Employee retention encompasses the ability of an organization to keep its employees. It is measured over a given period of time to evaluate the success of an employer in retaining its talent. Organizations have developed many strategies to recruit and preserve their pool of high performers.
There are several different strategies that an organization will utilize to increase employee retention including:
effective onboarding and orientation of new employees
developing a mentorship or coaching program that supports the new employee
providing a competitive compensation package as compared with other companies within the same market or industry. This package may include a good retirement plan, affordable health insurance benefits, and paid time off.
implementing recognition and rewards programs that provide positive feedback to high performers within the organization
supporting a healthy work life balance to avoid employee burnout
offering training and development programs to ensure that employees are learning and developing their job skills
providing valuable, yet positive feedback on employee goals and accomplishments
keeping open lines of communication between employees and management where employees are able to share their ideas and concerns
promoting and cultivating a positive team-lead environment where employees feel supported and able to accomplish the goals and mission of their organization
Effective employee retention plans reduce costs for companies. They spend less time and money on recruiting and training new talent. They focus more on how to continue developing and nurturing existing talent by increasing employee satisfaction, happiness, and overall morale.
Learn about best practices for employee retention and talent acquisition.