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Employee Retention Strategies

Employees are a company’s most valuable asset. Replacing an employee is extremely expensive and also time consuming, which is why employee retention should be viewed as an extension of the hiring process. This month, let’s take a look into ways to find your ideal candidate(s) and learn several strategies to keep them.

Hiring the right candidate is the first step in employee retention. It is easier said than done, though. When going through the interview process, be sure to ask the right questions. This will help ensure the candidate’s skills accurately match the job they will be performing AND that their personality is a fit for the company’s culture.

It is recommended to ask questions about what motivates them to care, engage and want to stay with a company. In addition, it is common to use interview screening tools, which include questions about job commitment, as well as self-discipline, integrity and other important aspects. The information collected will provide valuable insight into if the candidate is an ideal prospect. Consider the following, if your new hire is not a good fit, it could encourage loyal/long-time employees to seek employment elsewhere, which is not a situation you want to end up in.

Now that you have hired your ideal candidate, how do you ensure they stick around? The following three factors should not be overlooked:

  1. Management
  2. Work-life balance
  3. Growth/development opportunities

Management
It has been proven that companies who focus on leadership, rather than management see stronger employee retention. There is a well-known saying ‘people leave managers, not companies”. By providing effective management, your employees are more likely to stay, rather than leave because their manager is creating a toxic work environment.

Most employees want to feel like they are being heard. It is recommended managers seek employee feedback through a third-party survey and act on it, when the findings are reasonable.

Also, don’t overlook recognizing an employee that has either gone above and beyond, or exceeded expectations on a project. Thank you’s and acknowledgement go a long way!

Work-Life Balance

If employees are afraid to look after their health and their families, they tend to be more stressed at their job, which may lead to them seeking employment elsewhere. By providing a flexible work schedule, it can put your employees at ease. If they know they can tend to personal matters and make up the time when they are able to, it makes it easier for them to make important decisions. However, expectations and boundaries should be set that clearly outline the number of hours to be worked and the work to be completed.

Growth/Development Opportunities
Last but not least, another tried and true way to retain employees is to offer growth and development opportunities. Employees who change positions within their company, even if it is a lateral move, are more willing to stay with that company.

If it is not feasible to provide job changes within the company, offer valuable learning/professional development opportunities that focus on growth.

If you have any questions about hiring the right candidates, or want to discuss employee retention strategies, please feel free to reach out.