How to Increase Employee Life Cycle and Staff Retention
Increasing the employment life cycle
Over the last decade, we have seen quite a significant decrease in the average employment life cycle with mobility, especially in the younger generation, gathering pace in the technology business.
While this can be great news for those looking for new challenges in order to develop their career, it can be problematic for other employers.
Fresh talent is always a good thing, but considering the amount of time spent on training and the associated costs invested in younger workers, it makes sense to try and reverse this trend.
The truth is that good staff retention levels will help you to keep working at maximum output, giving you time to focus on business, rather than recruitment.
The importance of staff retention strategies
According to 47% of HR leaders surveyed for the 2018 SHRM/Globoforce Employee Recognition Report, employee retention and turnover ranks as the top workforce management challenge.
This means that focusing on great staff retention strategies is a must for all companies that don’t want to lose those brilliant minds that actually add value to the business.
So with a shrinking employment life cycle, how do you keep young workers with itchy feet onboard?
The trend of leaving a position more quickly compared to 10 years ago could be down to many different factors, but essentially, your internal procedures, trust and respect could make all the difference in bucking it.
Creating a great workplace culture and implementing strong strategies will do more than just helping with staff retention.
By showing you value your employees, an increase in performance, productivity and morale will certainly be seen.
Top retention tips to increase employment life cycle
Recruit right. The first strategy for retention is hiring the right staff in the first place. Consider assessing behaviour and attitude, as well as skills and experience. Don’t be afraid to ask for help from a recruitment expert if needed.
Nurture relationships. You do not have to be best friends and you do need to stay professional, but there has to be honesty, open communication and respect if you are going to get the best out of your staff and keep them engaged. Take an interest in the person, not just the position, and you will foster a culture of not only loyalty, but also mutual respect.
Define. Younger workers are more likely to be looking for the next best thing or a new, more interesting opportunity. So make sure you map out the possibilities for their personal progression. By understanding the pay, bonus and promotional structure, they have a tangible career path to follow, believe and aim for.
Develop. If you know your staff well, you will be able to identify other skills they could use on different projects or in different departments. Opening up a great opportunity for cross-training and personal development, is seen as a great challenge by many of workers. This provides a flexible workforce and helps them to understand the business from a broader perspective, while keeping them interested and engaged by providing new challenges.
Ask for input. Communication is the key. Keep the lines of communication open both ways, and regularly ask employees for their thoughts, ideas and feedback. Give them the opportunity to solve problems themselves – show you trust them and believe in them and they will work hard to prove you right, feeling they are a valuable member of the team.
There’s a new joiner in the company? As soon as you introduce him/her onto the team be clear about your company culture, promote your internal values and ensure you have transparent policies in place to help reassure him/her.
Given the competitive market nowadays, you will always have some drop off. However, employers that show they value and want to keep their staff happy and engaged, for sure increase their own average employment life cycle and create a stable and reliable workforce – so get those staff retention strategies in place right now and make sure to stick with those geniuses you’ve hired in the first place!
May, 3 2019
Stelfox is proud to have had two guest speakers at the Ireland India Business Association and UCD Sm...Read more>