The How And Why Of Innovative Employee Retention Strategies
The goal is 100% employee retention. That may be a bit unrealistic, but it’s always better to aim high. The good news is that innovative employee retention strategies help you keep your top talent right where they belong so that you can continue to invest in their development and avoid new hire training fees. It also gives you the chance to cultivate a stronger corporate community since staffers build bonds with coworkers and get the job stability they need. Let’s review the why and who of employee retention, before moving on to creative strategies you should consider.
What Is The Purpose Of An Employee Retention Strategy?
Essentially, the meaning of employee retention is meeting all your staffers’ needs and expectations so that they stay on board. And it’s not just about the hiring package, such as salary and health benefits. In fact, retaining talents requires ongoing support and development so that staffers have all the tools they need to reach their full potential and build self-confidence. Employee retention is not about using coercive tactics or “bribes” that prompt them to stay. Personal growth and peer recognition should be their own reward.
Which Organizations Need An Employee Retention Plan?
The short answer is every organization. Whether you’re an SMB owner or the HR manager for a Fortune 500 company, if you have employees on the payroll you need a retention plan to improve ROI. But the benefits also extend to your brand image. For instance, you want to be known as a company that values its staffers, which improves customer loyalty and makes you more attractive to job candidates.
6 Innovative Employee Retention Strategies To Consider
1. Gamified Online Training
Who can resist levels, leaderboards, and badges? However, gamification does more than motivate staffers. It also helps you retain top talent because they get the recognition that they deserve. They’re even able to track their own progress and performance gaps discreetly. A perfect employee retention gamification example is “top achiever” badges. Your standout performers earn badges for completing certification paths and addressing personal pain points. They can also show off their achievements on social media.
2. Personalized Peer Support
Sometimes staffers just need a listening ear and some sound advice. Peer support also gives them personalized feedback so that they continually expand their knowledge and skills. For example, they host weekly meetings to exchange ideas and share progress. Employees are more likely to stay with your organization if they have ongoing support that’s targeted to their needs. There are a variety of ways to implement peer coaching or mentoring in your organization such as live events, social media groups, or online forums.
3. Role-Based Certification Paths
Certification paths encourage employees to stay on track and achieve individual goals. Many staffers even consider them to be one of the perks of the job since these courses allow them to master certain skills or tasks. Printable or shareable certificates are a big plus, as it gives them something to show for all their hard work. It’s also important to create paths based on job roles and responsibilities, as employees can use them to cross-train and look for new career advancement opportunities. For instance, they’re prepping themselves for management, and the new customer service leadership certification course is a valuable resource.
4. Career Advancement Events
Speaking of moving up the corporate ladder, you should also consider career advancement live events. Every webinar covers a new job position or skill that employees need to land that big promotion. For example, this week’s session is all about sales techniques and effective communication. Staffers need to sign up in advance. Their confirmation email includes all the essential info, such as how to log in and what’s going to be covered during the event. It may even contain additional resources they can use to prep for the webinar like tutorials or demos to brush up on negotiation or active listening skills.
5. Individualized Learning And Development (L&D) Plans
A quick way to lose your top talent is to treat them like a number, to give them one-size-fits-all online training experiences that miss the mark. Individualized L&D plans put them in control. They can choose activities that work best for them and set their own pace. They’re also able to adjust the course to address emerging gaps and improve workplace performance. Assess them beforehand to set the benchmark, then provide them with a list of L&D recommendations. They have the chance to create their own development schedules and personal preferences.
6. Interactive Performance Appraisals
Employees are used to seeing printed performance evaluations that include all their strengths and areas for improvement as well as some notes from their team leaders. Why not make it interactive to turn performance appraisals into growth guides. For example, instead of just listing all their shortcomings, link each gap to a course or certification path. They simply click on the hyperlink to enroll or visit the just-in-time (JIT) support library. You can also include some resources to build their existing strengths, or even invite them to sign up for upcoming events to hone their skills and core competencies.
These innovative employee retention strategies empower staffers and boost job satisfaction rates. But they also help you keep your new hire online training expenses in check since you don’t have to pay to recruit and onboard their replacements. Another great way to improve ROI is hiring an eLearning content provider to fine-tune your employee retention plan. It just so happens that we have a directory with all the leading vendors, including ratings and reviews.
How do you hold on to your top talent? Download our eBook Employee Retention Strategies: How To Retain Talent And Bring Business Success for secrets to retain staffers and create a strong brand culture.