Does your company have a high turnover rate? Employee turnover can be extremely pricey. According to this article in Forbes, the cost of recruiting, hiring and retraining a new employee is about 30 percent of an entire annual salary.
So how can your company increase its employee retention rate and keep its turnover rate low? How can we create a culture that helps to retain and engage its talent?
A recent series in Authority Magazine profiled nearly one hundred HR directors from successful companies. Among other questions, Authority Magazine asked each of the HR directors for their three most effective strategies to retain employees. Ten of their ideas can be read below.
LogMeIn Chief Human Resources Officer, Jo Deal
My focus tends to be on engaging our employees; if we do that well, then retention should follow, though it is not an easy thing to do. Engagement happens in that sweet spot where an individual’s personal goals, whatever they may be, are being met and that moment intersects with the company’s goals being achieved. The challenge comes from us all being individuals with very different sets of personal goals. What someone wants from work varies during stages of our careers and personal lives, so it is hard to find the perfect answer for all. However, there are some common themes that help drive engagement for the majority.
I believe we each want to know what is expected of us at work, how that work fits into the overall company goals and strategy and to receive ongoing feedback on how we are doing. It seems relatively simple to say yet it doesn’t always happen. Leaders need to communicate, share the vision and direction, managers need to give feedback (which is hard) and employees need to work with their managers to set sensible and realistic goals, hopefully aligning them to the high-level corporate initiatives. Investing in first line management development and a robust, companywide mechanism for communications are both critical to this effort.
Source - Read More at: medium.com