Why does an employee leave a job?
The most common reasons are: offered a better salary with another company; better training elsewhere; possibility of flexibility of hours or working conditions - working from home perhaps, dissatisfied with their involvement and engagement of the company and no prospects of promotion.
Companies failing to recognise key members of staff
An organisation should appreciate and thank members of staff to make them feel valued; in return those members of staff will go that extra mile if and when required, will be loyal to the company and remain in their jobs.
Employees are not completely honest when explaining to their manager their reasons for leaving, but honest feedback from departing employees will provide a company with a good grounding for improving staff retention.
Methods to retain staff
There are several methods of retaining staff, which starts with good recruitment. A recruiter needs to be clear and precise in what a job entails, so a candidate can gain a realistic impression, which will avoid any future disappointment.
A company should deliver their promise, if training is offered at interview; it should be undertaken within a reasonable time of the employee’s engagement.
An organisation should provide an opportunity for dissatisfied newcomers to register any complaints or disappointments with HR. Again this supplies the company with a solid building block for staff retention and at the same time has the effect of nurturing the company’s employer brand.
Develop employee - protect employer brand
The foremost and utmost intention of an organisation is to protect their employer brand by giving every employee an opening to develop and prosper into the company’s culture. This will have the effect of maximising creativity, longevity amongst staff and most importantly giving the company that crucial competitive edge.
Formulating a strategy for staff retention is not a quick fix solution, as there will always be staff leaving and retiring, but careful analysis of constructive feedback from departing employees will benefit the overall reputation of the company.
It is important for companies to recognise the value of having an employee retention programme because it is an extremely expensive process of having to constantly replace staff. If a company can reduce their employee turnover by just 10% they will probably save thousands of pounds. Therefore, investing in a comprehensive and constructive retention strategy will prove to be cost effective.
An organisation needs to appreciate that every individual is different, some thrive on more training opportunities than others and likewise any offers of promotion. The best process to retain talent is by one-to-one interviews usually by line manager discussing an employee’s motivation and a structured career path within the company. Understanding the individual’s requirements will result in the increase or decrease of his/her performance.