The Secret to Employee Retention

Last updated on June 20, 2024

To build a healthy team that drives success, it’s not enough to simply hire great employees – you need to keep them engaged and happy to reduce turnover. Employee retention is a pressing concern for many organizations, as the cost of turnover can be significant. Quitting places heavy demands on the workers who have to cover the tasks left by unfilled positions. 

Luckily, there are several strategies you can implement to boost your retention rate. From offering competitive compensation packages and implementing employee development programs to improving communication and promoting work-life balance, there are numerous strategies you can adopt to retain your workforce.

The importance of employee retention

While employers must build effective recruitment campaigns to increase the flow of qualified applicants, current employees are a driving force in attracting new hires too.  

Every team member has their own network. When they share their honest, positive opinion about your company with their friends and recommend your jobs to them, the power of conversation triggers emotional responses. Another human’s personal story allows your potential candidates to envision their wonderful future at your business, so they would likely apply for your positions with enthusiasm. But what’s the secret to employee satisfaction that makes your team indirectly recruit new employees? An exceptional employee experience. 

Let’s dive into how to create one so your workers would stay and encourage others to join your organization! 

It all starts with the hiring journey

Who you hire and how has a key role in preventing resignation. The people who are truly excited about their potential career at your company are the ones who are more likely to stay with you long-term. If they not only need but want your positions, it means that you bond with them before their first working day, so they will become productive and committed collaborators. 

Candidates who resonate with your employer brand at first glance are 38% more likely to accept your job offer. Build a strategy that helps you communicate your brand identity and leverage authentic interactions to establish strong candidate relationships. 

An effective onboarding process is also paramount. It impacts whether your new employee feels cared for. A poor onboarding experience can make your new hire 8x more disengaged in the first 3 months of their career, decreasing the chance to recommend you as an employer. Therefore, optimize your onboarding process with educational content and celebrate early success. 

Learn how to create the best candidate experience during the hiring journey from Sam Beiler, CEO & Co-Founder at Boostpoint®.

Increase job satisfaction

After being hired and onboarded successfully, the next thing that affects how long your new hire wants to work with you is the level of their job satisfaction. Although employees have various motivations, the combination of competitive pay, benefits, and a thriving company culture is necessary for them to act as proactive members of the team.

To increase job satisfaction and level up morale, make sure that salaries are in line with employee expectations. Offer benefits and perks where you can, so your workers will know that you invest in their wellbeing for the core reason: because they matter to you. Create a positive working environment where they feel valued. Realize their goals and appreciate their achievements. Feeling stuck in a job often results in resignation, so give your team opportunities to grow, such as attending industry events and up-skilling courses. 

Boost employee engagement

Employee engagement is the involvement of your employees in their work, which affects their connection to the team and your organization in general, along with their actions. 

Disengagement in terms of employees can break retention, leading to high turnover rates. According to the Harvard Business Review, employees need challenging experiences and ideally, cross-team cooperation to develop and stay loyal. Otherwise, they may suffer burnout and leave. 

As 67% of employees are not engaged in the workplace, improving your team’s engagement can be a game-changer in retention. 

So, how do you create an engaging company culture?

1. Put the right people in the right positions: Your employees can only thrive and act proactively if their tasks are in alignment with their traits and skills.
2. Assign meaningful tasks to them: If they know that their work matters, they will feel they contribute to your mission.
3. Provide feedback: Check in on a weekly basis. Evaluate their work and appreciate their efforts. Let them know where you want them to improve, so they will know where they stand in their career journey and what they may expect. 

Satisfied and engaged employees are loyal to your organization and happily recommend you as an employer. Thus, if you’re looking to hire the best talent, focus on creating an exceptional employee experience for your current team along with maintaining an effective recruitment strategy.

Wrap Up

In summary, retaining TOP talent requires a multifaceted approach. Start by attracting the right candidates who resonate with your employer brand, provide a robust onboarding experience, and ensure competitive compensation and benefits. Cultivate a positive and engaging work environment, where employees feel valued and have opportunities for growth. Regular feedback and meaningful tasks further enhance job satisfaction and loyalty. If you focus on these strategies, you can not only retain your current workforce but also turn them into advocates for your organization, creating a cycle of positive recruitment and retention.