Retaining employees has always been a top priority among employers, for it ensures continuity and reduces the cost of training and development. In order to retain people we as HR professionals need to understand “Why and How People Change Jobs”. A recent survey on professionals who moved to new company, highlighted that the change was for advancement in their careers, more challenging work, and of course, bigger paychecks.
What is more interesting is that nearly one in every two individual expressed that they might have stayed. Interesting isn’t it, then we as HR professionals have a big responsibility to retain these employees for they can definitely reduce the attrition by 50% an important KPI for any HR.
Let us look at what exactly could we do?
Here are few things as HR we could do.
Pave strong career paths and highlight advancement opportunities.
Majority of the time people look for career advancement and hence move out. Fast moving employees want career road-maps and challenging work. If you set clear expectations and give them visibility into opportunities that help them advance their career or skills, they are likely to be more engaged and productive and will stay back.
To ensure the above it is important that we Open up new requirements to employees first.
Increase visibility into internal openings by giving employees first-dibs on new gigs. Spotlight new jobs in company all-hands and team meetings, or send a monthly email to each department. Opening the dialogue about all the ways employees can progress within the company will help drive internal mobility and growth.
Monthly career development meetings
The pressure of daily business seems to always crowd out career conversations, so have managers schedule one-on-one career-focused meetings with their direct reports. Discuss their goals and needs, ensure that expectations are clear, and check that progress is being made. Regular check-ins demonstrate that managers care, and allow the employee to bring up any potential issues before they can grow into serious problems.
Show them the money (and value).
When an employee says he is moving for higher pay he actually is looking at more in his pocket. If as HR we can add few extra money to his pay check by way of restructuring the package he is more likely to stay back. Look into fresh compensation structures and unique lifestyle benefits that reinforce how your company truly values employee’s time, careers and commitment.
Get your comp team’s attention
74% of job switchers receive larger compensation packages – often 30% higher or more than their previous role! Show these stats to your compensation team and discuss ways to remain competitive. Also, you don’t have to give major bonuses to make a difference.
Offer stay-worthy perks
Outside of direct benefits, work with your team to provide lifestyle perks that boost employee’s happiness in the office. For example, ease the daily commute
with a free bus or train pass. Prevent burnout with half-day Summer Fridays or comp time during busy seasons. Make the day-to-day even more amazing with free onsite massage chairs, manicurists or lunch on a monthly or weekly basis.
Recognize professional accomplishments, both big and small.
A little thanks goes a long way. Recognizing and celebrating talent for their accomplishments makes them feel valued, ultimately building motivation and trust.
Write thank you notes
Whether an employee is closing a strong sales quarter or pulling an all-nighter to fix IT bugs, show them that you appreciate all their professional contributions with a handwritten thank you note or a heartfelt email. The former CEO of Campbell’s Soup, Douglas Conant, wrote over 30,000 personalized thank-you notes during his tenure, driving the company from terrible employee engagement to high performance records.
Celebrate meaningful milestones
Have managers organize team lunches for employee’s work anniversaries, or adorn desks with balloons and cupcakes for their birthday or if an employee reached a personal best or the team exceeded a lofty goal. These special touches spark an emotional connection and build loyalty.