To increase retention, it’s important for companies to create an honest feedback process and provide value to customers. Companies must be honest in describing the opportunities and obstacles in retaining current employees and attracting the best talent. A good feedback process and value-added offerings can be an effective way to retain current employees. With so many uncertainties in today’s economy companies are often looking for ways to retain people and keep the talent they already have while they develop new talents. Giving honest feedback and providing value are key factors to increasing retention.
Retention Strategy One of the key components to a good retention strategy is creating an environment that is rewarding and enjoyable for all employees. Good relationships with co-workers and customers are essential to a person’s success and should be considered when developing a retention strategy. Companies should take a holistic approach to their employee retention strategy and consider every possible aspect. This will include creating a work environment where individuals are valued and where they feel fulfilled.
onboarding & social media Both employees who are leaving and new ones entering can benefit from an effective onboarding & social media program. Effective onboarding programs to increase retention because they show current employees what it means to be a part of the company. On the other hand, effective customer retention programs to increase retention because they reinforce the positive aspects of a company while showing potential employees how to reach top-level positions. Both programs must be managed effectively and integrated with other elements of a company’s overall strategy to be truly effective.
Improve employee engagement & customer satisfaction Employees who are engaged in their jobs are happier, more productive and return to work feeling more attached to the company. They are also likely to remain committed and stay with the organization for longer periods of time. To improve retention, it’s critical for a company to engage its employees in an honest and dedicated way that focuses on employee satisfaction and contributing value. There is no easier way to foster a sense of engagement than through the implementation of a company culture that provides a consistent and unified message to employees. A unified company culture reflects a culture that is open, honest, and transparent.
Career Development Opportunities provides employees with an opportunity to explore themselves within the company. When employees leave the organization, there is no guarantee they’ll find a similar position with another company. When they leave, they are usually looking for advancement in their careers. A company that supports and develops their employees will have an employee who is more likely to develop a strong interest in future goals. A strong career development program that includes educational opportunities and enrichment activities can dramatically increase retention.
Consumer Needs Customer needs change frequently and a focus on developing the unique customer needs of current and former employees can lead to higher levels of customer retention. An understanding of customer needs, develops an understanding of how to address those needs and meet them. Developing a value proposition that focuses on fulfilling current customers while building long-term relationships is another great way to increase retention. The creation of a product or service that solves a problem is another way to increase retention because satisfied customers will tell others in their social network about the great experience they had.
Unifies Company Efforts One of the reasons that companies experience a high retention rate is that they understand where their success begins and end. Building a culture of trust begins with creating a unified company mission, aligning all of the company’s activities, and building a system to measure success. One of the ways to increase retention is to develop a continuous improvement initiative that will increase collaboration among employees while continuously bringing in new talents. The best way to do this is to create an app that will allow current and former employees to share data and stories about their experiences. The creation of an app gives everyone on an organizational team a vested interest in staying informed and in tune with the company’s growth and success.
Encourages Giving Feedback As employees know that their experiences are valuable to the business, they are likely to be more engaged and show increased productivity. An employee’s annual salary may not have much of a direct impact on his or her engagement level, but what does matter is whether the employee feels like he or she is making a difference. An app that tracks employee metrics such as attendance and productivity allows a company to get quick feedback from its employees about whether their efforts are being noticed. This kind of feedback also encourages employees to try harder, which again helps the company to increase retention.