skipping over a qualified internal candidate for promotion in favour of an external application is a golden ticket to turnover. “In fact, being passed over for an outside hire is the reason for quitting for 35% of employees,” argues Perkins. Before hiring from outside, look closely within and promote someone. Hire from outside if you have no one to fit in the position. Appreciate and give feedback Every employer feels great when their efforts are recognised. It is also true that to do their best work, employees need feedback, both positively and constructively. A study done by the Harvard Business Review shows that regularly giving workers feedback, especially positive feedback, is one of the best ways to retain employees. Often you will go to a government office, a ministry or private office and you find photos of employee of the month or employee of the year -all these are motivating factors to retain workers. Identify skills and train A study found that employers who deploy staff in positions based on their skills, ability, strengths, interests and passion deliver better. The results improve even more when you train them further. Nominating employees for a training course or study tour in their area of interests is one way for employees to feel recognised and also a sense of personal growth. That way, they might not be looking around for other opportunities. Pay increment and other perks Employers enjoy being recognised. Apart from internal vertical or horizontal promotions, a simple raise, even if it is a small percentage of what they earn, can motivate workers to stay because they sense growth. Some employers will leave an employee on a certain salary for years, which doesn’t only discourage them, it also leads to stagnation. Apart from a raise, some other perks like a communication package, a bonus pay or gifts from the organisation can play a role in retaining your staff.
