Enhancing the Talent Retention

 

Based on the 2020 statistics released, talent retention is the top priority of at least 57% of the managers.  When you hire a new employee and train them, the process costs a significant amount of resources.  Therefore, most employers will prefer to retain the employees rather than develop new talent. However, that is easier said than done; employees will constantly look for new opportunities to advance their career; you may have to provide them with that chance.

 

3 Tips in Improving the Talent Retention

 

Enhancing the Talent Retention

Some companies invest their assets to retain the employee rather than spend them training the new hires.  Follow some of these steps to keep your people satisfied, loyal and motivated.

 

Invest on Onboarding

 

Onboarding should not be limited to the first week of the employee on the job.  According to the study by SHRM, around 50% leave their work during the initial 120 days of the job.  By prioritizing the onboarding, the talent retention would increase to up to 52%.  Employees who find the system organized and systematic are more likely to stay in a company.  This system of onboarding creates that first impression on your workforce.  Creating a wrong impression will make it difficult for the employees to comprehend the organization's values, mission, and culture.  You should understand that you will save more when you invest your resources on Onboarding rather than acquiring a new set of talents.

 

Fit For the Job

 employee retention

When you are looking for a prospected worker that is fit for the job, you should not be constrained on the individual's educational background and work experience.  Sure, it may be tempting to hire someone who excels academically, but if they are not culturally fit, there is a tendency that they will leave the company later on.  Based on beyond.com, around 43% of the companies highly evaluate their prospected candidate if they are culturally fit to improve talent retention.  Before hiring the candidate, make sure that you will talk to them about the company's culture and its structure.  Their interest in the culture of the company will immediately show up based on their performance.

 

Consider Hiring their Friends

 employee retention

If you want to enhance talent retention, the first thing that you have to think about is how to maintain a fun environment in your workplace. One way to ensure this is to hire their friends.  Hiring their friends can also affect their cultural fitness. Based on the numbers released by achievers.com, around 50 percent of the referred employees are being retained by the companies compared to that 20% that are not referred.  Before opening the job to the public, ask your friends about their referrals; they will be highly unlikely to refer someone who is not ideal for the job since they do not want this to affect their reputation in the organization.

 

These are just some of the ways to enhance your talent retention.  By improving it, you will save a lot of money and keep your company focused on its core rather than continuously looking for a new hire.

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