Companies that invest in improving employee retention can reap significant rewards, and a competitive advantage to keep employees longer. Competition for good employees is rising, and businesses have to work hard to retain top employees. Business leaders must learn how to keep employees longer and establish an engaged workforce. Position your company for success by identifying what motivates your employees, provides job satisfaction and leads to employee retention.
How can your business focus on your employee retention strategy to keep employees longer?
Employee retention is a company-wide effort that begins with recruitment and should include company culture, growth opportunities, and employee recognition.
Keep Employees Longer With the 90-Day Rule
In an article by the Wall Street Journal, many executives and human resources specialists indicate how to improve employee retention. They focus on a specific common goal: to hold on to that employee for 90 days. According to these leaders, if a company can hold on to a new employee for 90 days, then that employee will likely stay at the company for at least a year or longer.
One reason for the 90-day benchmark is it takes new employees time to get into the routine of a new job. Meaning it’s those critical first days that will determine if a new employee stays.
Follow these 5 rules to reach this 90-day employee retention benchmark:
1. Recruit the Right Employees
Use well-written job descriptions to attract suitable candidates while helping weed out those who aren’t the right fit. A well-written job description should clearly outline the specific responsibilities and requirements but highlight the value of your company culture. Consider including details such as anticipated day-to-day tasks, what the team structure is like, and how the role fits company goals.
Businesses should strive to be as transparent as possible and address potential challenges, such as how future growth may cause roles to evolve quickly or that a candidate must be comfortable working in a flexible environment. Help potential employees visualize how they will contribute and thrive at your company.
2. Create an Engaging Onboarding Process
A company’s efforts to keep workers longer start with the onboarding process. Not only is onboarding the first impression a company makes on a new employee, but making them feel comfortable in their new workplace can do wonders for employee retention. Companies can develop an engaging onboarding process by:
- explaining how the company operates
- educating them about their responsibilities
- creating straightforward training materials
- offering support and guidance
- giving them the resources needed to complete their tasks
- creating an environment where they feel accepted
Ask employees for feedback so you can keep optimizing your onboarding process.
3. Improve Company Culture
Company culture encompasses organizational dynamics, leadership style, internal communications, collaboration, and positive relationships between team members. Company culture sets the tone for everything an organization does and is critical in determining how much employees enjoy their job. Managers need to be clear with new employees regarding the workplace culture so that new employees know what to expect and can envision their future at the company.
4. Create Growth Opportunities
Investing in your employees through training, development, and growth opportunities greatly reduces turnover and boost employee engagement. Employers can help improve employee retention by providing employees with a clear career development and growth plan, with options for mentoring, career guidance, and personal development.
Remember, career growth should not be limited only to upward mobility or promotions. Professional development can also include continuing education, increased responsibilities, or participating in professional organizations. Managers should also collaborate with their employees to create a development plan that considers how an employee wants to grow in their respective position. Investing in growth opportunities and career development is a powerful incentive for employees to stay at your company.
5. Employee Recognition
Rewards and recognition are important to your retention strategy to keep employees longer. Employees who feel valued and appreciated are more motivated to perform well. Employee recognition could tie to performance, company values, or an appreciation for meeting a specific employment milestone.
Employee recognition drives employee engagement, which drives business success, so take the time to acknowledge your employees.
- To keep workers longer, many businesses focus on a specific common goal: to hold on to that employee for 90 days.
- A comprehensive employee retention strategy can greatly help keep employees longer.
- Employee retention is a company-wide effort that begins with recruitment and should include company culture, growth opportunities, and employee recognition.
- Your Safeguard Advisor will help you execute personalized strategies that fit your business.