Employee Retention Strategies: 7 Ways to Reduce Turnover

 

Employee Retention Strategies

Employee Retention Strategies 7 Ways to Reduce Turnover

Turnover can be a heavy burden for companies. Discover the main reasons employees resign and effective strategies to avoid this issue.

Turnover can be a heavy burden for companies. Discover the main reasons employees resign and effective strategies to avoid this issue. If only retaining your best talents were easier!
The turnover rate is a real challenge for HR managers. According to a survey, 47% of HR managers consider employee retention as the main challenge in talent management, closely followed by recruitment for 36% of them. It's not surprising that these two figures are linked: retaining a productive employee is much more cost-effective than recruiting a new one.

So, how can you tackle this challenge?

In an ideal world, a salary increase would be the solution for everyone. Unfortunately, that's not always feasible. The competition, enticing your top employees with higher salaries, doesn't make things any easier.
On average, an employee who changes jobs receives a salary increase of about 15%. The chances of obtaining such an increase by staying in the same position within a company, without a promotion, are slim.
However, the good news is that while salary plays a role in employee satisfaction, it is not the determining factor.
Employee satisfaction is based on several factors such as workplace flexibility, company benefits, training opportunities, career prospects, company culture, etc.
To help improve your employee retention strategy, here's a list of the main causes of turnover and detailed plans for actions to take in response.

Main Causes of Turnover

Let's discover the strategies and tools that make engagement an achievable reality for all HR managers.
Lack of or Few Training Opportunities:
Action Plan: Implement internal training programs, encourage skill development.
Poor Managers Leading to Resignations:
Action Plan: Train managers, promote positive leadership, encourage communication.
Lack of Career Progression Opportunities:
Action Plan: Establish clear career plans, promote internal mobility.
Faulty Onboarding Process:
Action Plan: Improve the onboarding process, ensure successful integration.
Lack of Esteem and Recognition:
Action Plan: Implement recognition programs, encourage feedback.
Employees Feeling Overwhelmed:
Action Plan: Balance workloads, encourage time management.
Little Flexibility in Work Hours:
Action Plan: Consider flexible work options, adopt a more agile approach.

You Don't Always Need to Pay More, Just Pay More Attention.

Certainly, a higher salary can retain an employee, but it's not the only solution. Increasing salaries can sometimes be a temporary solution, treating a symptom rather than the root cause. Employees want to feel valued, aspire to learn and develop, and seek career development opportunities within the company. When they see these opportunities compromised, they start looking elsewhere.
The winning strategy is to ensure that employees feel fulfilled at work. This not only saves on recruitment costs but also retains valuable and hard-to-replace employees. By cultivating your employer brand, people leaving your company will have positive memories and share them outside.
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