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Employee Retention Strategy

How can you hire and keep your best people?

28Oct

Job hopping is the new norm. It’s a generational thing - Millennials, according to numerous studies, feel that moving from company-to-company is the best way to get promotions and increased salaries. They spend, on average, less than three years at each company they work for, equating to 15-20 jobs per career.

This puts companies in a predicament. Do they do their best to lengthen the service of each individual employee or resign themselves to the fact that they are going to lose everyone that comes through their doors within a 3-4 year period? The answer, it seems, is somewhere in the middle.

Retention strategies are commonplace, but so to are plans to replace even the most senior employees. This, for some companies, is healthy. The continual infusion of new blood keeps thing fresh and helps bring new ideas to the table.

Nevertheless, certain employees are worth saving, so let’s take a look at some the ways companies can do that.

Make work personal

When I was taking IT at school my teacher would implore the class to stop playing online games. As a major distraction, they got in the way and stifled everyone’s progress. While most don’t play games anymore, distractions - mainly in the form of social media - are a constant in offices.

Some companies have banned these sites. Instead of helping, however, this creates an environment where people feel like they are back in school. The line between work and someone’s personal life should be blurred, with employees confident that the odd Facebook visit won’t cost them their job.

Your mission should be their mission too

The concept of the ‘steady paycheck’ has changed. People have careers, and they want to make an impact at the company they work for.

If the company and the employee share the same mission it increases loyalty. Motivation rises too as everyone feels they’re working towards the same goal. This will ultimately reflect in the work they do and the methods they use to promote your brand.

Improve their skills

It’s easy to see why some companies see training as a threat. An organization might spend thousands of pounds sending someone on a course only for them to resign soon after. This, unfortunately, is just how the marketplace works. If a company wants to improve, it must train its staff and be willing to accept that those skills might make them more attractive to competitors. However, in this situation it is also important to make sure that you are more attractive to work for than your competitors.

It’s key to retention too. Millennials, in particular, deem it an important part of any compensation package, as they look to improve upon their current skill set. 

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