An Approach to Retaining Employees

By some estimates, it can cost an employer double an employee’s salary to replace them when they quit. That cost varies across different industries, but for some employers, it can be even higher.
Consider the employees have working for who have mission-critical skills that business relies on, employees who have reinvented their job or who are such a linchpin that the thought of them leaving terrifies. 25% of all employees are in this nature, what might consider “high risk” when it comes to retention

Raise Pay:

The most obvious explanation for why employees quit is often also the correct one: low pay. Particularly for high performers and key employees, enhanced pay has recently been the retention tool of choice for many employers.

Hire Smart:

“Retention starts up front, with the selection and hiring of the right employees.” This refers not just to the worker but also to hiring the right supervisors. For example, FedEx conducts periodic employee attitude surveys. The supervisor then meets to review the results with his or her employees to address any leadership problems the surveys raise.

Discuss Careers:

One expert says, “Professionals who feel their company cares about their development and progress are much more likely to stay.” Periodically discuss with employees their career preferences and prospects, and help them lay out
career plans.

Provide Direction:

People can’t do their jobs if they don’t know what to do or what their goals are. Therefore, retaining employees requires making it clear what your expectations are regarding their performance and what their responsibilities are.

Offer Flexibility:

In one survey, workers identified “flexible work arrangements” and “telecommuting” as the two top benefits that would encourage them to choose one job over another.

Use High-Performance Hr Practices:

In one study, call centers that made more use of high involvement work practices (for instance, employee empowerment, problem-solving groups, and self-directed teams) had lower rates of quits, dismissals, and total
turnover. So did those that “invested” more in employees (for instance, in terms of promotion opportunities, high relative pay, pensions, and full-time jobs).

References:

Halvorson, C. (2018). 7 Great Employee Retention Strategies. [online] Available at: https://wheniwork.com/blog/7-great-employee-retention-strategies [Accessed 24 Feb. 2020].

Sabry, M. (2017). Managing employee turnover and Retention. [online] Available at: https://mohamed-sabry.com/blog/managing-employee-turnover-and-retention/ [Accessed 24 Feb. 2020].