How can employee retention analytics help us to keep employees? Did you know it takes an average of two years to go back to pre-loss productivity levels after losing a key employee?
A high rate of staff turnover is bad for business on many fronts, including but not limited to the bottom line, productivity, morale, and employee engagement.
One of a company’s top goals should be the management and improvement of its human resources, which includes not just hiring the proper people but also inspiring them to improve the company’s performance.
In order to keep your best employees and provide them with long-term incentives, follow our advice below! Empactivo provides a comprehensive view of all the marks that employees left in the mobile employee experience app, which can be used for employee retention analysis.
Let’s Get the Fundamentals Out of the Way First!
Include administration and development of human resources as part of your acquisition strategy at all times. It’s OK to put in effort, money, and manpower to recruit top people, but do you have a strategy to keep them?
Attracting the appropriate personnel from the beginning is especially important since recruiting is an expensive process. During the hiring process, it is important to make sure that potential employees not only possess the necessary knowledge and expertise but also share your company’s values and goals.
If you want to get a long-runner, you can’t make promises you can’t meet. You can’t find the right candidate if you’re not clear on what you’re looking for. When an employee is hired based on an assurance that turns out to be untrue, the disillusionment might result in their departure.
Orientation – Employee Retention Analytics
The first day at a new job is crucial since it sets the tone for the rest of the employee’s tenure there.
New recruits at many companies are introduced to the workplace on Fridays rather than Mondays because they are more likely to be in a good mood and more likely to take it easy on the first day before the weekend.
It’s crucial to appropriately welcome new hires into the company. Don’t allow them to come in and hang around at the front counter by themselves. Include them in group activities, and make sure they know who to contact if they have any questions by introducing them to colleagues.
Easy things like the location of the restrooms and the operation of the coffee maker are simple yet crucial information. Make your newcomers feel at ease in their new environment. As a standard practice, new recruits can be treated to lunch on their first day for instance!
Everyone Deserves Fairness
Although there may be other factors at play, most individuals stay in their jobs because they need income to maintain a certain level of comfort. Providing an attractive compensation and benefits package is essential to recruiting and maintaining top talent and making employees feel appreciated for their efforts.
Employees anticipate annual wage evaluations, career advancement opportunities, and the knowledge that they may get a raise in the near future. The motivation level rises as a result of this, too. Keep an open line of communication open and establish certain objectives. Perform evaluations on a consistent basis. Perhaps it seems excessive to have a monthly progress meeting or a quarterly review, but doing so helps the individual and the firm stay focused on what’s most important.
Everyone Enjoys a Good Incentive
Having perks that are important to the workers and meeting their needs is a great strategy to keep them from leaving.
Free lunches are a lovely perk, but they probably won’t be enough to retain an employee who is on the fence about staying put in their current employment!
Important perks that make a difference include health insurance, a maternity/paternity package, a suitable retirement plan, performance incentives, and a flexible work environment.
A financial plan for perks is also highly effective in recruiting and maintaining employees. Employee retention analytics show us recognition is even more important than reward, but without reward, only recognition is not enough.
Everyone is Talking to One-another
Communication goes both ways: performance evaluations and reviews provide you the option not just to make sure your staff are working to the desired standard, but also enable them to communicate to you about any difficulties they have. Employee retention analytics also show us open communication that is being shared by both sides increases the possibility of long-term togetherness’ businesswise. (source)
Are you providing them all they need to get the job done right? Do you have the proper procedures in place? Is your ear tuned in to theirs?
Tension, resentment, and irritation may be avoided by listening to an employee, treating them with respect, and providing them with the resources they need to execute their work effectively. Employees who feel valued by their employers are less inclined to look elsewhere for work.
Saving a Budget for Employee Retention
To what extent do you put money into your workers’ professional development? Can they see themselves progressing in their position with your company? When the subject is employee retention analytics are important. If you know the social ecosystem of your staff, you directly can predict what they need. Analytics has a big role in considering your company as a whole. Every individual has their own specific characteristics yet it is very useful to know the statistics of the company to talk about the plans and the benefits. To demonstrate that you value your workers as individuals and not only for what they can do for the company, you should provide them with opportunities to further their education and skill sets.
Finally, it may not be too late to keep one of your star workers from resigning. Set up a get-together. Get the employee to explain why they want to go and see if you can persuade them to stay. It could simply take a little bit of rearranging or a raise in pay.
We are proud to say, when it comes to employee retention analytics, Empactivo’s full perspective of employee experience and the reflection of this value in our mobile employee experience app is invaluable.