Because costs associated with employee turnover are increasing daily, organizations that keep employees think employee retainment is worth the time and investment involved. There are costs involved in hiring new employees and “soft costs.” The soft costs include training costs, cultural impact costs, lowered production costs, and decreased engagement costs. The following are several employee retention strategies one can use in his/her business.
Identify Candidates Who Will Stay the Course
How does one do this? He/She should read between the lines on a resume or application. For instance, has the applicant played team sports or been a volunteer for causes other than work? This can tell you if the applicant can stick with a purpose. But if you hire a job hopper, you are taking a gamble. If the applicant has had multiple jobs over several years, they may be challenging to keep.
Be Transparent and Open
There are areas of proprietary knowledge in business that one does not want to share with one’s employees. However, when it is an appropriate sharing of information, it helps motivate employees. Sharing of information can help develop a shared purpose and sense of community among one’s employees. Open-door policies make employees feel their opinion matters and further interpersonal communication. Managers may share their personal network of friends, former colleagues, and networking contacts. This allows the employees to grow and learn from other supervisors and administrators outside one’s own company.
Put AI And Data To Work
One should use sources of company information to identify the employees who are most likely to leave their jobs and why. Next, steps should be taken to keep that from happening. Using advanced analytics and artificial intelligence can help identify factors supporting employee attrition. Once these underlying factors are identified, corresponding actions can slow or stop the bleeding and/or hiring carousel. Artificial intelligence and data from your company can uncover hidden company data, such as the most frequent time of year for employees to leave.
Be Prepared for Turnover
Your data and analysis probably will not stop attrition. Your organization must be prepared to move on toward your goal without these employees. An employee who does not want to work for you is a liability.