Strategies for Employee Retention and Engagement
Understanding the importance of employee retention, this content emphasizes the impact of high turnover rates, benefits of retention, ways to achieve good employee retention, top factors employees consider when choosing an employer, as well as essential strategies for effective leadership and management. It provides practical tips like clear communication, training managers, recognizing achievements, and fostering work-life balance to promote a positive work environment and enhance employee satisfaction.
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Presentation Transcript
Building Employee Retention Nicky Gleadow, FCIPD, LLM Managing Director, The HR Point Ltd March 2023
What is the impact of a high turnover of employees? It is expensive to replace leavers Key knowledge and skills can be lost and take time to replace It can be unsettling and destabilise the team Morale can be reduced Productivity can reduce
How do you get good employee retention?
The top 5 important drivers when choosing an employer?
45% - flexible work arrangements Work life balance what do employees want? 36% - wellness and mental health resources 35% - training and development 32% salary protection / fair compensation 30% healthcare benefits 30% career development 29% compensation beyond salary 28% employee perks 26% family / childcare support 25% more purposeful time off
Leadership Have clear fair, transparent and effective leadership Tell people what is going on in the business (good and bad)
Management Train your managers Ensure managers get to know their team Ensure managers are fair and consistent! Give recognition and reward consistently and fairly
Do what you said you would do All company updates Be open and honest Say thank you and mean it Team meetings Ask people what reward and recognition they would like Understand individual motivators Look at market pay rates Encourage work life balance Offer training Set clear achievable goals and targets Provide all the tools needed to do the job Don t micro- manage Train your managers Give autonomy Don t ask anyone to do something you wouldn t Provide all the tools needed to do the job Have a safe, clean work environment Do what you said you would do Live your values
Measuring the impact Do a survey Ask people Look at your retention rate has it improved? Is morale better? Is productivity better Is the business performance better? Are your people happier?
Building Employee Retention Nicky Gleadow, FCIPD, LLM Managing Director, The HR Point Ltd
