The 4 Secrets of High Employee Retention
Jan 29, 2018
According to Expert HR, approximately 1 in 7 employees resigned in 2016, this number steadily increasing in the UK since 2012.
Additionally, one out of ten new hires quit before they were employed for 12 months.
It’s a problem, because low retention rates cost money - it decreases profit and is bad for customer satisfaction, which is the lifeblood of any business.
The key then, is to engineer a staff retention strategy. In this article, we’ll check out the 4 primary keys of high employee retention, which can be used as a foundation for your strategy.
But first...why do people leave organisations?
Top causes of poor retention rates
Mismatched job descriptions
HR Review reports that the greatest reason for new employees leaving in the first 12 months, are due to poor, mismatched job descriptions, which build misled employee expectations. This leads to demotivation and job dissatisfaction.
Industries that take the biggest hit in this area are retail, engineering and the legal sectors.
Penning the wrong job description leads to employing the wrong person for the job, low productivity, de-motivation, disengagement, and oftentimes, premature resignation.
The next big reason people leave organisations, is that they don’t enjoy working for their boss. Strong leaders attract the best talent.
Poor recruitment processes
In industries that experience high turnover, new recruits tend to leave within the first 12 months of employment. This is due to bad recruitment processes and selection, as well as poor onboarding processes.
Essentially, the potential for poor retention starts before the recruitment selection phase even begins, either by creating a bad job ad that targets the wrong candidates, writing a poor job description, or selecting the wrong kind of person for the job.
The 4 primary elements to high employee retention
Your goal must always be to attract top talent and retain it, and this is how:
Number 1: build the right organisational culture
Make sure to attract the right people by building a desired organisational culture.
Careful thought needs to be put into this phase, because the job ad design needs to be based on this information.
To attract top talent, your company needs to build a culture that attracts those people, and then in order to keep them, you have to make sure they are fulfilled and happy.
Number 2: base the job description on the target audience
A detailed job description given to your recruitment partner is the key to finding the right candidate.
This will enhance the recruitment process, resulting in the right candidate being hired.
Number 3: implement a good onboarding process
This point is essential in any industry, but specifically for those who generally experience a high turnover, because a good onboarding process can increase retention levels dramatically, especially in the first year of employment.
When the onboarding program is done properly, the benefits are:
- Increased job satisfaction for employees.
- Higher commitment to the vision and goals of the company.
- Lower staff turnover.
- Improved productivity.
- Less stress for staff.
Number 4: include motivating programs and training
High achievers are for the most part, not attracted by higher salaries. More than anything, they are motivated by job satisfaction. When top talent experience job fulfillment and job growth, this results in high retention levels.
Image Credit: Driving Sales
The key then, is to keep them, and motivating programs like rewards, recognition, training and knowledge enhancement should be implemented for this purpose.
Increase employee retention by sourcing the best talent.
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