Employee turnover cost goes farther than it appears. Apart from the cost of finding a replacement, hiring, and training, there are immeasurable costs involved such as the impact on productivity and team morale. Employee retention, therefore, is a top priority of HR managers for all businesses. Although the problem might seem too big and challenging at first, it is still solvable. The simplest way to manage turnover is to develop a plan to make your current and future employees stay.
1. Hire “Cultural Fit” Employees
Employee retention begins with the hiring the right people. It should be your priority to find a culturally fit candidate when hiring. The shortlisted candidate should not only have the right skills but must also fit and work well with the team. You can optimize the interview process by asking a few uncommon questions or getting your candidates to engage in a personality test. Such personality tests has started getting increasingly popular today as you see many top companies such as Unilever, P&G, UOB and Shopee implementing them as part of their hiring process.
2. Encourage collaboration and teamwork
Gone are the days when workplaces were all about conflicts and throat cutting competition. Today, people wish to be part of a collaborative workplace driven by strong teamwork and support. They want to be in an environment where people uplift one another and are focussed towards one synonymous goal. This is a win-win for both the employees and the employer as it results in a pool of ideas, resources, and perspectives. To keep your employee retention strategy on track, you must invest in such long-term initiatives and mold a strong team building culture within the company. These can be done so through annual fun team bonding activities such as bubble soccer, laser tag or archery tag!
3. Reverse performance reviews
There are a thousand and one reasons why employees turnover from one organization to the other. However, you want to understand the underlying reason why. You may want to consider giving your employees a chance to communicate how they are feeling and the issues they face in the workplace. This is where reverse performance reviews will come in handy! These give employees the proper channel to voice and share their experience on what is and isn’t working in the workplace. Similarly, conducting exit interviews is another great way to gauge employee experience.