Once you have a new employee, how do you retain them? Have you thought about how much effort and cost goes into recruiting, interviewing, evaluating, conducting meetings to make the hire decision, training, orienting, putting a person on the payroll, etc., only to lose them down the road…..ugh! Read this week’s Power Idea from Senior Strategic Partner, Charles Parnell, and you will begin to see the number of processes that need to be in place and the cultural environment that is necessary for long term retention of top talent. Enjoy this week’s, Power Idea! 

The discourse in the employment world is how you hire superior talent. It is more challenging to retain the talented people. If they join your organization and leave, you will not get a return on your investment. Employee retention in the workplace is a human resources strategy that contributes to the effectiveness of the organization. The purposes of retention are: lower costs associated to turnover, increase customer and employee satisfaction, increase productivity, quality service and products, and increase financial success.

Here are some tips and ideas to effectively retain employees:

  • Hire the right person
  • Provide a formal onboarding program and establish realistic expectations
  • Provide training, education and development
  • Build trustworthy, loyal relationships with the employee and the staff
  • Promote an organizational culture of participation
  • Offer equity and ownership (if practical)
  • Create career challenges and promotions from within – talented employees want to learn, do and become
  • Pay market wages and better
  • Offer participation in bonus and stock programs
  • Offer competitive and better perks and benefits
  • Have effective communication system throughout the organization
  • Create a flexible work environment
  • Consider employment contracts (where practical)
  • Conduct retention surveys with direct reports to ensure everyone is on the same page
  • Make employee retention a priority
  • Treat your employees like you treat your most valuable client
  • Get your employees to “fall in love” with your organization
  • Strong retention strategies become strong recruiting strategies
  • Remember the “fun factor” is very important to many employees
  • Flexible benefits
  • Rethink traditional workforce

It is critical to retain superior talent. It pays tangible dividends to your organization. A cost benefit analysis incorporating these strategies and ideas (where practical) will move your organization to the top of the list in effective employee retention.