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Employee Retention


What is employee retention?

When it comes to building a team of skilled workers, recruiting and onboarding are only part of the process. Focusing on engagement, retention, and motivation once individuals join an organization is just as important (Kempton, 2023). Employee retention refers to the percentage of employees who stay at one company for a certain period of time. It is calculated by dividing the number of employees who stayed at the same organization for at least six months by the total number of employees hired during this period. 

How to Improve Employee Retention

The first step is to identify the problem. If employees aren’t happy at work, they won’t stay long term. So, figure out why people leave and what could be done to improve retention.

A study published in the Journal of Occupational Health Psychology found that workers who felt like their company cared about them were less likely to quit than those who didn’t feel this way. This suggests that companies should invest in creating a positive culture where everyone feels valued.

A Few Strategies to Improve Employee Retention

 

In order to motivate people, they should be understood why they don’t already feel motivated. This means asking some tough questions. Why aren’t they doing this task? Why isn’t anyone else doing it? Why does everyone else seem so happy and successful at this task? Once you know the answer to these questions, begin to think about ways to change things around. In fact, one study found that employees who were given access to a gym during their lunch break were twice as likely to stay with their employer than those without access. Another study showed that having a kitchenette where employees could prepare meals was associated with higher employee retention rates. And yet another study found that offering flexible hours was linked to lower turnover rates (Medium Team, 2022).

Conclusion

A recent study by LinkedIn found that employees with access to company-wide data were more likely to stay longer than those who did not. This has led some organizations to provide all employees with free access to corporate data such as sales figures, customer service calls, product usage statistics, etc. These tools help employees make smarter decisions about where to spend their time and what projects to work on. In addition, providing access to internal data empowers employees to identify opportunities that may otherwise go unnoticed.

 






References

Kempton, B., 2023. How To Improve Employee Retention and Motivation: 9 Tips. [Online]
Available at: https://www.upwork.com/resources/improve-employee-retention
[Accessed 15 04 2024].

Medium Team, 2022. Improve Employee Retention. [Online]
Available at: https://medium.com/@preemployment.test.blog/improve-employee-retention-7c0fe94ff625
[Accessed 15 04 2024].

Comments

  1. HRApril 16, 2024 at 1:45 AM

    People and organization analysis good.

    ReplyDelete
  2. Saranga ThilakaratneApril 16, 2024 at 6:13 AM

    Building a skilled workforce involves focusing on engagement, retention, and motivation. Identifying issues, creating a positive culture, offering wellness facilities, flexible work hours, and creating conducive environments can improve retention rates.
    Simply an impressive article. Great to see you sharing important and engaging articles.

    ReplyDelete
  3. Mithun SarathchandraApril 16, 2024 at 10:16 AM

    Very informative article which offers valuable insights into the importance of employee retention and provides practical strategies for improving it. By focusing on creating a positive culture and addressing the reasons why employees may not feel motivated, organizations can enhance retention rates. The inclusion of studies and real-life examples adds credibility to the suggestions provided. Overall, it's a helpful guide for companies looking to retain their valuable employees.





    ReplyDelete
  4. Ambrose Chrishanthi PrasildaApril 17, 2024 at 6:36 PM

    The various strategies discussed in the article can be easily adapted and implemented by organizations to improve their employee retention rates and create a more engaged workforce. Good one Shaz!

    ReplyDelete

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