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5 Strategies To Improve Employee Retention

5 Strategies to Improve Employee Retention

If you were one of the 95% of businesses that made a bad hire in 2017, you know the pain of hiring the wrong employee all too well. And if you’ve lost one of your most productive employees in this highly competitive atmosphere, you’ve felt the tremendous effect it can have on productivity and culture.

With all that being said, it’s no surprise that employee retention is a big concern for most companies.

But, it doesn’t need to be an overwhelming concern anymore! After much workplace research, we’ve come up with 5 strategies that will help you improve your employee retention rate, so you can avoid the nasty effects of turnover and enjoy a happy and productive workplace.

1. Screen candidates with a Work Style™ Assessment

The most crucial strategy for improving employee retention is hiring the right people in the first place! If the employee doesn’t communicate, receive feedback, learn, and participate on a team the way their manager needs them to, it’s a bad employee-employer match, and the risk of turnover rises.

You may have noticed that we didn’t include skills in the list above? It’s not a typo.  

Just 1 in 10 bad hires are due to a skills gap, so, it’s actually on-the-job behaviors and preferences—aka Work Style— rather than skills, that are much more important factors to consider when it comes to predicting employee success.

Poor fit within an office atmosphere is the number one reason modern workers leave a company. Work Style™ Fit is important in predicting an employee’s potential level of engagement and happiness on a team.

The bottom line is if you’re not prioritizing Work Style in your screening process, you’re putting your employee retention at risk.

Get your entire hiring team on board by adopting a Work Style-centered approach to hiring, this will significantly increase the odds of a great employee-employer match (hyperlink BP1), and increase retention rates.

By incorporating a Work Style™ Assessment into your applicant screening process you’ll be able to accelerate candidate screening and increase the likelihood of finding a great fit for the role and team.

A Work Style™ Match Report will rank candidates by how well they match with the on-the-job behaviors and preferences the role requires so it’s easy to determine which candidates your hiring managers should interview.

2. Align your hiring team

It’s important that the hiring manager and team understand how the ideal candidate communicates, receives feedback, learns, and participates on a team, in addition to their skills and experience, before a candidate is hired.

Your hiring managers can take our 10-question Position Assessment™ to derive information about their ideal candidate and simplify this process.

Schedule a meeting with the hiring manager and your hiring team to discuss the results of the Position Assessment™. The meeting doesn’t need to be long, but sitting everyone down and going through the attributes of the ideal candidate together, will make the rest of the hiring process more efficient.

Your team will be able to more efficiently screen candidates and have a more accurate picture of how this ideal candidate will fit with the rest of your team.

3. Foster workplace communication

In one survey, over 81% of employees said a workplace with open communication is more important than one with top-flight benefits— but only 15% of employees think their workplace fosters effective communication. This lack of communication leads to lower productivity and dissatisfied employees, both of which have a snowball effect on turnover.

A great Work Style match pairs an employee with a manager based on complimentary communication behaviors and preferences, setting the foundation for effective collaboration.

Work with managers to ensure they’re reflecting the same openness to communication as you. Though they’ll match up well with their employees’ communication styles, they may need some help leveraging technology to open up communication channels or setting aside time to talk to their employees.

Just checking in for 15 minutes a week is more important to employees than a top benefits package; remember that.

4. Review teams

Productive teams with happy employees will elevate your office culture and retention rate. Teams that experience friction can cause employee frustration, disengagement, and ultimately turnover. To ensure your employees remain happy and productive, regularly evaluate your teams to ensure Work Styles are well-aligned and optimized.

You and your managers can use surveys and this Team Building Guide, to help spot parts of their teams that are effective and portions that may need improvement. Then, sit down with each manager and discuss the results you’ve obtained. The insight you get from these conversations is crucial in understanding the well-being of each team and the impact each member is having on it.

5. Recognize employee accomplishments

Recognizing employee accomplishments will go a long way in boosting productivity and retention. Most companies seem to understand this principle, yet they continuously fail to show their employees they appreciate them.

But we’re not going to tell you to break the bank to buy their love. Though employees want to be paid fairly, only 12% of employees actually leave an organization for more money. So when coming up with ways to show appreciation, don’t automatically reach for the checkbook.

60% of employees find doing what they do best to be highly important, so, the first step to showing appreciation is giving them the opportunity to do that. If you made the hire using the Work Style™ Assessment, then you’ve already got that part covered! Next, find other genuine ways to show employees your appreciation.

Some of our favorite ways to show our employees appreciation after an achievement are giving a shout out in the company email chain/group chat or buying them a bag of their favorite treat. The gesture doesn’t have to be big, it just has to be genuine.  

Recognition is the number one thing managers can give employees to inspire them to be productive. Work together with your managers to show your employees you appreciate them, and you’ll be rewarded with higher productivity and retention rates.

The market is too competitive to put yourself at risk of losing your best employees, and your culture and resources are too valuable to waste them on bad hires. Follow these 5 strategies to increase engagement, happiness, and productivity. You’ll hire the right employees, and they won’t think twice about leaving.

 

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