10 Feb How to Improve Employee Retention
Employee turnover is not only expensive, but when it occurs, an organization loses an employee who brought valuable knowledge, skills and resources to the company. Many organizations find it difficult to retain their best employees, so we’ve come up with a few ideas that your organization can start doing to improve retention.
Ditch Exit Interviews & Embrace Stay Interviews
Exit interviews are too little too late. These conversations are conducted after an employee has already decided to leave, meaning they are a reactive response. Stay interviews on the other hand, are proactive. They strive to strengthen the worker/line manager relationship and identify issues that may put an employee at risk for turnover before they decide to leave. After a stay interview is conducted, a stay plan is created to hold both the worker and manager accountable. This assures employees that their progress and development is important to the entire team.
Create a Strategic Compensation Plan
Money is always a major influencer, but comp dollars must be spent wisely. Many comp managers are still using outdated spreadsheets as a (unsecure) way of storing important employee information. Compensation management software is a great decision support tool that helps managers reward their employees faster, easier and more effectively.
Implement a Total Rewards Program
A total rewards system allows employees to easily locate information on their salary, benefits, retirement and more in an online portal provided by their employer. It also allows the employer to promote their company brand leading to more engaged employees.
How to Improve Employee Retention:
Instead of wasting time (and effort) on employees who are already leaving, shift your focus to building a stronger relationship between your current line managers and employees. Employee retention tools can provide guidance and actionable data to lower turnover costs and improve engagement.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Stay Interview Software, STAYview, click the button below!