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You may have heard the adage that it’s usually less expensive to keep an existing team member than it is to hire a new one. Research bears that saying out, but preventing employee turnover isn’t something that just happens. Well thought-out employee retention strategies are crucial to keeping your best and brightest. While every human resource team’s strategy for retaining employees will vary, exit interviews with departing workers reveal that there are some universals no matter your industry.
Employee happiness is a key consideration for reducing turnover rate. Maybe it goes without saying, but when an employee feels engaged and valued in their work, they will be less likely to look elsewhere. Businesses can improve employee engagement by actively seeking feedback from workers, emphasizing meaningful tasks over busywork, setting clear and reachable goals, and training management in building engagement plans.
The opportunity for advancement is an important factor in many employees’ work goals. A worker who doesn’t see an opportunity to move up the ladder is more likely to seek a job where they can. A few areas where employers can help their employees feel engaged with their professional development include instituting a clear succession plan, offering on-the-job training, offering tuition reimbursement for continuing education.
Maximizing job satisfaction for today’s workforce increasingly means guaranteeing a strong work-life balance. That includes traditional benefits such as paid time off and overtime pay, and increasingly also includes factors like flexible schedules, flexible working conditions, and opportunities for remote work.
Ascentis' powerful talent management software can help you with all of your employee retention goals.