Top 10 Effective Strategies for Enhancing Employee Retention (Full Transcript)

Speaker 1: Creating a highly engaged workplace begins with having effective employee retention strategies. Employee retention is the organization's goal to keep talented and skilled employees and retain them. So what can you do to keep your employees happy and avoid job hopping? Here are the top 10 employee retention strategies. Number one, hiring the right people. 80% of employee turnover is due to bad hiring decision. Hiring the right people can decrease employee turnover to a large extent and help in employee retention. Number two, shaping their growth and development. Helping employees achieve their short term and long term goals is one of the most crucial employee retention strategies. Therefore, designing in-house training programs for employees can advance their professional development. Number three, providing out-of-the-box benefits. 50% of adults would leave their job for better benefits. Catering to the needs of your employees is important. Employees favor benefits like financial incentives, retirement saving plans, sabbaticals, incentive stock options, life insurance, etc. Number four, appreciating your employees. Appreciating your employees for their efforts and achievement goes a long way. Thank you notes, social recognition programs motivate and encourage an employee to contribute and excel. Number five, maintaining work and life balance. 11% of workers have refused a new job due to a lack of good work-life balance. To take the pressure off employees, share the workload, allow work from home and practice flex time. Number six, providing monetary benefits. One of the major reasons that make employees quit is the lack of compensation and hiring someone new can be quite costly. To avoid this, you can give a fair and just appraisal to every deserving candidate. A salary hike is another way to retain top performers. Number seven, practicing a feedback culture. Regular feedback can reduce employee turnover. Feedbacks make it easier for employees to understand and track their goals and responsibilities. Number eight, conducting exit interviews. Conducting exit interviews just before an employee is about to leave is very crucial. An exit interview is asking a departing employee about his experience at the company. This process can help throw lights into things like toxic management and departmental conflicts. Number nine, building health and wellness programs. 60% of companies offer wellness programs to stay competitive when attracting and retaining employees. Having a comprehensive health plan which takes care of the overall wellness of your employees is important. Providing health insurance is another great way to take care of their wellness. And number ten, providing leadership opportunities. Many employees feel they are capable of contributing more. Assigning them with the right task, opportunities and responsibilities can increase employee satisfaction and hence help in retention.