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Retention of talent is very important for organisations. Companies that look after their employees and keep their good performers long term have better engagement, higher productivity and profitability. It makes good business sense to retain staff that add value and contribute to the organisation’s goals and objectives. Actively implementing retention strategies is a good way for organisations to demonstrate their commitment to employees and for keeping their talent.
You go to considerable trouble and expense to identify, interview, and hire great employees for your organisation. So retaining them should also be a top priority. Luckily, most good retention practices are inexpensive to implement.
Effective Employee Retention
Good retention starts from the time you hire employees to the time they leave your company. To understand how to retain good employees, you first need to know what they’re looking for. Today, the best employees want:
- Career development opportunities and a chance to grow in their chosen field
- Regular feedback on how both they and the company are doing
- A chance to contribute directly to the organization and be recognized for doing so
- Flexible work schedules that recognize their need for work/life balance
- A good salary or wage and an opportunity to increase it over time
- Benefits tailored to their individual needs
EVP can provide key strategies and recommendations to improve employee retention.