As we continue to explore HR's roles as change champion and innovator and integrator, I am curious to find out more information on some of the best ideas for employee retention strategies from the SHRM communities. In the meantime, here are some useful ones I came upon in my research this week, besides the stay interview which I addressed in my previous blog.
1) Any comprehensive strategy should focus on, performance (employee needs to feel that her talent is linked to business performance), communication (if effective, provides insight on employee morale), loyalty (employee responds to trust , respect and appreciation), and competitive advantage (employee wants to work for a winner; be sure to share the uniqueness of your company with employee to create the signature experience) (Entrepreneur, n.d.).
2) Recruit the right people in the first place. That includes, ensure accurate match between role and candidate, shorten list of qualified applicants by using an automated skills-based system, secure top candidates quickly, coordinate all onboarding activity to ensure that new hires are productive ASAP, as the decision to stay with a company are usually made within the first 6 months (Oracle, 2012).
3) Invest in your line managers. It is estimated that 80% of turnover is a result of employee dissatisfaction with manager (Lagunas, 2012). This statement reminds me of one of my classmates' stories this week. She nearly transferred out of her current department due to her manager's inability to connect with the workers. The manager had the technical skills but lacked the ability to relate to people to get the work done. The environment was one of frustration. It is crucial that line managers be trained on how to empower employees to succeed. The company must ensure that they are able to deliver on established HR initiatives (Lagunas, 2012).
References:
Entrepreneur, (n.d.). How to create a winning employee retention strategy. Retrieved from http://www.entrepreneur.com/article/76456
Lagunas, K., (2012, July 17). 5 Employee retention strategies for a high performance environment. Talent Management. Retrieved from http://www.tlnt.com/2012/07/17/5-employee-retention-strategies-for-a-high-performance-environment/
Oracle, (2012, June). Talent retention: six technology-enabled best practices. Retrieved from http://www.oracle.com/us/media1/talent-retention-6-best-practices-1676595.pdf
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