HRM Five: Tips on successful employee retention
Job hopping has become a trend particularly among millennial employees these days and employers are facing an increasing challenge to keep hold of their best talents.
According to a report by recruiter Robert Half, 27% of Singaporean employees plan to jump ship in the new year, with 61.5% of the rest saying they are open to opportunities if approached by recruiters and hiring managers.
This should serve as a ‘wake-up call’ for employers to further up their game. Matthieu Imbert-Bouchard, Managing Director at Robert Half, urged employers to rethink their strategies – not just in talent recruiting, but employee retention as well.
“Employers need to work on their attraction and retention strategies in tandem as the same qualities that can attract top talent can also act as barriers to existing talent moving to a competitor,” he said.
“In order to secure the best talent, many businesses are actively targeting and trying to poach professionals from competing organisations. Employees are generally open to discussing new career opportunities, even when they are not actively looking for a new job, further highlighting the challenge of retaining staff in a role.”
With that, here are some tips on what you can do to help retain your employees:
1) Start with your salaries
Salary remains one of the most convincing factors when it comes to retaining your best people. It’s crucial that the compensation you offer remains at least in line with that of other firms in your industry and region, or just a little higher than what your competitors are offering.
2) Recognise employees’ personal lives
Helping your team to reconcile their work with personal duties can act as a major barrier to the lure of a higher salary from a competitor. Flextime, working from home, a compressed workweek and job sharing are effective tools to accommodate employees’ work-life balance needs.
3) Help them work happy
A key part of any serious retention effort is ensuring employees feel actively engaged in their role. Discontentment or ambivalence are often precursors to change, so have discussions to find out if staff think they are still being challenged in their role, what they enjoy most about the job and find opportunities to help them develop and grow.
4) Promote growth through professional development
Encouraging and facilitating your employees’ professional and career development sends the message that you care about it as much as they do. Moreover, the value of a long-term investment in career growth can often outweigh the short-term appeal of a competing offer and creates a compelling reason for employees to stay with your company.
5) Create a positive work environment
Employees spend a lot of time in the office, so don’t underestimate the effect of the social and physical environment on their likelihood to stay in a role. Those who have good relationships with colleagues and work in a comfortable and dynamic environment are far more likely to be happy on the job than those who do not get along with others on their team.