The art of good retention
Holding onto high performing employees is fundamental for any business although at times it can be very challenging. So, what can management do to encourage key employees to stay with them? Here are a few suggestions based on initiatives we have seen work well for our clients.
Look at the data
Talk to individuals to understand why they are leaving and use the findings from these ‘exit interviews’ alongside broader trend information, for example, are employees from a particular team or demographic group leaving, and what is the cost and impact of employee turnover on the organisation?
Take action
The data you collect can be used to develop a costed retention strategy focussing on the issues and causes of turnover specific to your business.
As well as ensuring that you have attractive pay and benefits, you may want to consider the following practices to improve retention.
- Invest in training your managers – It is commonly said that people leave managers rather than organisations.
- Flexible working practices – Wherever possible, accommodate individual preferences on working hours and times. It’s also important to monitor workload to ensure it is manageable.
- Treat people fairly – A perception of unfairness, whatever the reality, is a major cause of voluntary resignations.
- Employee wellbeing – Support managers to help their teams thrive and manage issues such as workplace stress and presenteeism.
- Enable career development – Maximise opportunities for employees to develop skills and careers and manage career expectations. Where promotions are not feasible, look for sideways moves that allow employees to gain different development experiences. This can also benefit your succession planning.
- Consult employees – Ensure that staff have a ‘voice’ through regular performance conversations, check-ins and surveys.
