Retaining the best talent is critical to businesses. High employee turnover can negatively affect a firm, harm a company’s ability to provide good customer service and lead to higher costs associated with recruiting, selecting and training new workers. Hence, it is important to indicate the motives of departing employees and develop an effective staff retention strategy.
There are several key points that should be considered and included in this retention plan:
- Making people feel valued. It’s essential to inform staff of the company’s vision, guiding principles, goals, and performance. Employees want to feel that their contributions have an impact and recognition is the best method of improving work motivation. Workers are more likely to resign if they feel disrespected and under-appreciated;
- Job prospects. Staff members should have a clear understanding of their career prospects and possibilities for promotion. If a talented employee is dissatisfied with his job role it is reasonable to review his performance objectives and establish new KPIs or transfer him to another department where an individual can pursue other opportunities within a company;
- Foster development. My Learning Hub LMS platform has career roadmap planning tools which can facilitate employees’ development and provide them with a clear step-by-step guidance in regards to what skills and certifications are required at each level and the different routes that they can take to achieve their career goals. It is important to encourage members of staff to master their current roles. One of the reasons why workers may eventually quit is because they are not properly equipped to do the job and due to line managers not having enough time to onboard newcomers or re-train existing employees. Virtual training opportunities become one of the key factors for increasing staff retention and reducing employee turnover, however, companies generally underestimate the impact that a properly integrated LMS software may have.
Therefore, retention is not only based on compensation issues and properly organised staff incentive programs will help the company to keep its best employees from quitting.
My Learning Hub can help you to convert newcomers into well-educated and motivated staff. Start your free trial and implement the best practices for onboarding and retaining new employees.