5 Tips from HR to Retain Your Best Talent & Avoid Employee Retention Crisis!
As an HR professional, you know how difficult it is to retain your best talent. It’s a constant struggle to keep them engaged, motivated, and satisfied with their work. But what if we told you that there are some unconventional tips that can help you retain your top employees? In this post, we’ll share 5 such tips that will make a huge difference in your employee retention efforts.
Tip #1: Review and update your benchmarkings
One of the most common reasons employees leave a company is because they feel they are not being paid fairly. To prevent this, it’s important to update your benchmarking rates regularly to ensure your employees are being paid at or above market rates. This not only helps you retain your current employees, but also attracts top talent to your organization.
As a thumbrule, if your employee is getting more than 30% pay hike for the same role, you need to check your compensation benchmarkings again. If they are getting promoted in the new organisation, it might mean they were not able to progress at a pace they wanted so allow them to plan their own career pace, explained below.
Tip #2: Allow Employees to plan their career
One of the biggest reasons employees leave a company is because they feel that there is no room for growth and advancement in their careers. To avoid this, it’s important to allow your employees to plan their career paths and provide them with guidelines on how they can achieve their goals in their expected timeline. This not only keeps your employees engaged, but also helps them see a future with your organization.
For example, Amazon has a program called Career Choice, which provides employees with the opportunity to learn new skills and advance their careers within the company. This program not only helps Amazon retain its best talent, but also creates a culture of continuous learning and growth.
Tip #3: Be a Pioneer of New Employee Benefits
One of the best ways to retain your employees is by offering unique and innovative employee benefits. This not only sets you apart from your competitors, but also helps you attract and retain top talent. Consider offering benefits such as flexible work hours, remote work options, extended maternity leave options and recreational memberships.
For example, HubSpot offers its employees unlimited vacation time and encourages them to take time off whenever they need it. Airbnb offers its employees a “$2,000 annual travel credit” that can be used towards any Airbnb listing.This not only helps employees achieve a better work-life balance, but also fosters a culture of trust and empowerment.
Tip #4: Build a Sense of Community
Employees are more likely to stay with a company if they feel a sense of community and belonging. To create this environment, it’s important to encourage collaboration and communication among your employees. This not only helps them build relationships with their colleagues, but also fosters a sense of loyalty to the organization.
For example, Zappos is known for its strong company culture, which is built on the principles of collaboration and communication. The company encourages its employees to get to know each other and fosters a sense of community by organizing team building events and activities.
Tip #5: Train the leaders to lead the leaders to be
Millennials and Gen Z employees have different work styles and expectations from previous generations. To ensure that managers are equipped to handle this new generation, companies should provide appropriate training and resources. This can help managers understand the mindset of younger employees and adapt their management style accordingly.
Google offers a “People Management” and course for its managers to help them develop the skills they need to manage a diverse and dynamic workforce.
By implementing these 5 tips, companies can create a work environment that attracts and retains top talent, while also improving employee satisfaction and productivity.
