The HR department is tasked with a very important job of handling the entire workforce. At times an HR manager experiences challenge when it comes to retention in an organisation. A company may incur losses as it costs when a company performs employee turnover and disengagement. The cost of replacing an employee is something tangible. This usually ranges between 30% to 150% of that employee’s annual salary. Considering this, there’s a need to find ways to minimise turnover and increase retention rates in a company.
With an effective HR department, you can achieve greater retention rates since your firm will hire appropriately, successfully engage employees in the success of the business as well as monitor observable measurements constantly, ensuring the employees are on track. The strategies explained here are ideal for encouraging employee retention, enabling your firm to evolve beyond the everyday, worn-out methods of keeping employees engaged, and create an environment where workers can actually thrive.
Proper Hiring Process
There is no overemphasis needed to show the importance of a company hiring properly. Good HR consultancy should ensure they target the personnel with the skills an organisation actually needs. They have to bring in a person that can foster growth for the company, an employee who fits the values, both the short and long-term goals of a firm. With all that in mind, an HR manager should do their best, utilise properly the host of resources available and do a rigorous research before hiring. Overall, proper hiring significantly increases retention rates in any company.
Utilise Observable Metrics
Obviously knowing how engaged and happy employees are is a major part of an HR department. There are many observable paper metrics that give an idea of how engaged and happy employees are with turnover being one of the most obvious metrics. An HR manager can know if there’s something wrong with the company workforce. As an HR manager you should consider, the rate at which the firm is bleeding employees, length of employment, amount of sick or personal days and revenue per employee. All these can show a clear picture of worker’s engagement. It is important also to look past the numbers to human elements. Dedicated workers may have personal issues like a sick family that can affect their engagement.
Work for Greater Employee Engagement
Always strive to achieve greater employee engagement as this will reduce turnover, which in turn increases retention rates. Remember growing the employees’ engagement in a firm is the key to maintaining their performance and commitment. Foster trust among workmates listen to employees and show them that they are important to the company to encourage engagement. You should also help the employees to understand their role in the company and how their efforts contribute to achieving the company’s goals as well. Let them fully understand what the company’s success means for them.
Avoid Demotivation Pitfalls
The absence of communication and traffic between the management and employees is very bad. It can lead to lots of speculations and guesswork. As an HR manager, work to eliminate anxiety and untruths in an organisation. Foster a health communication and feedback, follow through on promises and commitments and you’ll keep employees in the company long enough. These are ways that collectively help in achieving greater retention rates as an HR manager.