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Top 6 Employee Retention Strategies in 2021

Top 6 Employee Retention Strategies in 2021

Though hiring a new employee sounds easy and feels right to fill the gap, employee turnover costs the organization huge capital and morale. Employee turnover is a huge challenge in a developing nation like ours where most of the industry is still trying to bloom.

 

Employee retention strategies can be the solution to the huge turnover your company has been experiencing. Employee retention is one of the organizational goals to retain employees and decrease employee turnovers and strategies to achieve this goal is known as the employee retention strategies.

 

Employee retention strategies are very crucial for small businesses as this helps the businesses to sustainably utilize the limited resources available while creating a stable workforce environment. Today, experts at Kumari Job have listed out the top 6 strategies to retain employees for 2021. The strategies discussed are:

 

1) Opportunities for Professional Development:

Giving employees competent pay isn’t the only reason an employee stays in today’s business world. Doing the same thing the same way makes one a robot while these days, even a robot gets updated. So, employees love to work harder and stay longer if they are provided with opportunities to grow personally. When an employee evolves personally, this helps yield results for the company in the bigger picture.

Therefore, creating an environment where employees can develop professionally and personally will be a great strategy to include in your employee retention strategies.

2) Opportunities to Advance in Career:

Be it in life, economy, or career, human beings by nature desire advancement. As per a study, it is found that for every 10 months an employee continues in the same positions, the chance that the employee will quit increases by 1%.

Huge companies like Google and Microsoft have applied dual career ladders i.e. the ladder for managerial level and technical level.

This methodology has given employees in the entry-level of both ladders the opportunities to grow. This strategy is proven to retain talented employees and prepare them to serve the company both as a productive employee and a mentor for the newcomers.

3) Proper Onboarding Processes:

More than 80% of the companies aren’t onboarding their hires effectively which is why they have a low employee retention rate. Onboarding is a process of integrating new hires into the organization. Having a proper onboarding process, a company can maintain the excitement of new hires while helping them minimize their challenges.

With the onboarding process as one of your employee retention strategies, you make an engaging environment for your employees.

4) Appreciating and Recognizing Employee:

It was found that around 70% of employees quit their job if they feel unappreciated in their company and around 65% already feel under-appreciated. Well, keeping the employees motivated is one of the most underrated yet important things managers always overlook.

Some of the ways to make your employees feel appreciated and recognized are:

- Awarding best performing employees

- Giving Incentives

- Helping underperforming employees

- Provision of dinners and outings

5) Work-Life Balance:

According to the researchers from Harvard and Stanford, it is found that 20% of a person’s life expectancy is reduced because of long office hours while also increasing the stress level of managers and employees.

Overworking employees perform less after a certain time which means overworking strategy is only effective for a short-term goal while being harmful in the long-term. It is always great to work a few extra hours but a lot of times, these extra hours hinder the work-life balance increasing employee turnover.

So, having a strategy to maintain the work-life balance within the employee retention strategy is very crucial.

6) Communication and Feedbacks:

Having an open and healthy communication environment strengthens the overall employee retention strategy. Giving employees the freedom to share their ideas, ask their queries, and show concerns in front of their employers is very important. Allowing employees to share their ideas, ask questions and show concerns in front of their supervisor is important. Also, to maintain a balanced give and take, employers must connect with equal compassion, transparency, and integrity.

This form of communication helps to pass the all-important feedback while creating an environment to work on those feedbacks. So, proper communication and feedback are a must include in the employee retention strategy.

 

In a nutshell, employee retention is a must for small companies with the limited resources and capital. Moreover, these strategies help to mitigate during crisis management. You do not need to invest much in framing the perfect employee retention strategy, rather a few time and clever minds when added with your execution is enough to reduce employee turnover and increase employee retention rate.