What is Retention strategy?
Retention strategy refers to the policies and plans that organizations follow to reduce employee turnover, prevent attrition, and ensure employees are productive in the long term. The main challenge of a retention strategy is to ensure that organizations meet the expectations of employees without losing sight of its goals. This is to ensure maximum return on investment.
Benefits of a Retention strategy
The main benefit of a retention strategy is the outcome itself - the ability to retain employees. However, there are other notable benefits of an effective retention strategy, such as:
- Reduced turnover
- Reduced recruitment costs
- Improved employee productivity
- Increased employee satisfaction
- Stronger team bonds and work relationships
- Less burnout
An effective retention strategy is not only a great solution to curb higher-than-average turnover, but is a good idea for any organization that wants to improve its culture, employee experience, business services, and more.
1. Providing employees with challenging and meaningful work.
2. Investing in employees’ professional development and training them in cross-disciplinary skills.
3. Offering benefits package.
4. Adopt a social recognition system to recognize high performing employees.
5. Creating a culture of open communication.
6. Not overburdening employees.
7. Establishing clear expectations and policies.