Strategizing is at the heart of any company, especially in regards to employee retention. Why? Because careful planning is the key to success.
Business owners develop strategies on almost every aspect of their companies, and workforce planning is one of the important examples of this. You might wonder why.
Here at Kinsey we believe it is critical to implement management strategies aimed at improving employee retention because you know better than anyone that employee turnover is costly.
Careful planning is the key to success.
Rather than continuously hiring, a better approach is to invest in employee retention strategies and programs that align with employees’ goals, skills, and education.
Most employees understand the importance of positioning workers to take advantage of their strengths and knowledge; however, striving for a long-term team involves more than that.
Here are some aspects to consider:
Relationship-driven management
Management is the bridge between owners and employees, and it is their job to provide employees with a voice.
Leadership should educate, motivate, empower, and reward employees to develop relationships with them. They need to offer helpful, friendly advice to employees having issues with their jobs and even offer more training when necessary.
When employees feel valued by management, it increases their desire to stay.
Avoiding micromanaging helps empower them when they take on projects themselves, promoting skills and growth. This enables workers to take responsibility for their actions which, in turn, conveys a level of trust between management and workers.
Transparency has many advantages such as giving clarity on goals, expectations, and how their work impacts the company on a larger scale. Lastly, reward employees consistently so they know their value to the business.
When employees feel valued by their management, it increases their desire to continue working with them.
Important interviews
The importance of interviews goes beyond the hiring process.
Exit Interviews – Done when employees leave
Stay Interviews – Happen during employement
Each type has its own goals for improving employee retention, starting with the hiring process.
Instead of focusing on looking for the most qualified person, consider prioritizing interviewees’ long-term fit with the company. Ask about their career goals and determine your business’s ability to provide opportunities to help them achieve those. You’ll find that employees often quit one job when they find another that can help them reach those goals.
Prioritize interviewees’ long-term fit with the company.
During their employment, meet regularly with employees to determine their satisfaction with their job and identify and address any risks which may lead to them quitting.
Such meetings should be designed to gain insight into management performance and job satisfaction by asking about:
- the employee’s likes and dislikes
- areas for improvement
- suggested changes
In an exit interview, the goal is to determine if the reason they are leaving is something a company can improve on, such as leadership or general workplace problems. Whatever the case, make sure you’re aware of your team’s long-term goals and job satisfaction.
Employee feedback
Understanding employees’ perspectives of working for a business can help to improve employee retention, and it is important to get feedback on a regular basis. This can be done in meetings, through surveys, and allowing anonymous comments to determine what their thoughts, ideas, and views are about the workplace. Make sure workers are comfortable with expressing themselves to their leaders through feedback. These are tactics to use to measure employee engagement and job satisfaction. Employees are more likely to stay at a job where they feel their opinions, ideas, and suggestions are valued, making feedback necessary.
Benefit packages
What a company can offer in benefits is often a determining factor in employee retention.
These usually include:
- health insurance
- paid time off
- retirement plans
However, offering more than the basics is one area which is worth the investment when employees show loyalty.
Better Benefit Packages = More Loyal Employees
Some companies offer continued education such as tuition reimbursement or advanced training while others offer wellness incentives such as on-site workouts, competitive running, or vending machines with healthy snacks. Customize benefit packages to meet the needs of the workforce and provide an incentive to continue that employment.
Strategic thinking development
Strategic thinking does not apply just to management; when employees develop strategic thinking they will be more likely to engage in work and that can help boost employee retention. Through their observations of internal and external trends, they improve their understanding of the industry and the driving forces of the business. Researching current data to apply to their job allows them to understand how their job impacts the corporate level. They should add more structure to their communication to logically order their main points. Embracing debate invites challenges when the focus is on issues and not people. Encouraging strategic thinking throughout your organization engages employees as well as leaders and will improve retention overall.
To recap, keeping your workforce happy and stable begins with developing relationship-driven management through training managers to interact with their workers in such a way that they feel valued. Another important factor is interviews, which are not restricted to the hiring process. Employee feedback is important because it not only shows them appreciation, it also helps employers understand them individually. Benefit packages are a great incentive for employees to stay; however, they must go beyond salary to be effective. Owners can also help both managers and crew to improve strategic thinking at work, and the benefits from it are more engaged employees.
Improve Employee Retention With Expert Advice From Kinsey Management
Would you like to know more about how we can help improve your employee retention? Speak to the experts at Kinsey today.
Strategic Management to Improve Employee Retention | Kinsey Management – Houston, TX