Do you know that employees of more than a third of companies are looking for a change? From new recruitments to senior managers, all are job hunting. For a company, this information might come out as a crisis, for instance, but it is an opportunity for employee retention as well.
Let’s dive into some talent retention strategies, along with a quick description of what you need to know about applicant tracking systems.
1. Hire the right people
It all starts off with the people you have in your team. Finding and hiring the right employee is an art, along with a little bit of science. If you come across someone having an impressive resume and glowing references, you might get tempted to skip more profound research — it can be detrimental, and you might end up hiring a mercurial talent that would not stick around for long.
Even if you cannot invest a lot of time performing a background check, make sure you visit the employee’s LinkedIn profile and talk to some of the mutual connections. You know, it all begins with taking the first step right.
2. Recognize your employees
Recognition and appreciation are some of the driving forces for most of the employees. A survey indicated that more than 70 percent of employees who received recognition claimed they were happy with their jobs. However, it plummeted close to 50 percent of employees who did not gain any appreciation.
You don’t need to organize appreciation functions every week or send bonuses every time an employee performs well. A simple letter of appreciation for monthly achievements is enough to make your team happy.
3. Focus on the culture
Let’s uncover a secret, “most people don’t resign because of the company but because of the boss.” A survey indicated that more than fifty percent of those who quit their jobs did it because of mismatch or lack of synergy with their leader, supervisor, or boss.
You can counter this challenge by ensuring each, and everyone you employ — from T1 to executives — should be a good fit with the company culture. If the atmosphere of your organization is strict, do not force creative personalities and vice versa.
4. Train your employees
Investing in employee training is an excellent way to show your employees that you care for them and want to see them grow, evolve, and succeed. When you pay for training employees, they will pay you back by staying loyal and performing well for your organization. And, if you feel training is costly, keep in mind the cost of hiring and onboarding a new employee. If you are uncertain about how to proceed with training, here are a few ideas.
- Outsourced or in-house trainers
- Mentoring
- Webinars or live training
- Seminars and classes
5. Pay them well and give them additional perks
When people change their jobs, they expect a 10-20 percent raise in contrast to 3-5 percent they get when they stick with the same firm. Moreover, many newly employed people look for changing their jobs every ten to twelve months to get quick salary hikes. Thus, make sure you stay updated with the current industry standard salary packages.
A good salary, in itself, is not enough. to satisfy the employees. There are several other benefits and perks you need to offer, such as:
- Health and life insurance
- Retirement plan
- Free meals and snacks
- Discounts with certain retailers
- VIP passes
You can play around with these benefits and create your own employee benefit plan.
6. Offer them flexibility
With everything going digital, there are several jobs that do not require employees to stick in front of their desks for long hours. Moreover, all employees know that too. Thus, leverage this opportunity and pay close attention to your employees’ personal needs and requirements.
Try limiting 10-hour days to four per week, by allowing your employees to leave a couple of hours early on Fridays or come an hour late on Monday. You can also offer perks like ‘work remotely’ once a weak.
7. Don’t forget to engage them
If your employees consider themselves as an integral part of an organization, they will not want to leave. Companies that regularly engage their employees witness an excellent retention rate. Some ways to engage your staff are:
- By consistently talking with them about how they are doing\
- Taking their feedbacks on a monthly, quarterly, or yearly basis.
- Asking them for suggestions and valuing their inputs
- Acknowledging their birthdays, work anniversaries, etc. by sending out wishes and flowers.
8. By using Applicant tracking software
So, you know what needs to be done to improve talent retention. But do you know how to do it? From keeping and constantly monitoring employee data to appreciating them on their achievements, a robust system is required to store and manage all this data. Here is where ATS comes into play. Here is how the best applicant tracking system can help with talent retention.
- It integrates with your company website and allows you to post details about your company and career opportunities, thereby promoting your company culture.
- It integrates with job portals to directly publish an opening on various channels, which improves your rate of hiring suitable candidates.
- You can also give access to your Talent Acquisition Software to some of your best employees, which can help you get more talented candidates.
- It helps you with filtering the top resumes
- It increases the efficiency of hiring and onboarding
Wrapping it up
Your talent and employee retention boil down to how you treat your employees and how they feel to be a part of your organization. Try understanding their personal needs and ensure they have an accurate work-life balance. Lastly, do not forget to use powerful applicant tracking software to increase your efficiency with managing employees.