Human resource management has become a major issue for companies that want to ensure their sustainability. Staff retention is an essential pillar of this management, and staff turnover is a key indicator of the stability of the organization. This article discusses effective methods and techniques to help you reduce the staff turnover rate in your company. Read on and discover our advice.
What is employee turnover rate?
Employee turnover rate, also known as staff turnover, is an excellent reflection of the internal dynamics of a company. It allows you to indicate the percentage of employees who leave your company during a given period. In other words, it is a barometer that measures a company's ability to retain its human capital and create an environment conducive to professional growth.
It is worth mentioning that this turnover rate encompasses several aspects, including voluntary departures, layoffs and retirements. It is a data that, when analyzed carefully, can provide important information about your company culture, talent management and even overall employee satisfaction.
Delving deeper, it is possible to identify two types of turnover rates: voluntary turnover and involuntary turnover. Voluntary turnover includes employee-initiated departures, which are often related to factors such as job satisfaction or career opportunities. Involuntary turnover, on the other hand, results from company decisions such as layoffs or restructuring.
What are employee retention strategies?
If you're concerned about retaining your most talented employees, here's a look at retention strategies you can put in place.
Focus on personalized professional development
Beyond conventional training programs, personalization is key. It is important to identify each employee’s aspirations and establish specific development plans that align their personal goals with your company’s objectives. This can include courses, mentoring, and personalized career coaching programs.
Creating a work-life balance
You need to recognize that employees' personal and professional lives cannot be completely separated. Your employees should be able to benefit from more flexible work schedules, telework days, or leave policies that balance their professional and personal needs.
Celebrate victories, even the smallest ones
To build a good employee retention strategy, recognition shouldn’t wait for big accomplishments. Consider creating a company culture where small successes are also appreciated. This can be accomplished through token rewards, mentions during team meetings, or even the use of recognition platforms.
Cultivate active listening and provide ongoing feedback
How about creating formal tools to regularly collect feedback from your employees? Active listening, through surveys, one-on-one meetings, and open forums, helps you understand employee concerns and adapt policies accordingly.
Improve social benefits
Beyond base salary, benefits play an important role. An employee’s decision to stay with a company can be greatly influenced by comprehensive insurance plans, attractive retirement plans, and benefits that focus on physical and mental well-being.
How to improve employee retention?
Improving employee retention requires a deep understanding of each employee’s aspirations. A personalized approach to workplace well-being strengthens the bond between workers and your company. Here are some suggestions for dramatically increasing employee retention.
Personalized development plans and regular assessments
In addition to annual reviews, hold regular meetings to discuss each employee’s aspirations, skills, and career goals. You should make sure to create development plans that are tailored to their unique needs and that encourage continued growth.
Flexibility of career paths
Encourage internal mobility to foster career flexibility. Giving employees the opportunity to explore different areas within your company can prevent stagnation and boost engagement.
Results-based rewards
To improve employee retention, consider implementing reward systems that take into account individual and team performance. Gift cards, bonuses, promotions, and performance-related perks help your employees feel recognized for their efforts.
Staff attraction and retention
Contrary to popular belief, attracting and retaining staff is not limited to recruitment efforts. It also involves creating a stimulating and satisfying work environment. Here are some ideas for attracting and retaining talent in your company.
Building an engaging employer brand
Building an engaging employer brand that highlights culture, values and opportunities for growth is a great way to attract and retain staff. Use employee testimonials, corporate videos and social responsibility initiatives to demonstrate the positive impact your company is making.
Implement an immersive onboarding process
Creating an immersive onboarding process helps make new hires' onboarding memorable. This can include a detailed introduction to the company's culture and goals, a meet-and-greet with the team, and interactive welcome sessions.
Improve your reputation as an employer
Actively working to develop a positive reputation as a top employer is an effective way to attract new talent. This can be accomplished by participating in company rankings, earning quality of work life certifications, and encouraging current employees to become ambassadors for your company.
Accolad, a strategic ally for the success of your employee retention
Accolad can help you significantly reduce employee turnover in your company. With its recognition solutions, you can automatically send a personalized gift to your employees at the right time. In addition, it offers a multitude of quality rewards to your employees, so they can choose what they like best.
When it comes to finding the perfect gift, Accolad gives you access to a wealth of gifts to suit every taste, budget, and interest. Plus, you can customize each gift to fit your specific image and needs. By effectively rewarding your employees for their work within the company, they will not be tempted to quit. This can significantly reduce employee turnover. Want to learn more? Contact us today.