It goes without saying, but high turnover is harmful to your business. It increases costs, diminishes employee morale and productivity, disrupts client relationships, and robs you of competitive skill sets. If your turnover is unusually high for your industry, it may be time to reassess your approach to employee retention. Here are seven retention strategies that may resonate with current and prospective employees:
1. Pay employees fairly and flexibly
Conduct an internal pay equity review using a people analytics solution to see how many employees have potential pay gaps and develop a plan to close them. For greater pay flexibility, partner with a payroll provider that offers earned wage access (EWA), a feature that allows employees to access a portion of their already earned wages outside a traditional pay cycle.
2. Invest in desirable benefits
Determine which benefits to offer by reviewing external data and surveying your employees. Also, don't overlook the distinct advantages of a benefits administration solution, especially one with decision support features that help employees select the right benefits for themselves and their dependents.
3. Create a diversity, equity and inclusion (DE&I) plan
Analyze employee data to locate areas of your organization that are not as diverse as others. DE&I dashboards can also help you identify termination reasons that may be affecting diversity, biases in recruitment funnels and more.
4. Provide options for growth and development
Plot employee growth and development more easily with a talent management and activation solution. You can track team strengths, performance and productivity, support ongoing collaboration and coaching, provide targeted learning and development programs, and more.
5. Optimize recruitment, screening and onboarding
Create better job descriptions, engage passive candidates with a mobile-friendly careers site, integrate background checks with compliance mandates and speed the time-to-hire. A talent acquisition solution makes these objectives possible and it delivers a digital onboarding experience that’s simpler than a traditional, paper-based process.
6. Offer flexible schedules
Consider flex time, which gives employees more control over how they structure their hours. The right time and attendance solution can help you create and oversee such schedules quickly and efficiently while empowering employees with collaborative scheduling, shift swapping and time card approvals.
7. Check in with employees frequently
Encourage your leaders to regularly converse with their team members in a relaxed, friendly fashion. An employee engagement platform can not only automatically schedule these check-ins, but also activate sustainably great work and strengthen engagement by matching employees' strengths with tasks.