Employee Retention Strategies

April 10, 2019
    

A high turnover rate inevitably comes with a high monetary and productivity cost to your company, and a potential revolving door culture where no new hire expects to stay for long.

Rehiring and retraining causes a major disruption amongst existing employees. Additionally, it prevents a business from falling into a healthy, rhythmic routine. When comparing a group of competitors or business rivals, it is often the case that only the very best practice employee retention strategies. By implementing employee retention tactics a business can guarantee a strong, energetic staff and out-compete companies with retention challenges.

A business should strive to find the best employee retention strategies to maintain the most consistent and effective workplace for employees and management alike.

Effective Employee Retention Techniques

Ultimately, the best employee retention ideas reduce friction and improve processes throughout the hiring and employment cycle, from application, to exit interview.

Checkster’s collective intelligence solutions provide insights into retention strategies and their effectiveness , allowing management to curate the most impactful employee retention ideas.

Listed below are four key ideas for improving employee satisfaction and retention with Checkster - so you can spend less time in the rehiring process, and more time as a productive business.

Make Better Fit Hires

One of the top talent retention best practices is to start at the beginning and create a more informed, careful hiring strategy. Checkster’s Digital Reference Checks allow for a thorough evaluation of a candidate’s references in minutes, instead of the time consuming and faulty traditional reference check process.

By making it easy for your candidate to invite their references to give feedback and making it easy for references to provide this confidential feedback, you get more and better information from references, all collected into actionable reports on each candidate. With visualization tools to rank individuals against applicant pool averages, Checkster’s digital reference checks also make it easy for decision makers to see who are the best fit hires for the company.

Building a strong team of like-driven individuals puts a business on the right track to long term success. By using tools to increase your visibility into candidate skills, you are more likely to find suitable candidates to begin with who will stay at your company for longer.

Ensure a Positive Hiring Experience and Effective Onboarding

One of the most effective ways to improve employee retention is to expand the onboarding process to include sufficient training and instruction.

Checkster’s New Hire Insights helps ensure that new hire strengths and weaknesses are identified and compensated for by your training program, by asking new hires and their teams to provide confidential feedback on their experience with the company and their performance. When you have full visibility of new hire performance from the team’s and the new hire’s perspective, as well as direct feedback about the new hire’s experience, you can effectively adjust onboarding/training outcomes and strategies to ensure greater retention of new hires.

Aside from preparing new employees for their job, longer onboarding processes also invest new hires into the company on a deeper level. Given that up to 80% of employees would happily leave their job, and are even actively seeking one out1, having steps set in place to truly welcome, prepare and train employees is the only way to avoid excessive turnover.

In a job market where workers are constantly seeking out the best opportunities for both their wallet and their sanity, onboarding is absolutely essential for ensuring high satisfaction for new hires. Nobody likes feeling like they aren’t being supported, and providing more substantive onboarding lends an opportunity for new hires to adapt to company culture, give them confidence in their position and allow them to become more productive, faster.

Provide a Positive and Supportive Work Environment

Creating a healthy, supportive work environment comes with many challenges for both employers and employees. It is imperative that a company culture is established by means of a solid, referable statement. Whether your culture is focused on providing superior customer service, having an energetic workplace, or simply providing a focused environment, any innovative retention strategies begin with this culture principle.

Checkster’s Talent Insights data can heavily contribute to improving a work environment by uncovering team dynamics, training procedures, and other company policies and practices that lead to retention, as well as areas that need improvement. With Checkster’s collective intelligence solutions, you can measure which of your creative retention ideas was most effective by analyzing candid feedback from your employees.

Conduct Exit Interviews to Identify Causes of Attrition

Exit interviews offer important insight as to why an employee chooses to leave a job. Successful workplace retention strategies aim to carefully oversee the entirety of the hiring lifecycle, and exit interviews are essential for gaining insight into the biggest retention and attrition drivers at your company.

Checkster’s Exit Insights provides a 360 degree view into why each employee leaves your company by making it easy for the departing employee, their team and their manager to all provide candid feedback. Using this data allows employers to make adjustments to teams, policies and practices that are causing a large number of talented employees to be driven from your company.

Creating Employee Retention Strategies for Your Company

While the benefits of innovative employee retention strategies are obvious, the path to implementing these policies can be long to travel. The following list offers straightforward questions to consider when deciding how to incorporate the retention strategies examples we’ve covered in this post.

  • What values does your company hold that can be used to establish a positive company culture?
  • What questions and scenarios can you present to a candidate during an interview to ensure they fit the established company culture?
  • How can you use the data gathered from current and past employees to ensure that your policies are driving greater retention levels?
  • Is your onboarding process an appropriate length for new employees to feel confident in their role?
  • How can you help employees to more effectively manage their workload?
  • What strategies can be implemented to boost morale in the workplace to motivate workers and drive retention?
  • How are strong teams in your workplace made and how can you strengthen teams within your company?
  • What nearby attractions (parks, sports stadiums, restaurants, etc.) can be used for company outings to improve employee satisfaction?

By implementing retention initiatives in the workplace that are driven by employee feedback and complementary to your company’s culture, you can significantly slow attrition and promote greater levels of retention at your company.

By providing you with collective intelligence tools for each stage of the hiring and retention lifecycle, from initial interview to exit interview, Checkster helps drive retention through greater hiring intelligence and greater insight into the impact of company policies on employees. To see how Checkster will help your company boost retention rates, you can set up a demo here to view our suite of retention solutions in action.

1https://www.prnewswire.com/news-releases/over-eighty-percent-of-full-time-workers-are-actively-seeking-or-passively-open-to-new-job-opportunities-300682881.html