To accomplish its retention objectives, a company may need to use effective methods in a variety of areas. Included under this category are
- Recruitment: Significant research indicates that providing candidates with a realistic job preview throughout the recruiting process has a beneficial effect on retaining those new recruits, suggesting that recruitment practices might have a significant impact on attrition.
- Socialization: New hires have a high rate of attrition. New recruits are more likely to remain if they are integrated into the corporate culture via deliberate onboarding and assimilation methods. Some examples of these methods include pairing new recruits with more seasoned workers to serve as role models and providing them with opportunities for both group and individual learning.
- Instruction and growth: Employees who are not provided with opportunity to acquire new abilities are more likely to look elsewhere for work.
- Money and other benefits: Even if pay and job satisfaction are only moderate indicators of whether or not an employee would quit, a business still has three options:
- Pay and benefits should set the standard.
- In a person-based compensation system,
- incentives are focused on the specific goals of each employee.
- Rewards should be explicitly tied to retention (for example, vacation time might be tied to seniority, incentives or stock options could be offered to workers who have been with the company for a long time, and defined benefit plan payments could be tied to length of service).
- Supervision: Fair treatment by a supervisor has been shown to be the most critical factor in employee retention, according to a number of studies. This would prompt an organization to invest in training its managers and supervisors in effective communication and leadership techniques.
- Participation from staff: Engaged workers report high levels of job satisfaction, job enjoyment, job significance, business pride, and a belief that their contributions are valued by management. Highly involved workers were shown to be five times less likely to leave than their less engaged counterparts. Please go to Building and Maintaining an Engaged Workforce.
- Findings on the major reasons of employee turnover and ideas for low-cost remedies are included in SHRM’s Better Workplaces on a Budget study.
The employers should also know that