Attracting and hiring talent is challenging enough in today’s current work climate. With employee retention rates far from what they were 40 or even 15 years ago, it has become rare for even top talent to stay at the same company for more than a few years.

Implementing beneficial recruitment and retention strategies that reduce turnover and motivate your employees are key to ensuring you not only attract top talent but keep them for years to come.  Here are six ways to accomplish this. 

1. Prioritize Thoughtful Onboarding

Onboarding is the foundation of an employee’s success. It is pivotal to ensure the process is comprehensive and thoughtfully carried out from day one. Leaving out important details at the beginning adds unnecessary challenges and frustration, not only for the employee who was onboarded incorrectly, but for their entire team as well.

Thorough and thoughtful onboarding effects more than just success. Organizations with structured onboarding processes typically see greater retention rates of new hires compared to organizations without strong onboarding in place. Between saving money on hiring costs and increasing revenue, having a solid onboarding process should be a cornerstone of your business. 

2. Ongoing Employee Development

Continuing to foster the growth of your employees and develop their talent is an important investment when it comes to retention. When employees receive development opportunities, they often feel more engaged, motivated and loyal. This leads to productivity and job satisfaction, reducing turnover. Investing in development also keeps your company innovative and adaptable in increasingly competitive markets. 

Collaborate with your employees to create clear development paths they find fulfilling. By stepping back and assessing both your needs and areas they would like to grow, you can create a development plan that works for both you and the team. 

3. Offer Competitive Compensation & Recognition

Inadequate compensation is often a top cause for turnover. Regularly evaluate salary structures and clearly communicate with your employees about timelines and expectations regarding potential raises. 

Bonus programs that suit your organization and are reliable for your employees are also important to consider. Bonuses can be a great way to incorporate recognition into your culture and ensure your top performers feel valued for their hard work. 

4. Practice Active Listening & Engagement

By finding ways to regularly solicit feedback from your team, you gain valuable insight from engaged employees on how you can better your work environment. A great way to do this is through conducting “stay” interviews. These interviews are used to identify which elements of an employee’s job keep them coming back. They are typically about 30 minutes long and are held on an annual basis but separate from an annual review. 

If an employee has negative feedback, they might not feel comfortable sharing it directly with their supervisor. If you’re looking for unbiased and honest feedback, send an anonymous survey or hire a third-party contractor to conduct the interviews and compile a report. Employees might feel more open to sharing everything if their opinions are kept confidential. 

An important part of soliciting feedback is ensuring leadership demonstrates a genuine interest in the feedback. Try to act on employee suggestions whenever possible, big or small. These acknowledgments make a big difference when it comes to employee buy-in and show your team that their input is taken seriously. When your team knows their ideas are valued, it can positively boost company performance. 

5. Invest in Leadership Training

A lot of retention trends in an organization can be attributed to the performance of leadership (and not just at the c-suite level). With a large focus on the importance of team and work environment for today’s candidates, prioritizing the hiring and training of managers who lead effectively has never been more important. 

Offer training, leadership retreats or other opportunities to grow your leaders’ skillsets to ensure they are equipped to lead well. Empower your leadership team with consistent support and clear expectations for what success looks like. You’ll be able to see results among the teams that have higher productivity, job satisfaction, team trust and evident collaboration. 

6. Foster Work-Life Balance

Employees are more likely to enjoy and stay at their jobs when it doesn’t consume every aspect of their lives. Businesses should have a family-first approach in their policies and culture, with this being demonstrated from the top down. While this may look different for every organization, it is important to recognize life happens outside of work and have a plan in place for when those two collide.

Act on these policies by prioritizing manageable workloads and implementing strategies for high-demand periods. Not only does this help prevent burnout, but it also fosters company loyalty and overall well-being. 

Each of these tactics go hand-in-hand and are certain to make an impact if you commit to implementing them. Doeren Mayhew is here to help you turn these tactics into a cohesive recruitment strategy customized to work for your organization. Reach out to our recruitment services team today if you’re ready to raise your retention rates.