One of the biggest challenges facing many companies today is how to increase retention and employee participation. It has become very costly for companies to provide traditional training and other types of development opportunities to their employees. Additionally, many employees just do not enjoy the training they receive, even if the company spends money on it. These employees then leave the organization, taking the company money and resources with them.
Developing an employee retention strategy is an organized plan that companies develop and utilize to foster employee engagement, decrease employee turnover, increase retention, and provide true employee value. After all, it is much cheaper and easier to train and retain your current employees rather than it is to continuously hire new individuals. With this in mind, developing an employee retention strategy that engages your current employees and develops the skills of your best employees should be your first priority. Here are some of the critical elements of an effective employee retention strategy:
Enhance customer retention – Develop a value proposition that improves customer satisfaction and creates a positive perception of your company. The most important thing to remember when developing a customer retention strategy is to focus on developing a program or solution that addresses specific needs. Instead of simply focusing on attracting new customers, consider how you can improve customer retention and engage your existing customers in a meaningful way. Improving your existing customer retention strategy will increase the likelihood that your customers will refer you to others and also make it more likely that these referrals will turn into new customers. In addition to engaging your existing customers, this will help you develop a solid customer loyalty and retention program.
Increase engagement and customer loyalty – The key to developing an engagement and loyalty program is to understand your customer and employee demographic information. Knowing who your customers are and how they make decisions will help you determine what types of communications and marketing you need to use and how to measure your results. Additionally, engaging your employees can also increase retention and engagement among your customer base. Here are some other ways to enhance your employee retention strategy:
Inspire Self-Promotion and Increase Employee Morale – Pickett says, “That is why we have HR professionals creating individual performance goals and expectations based on the skills, behaviors and attributes of the people we are working with.” This strategy encourages employees to use their skill, talent and character to achieve company goals. For example, an employee’s ability to follow directions is the basis for the” Achievement Gap” and “Expectations Set” processes within Pickett Signs. When the employee performs within these parameters, he or she earns a pat on the back from the manager and a smile from the customer.
Help employees learn and use new technologies – Employees that are offered access to a mobile commerce app will increase retention. According to Pickett, “If an employee already has an app, it doesn’t increase their chances of having a successful career. It just makes them more valuable to the company.” However, the employee must be trained to use the new app. Training can be accomplished through video tutorials, content modules, and more.
Show appreciation with trophies and plaques – Pickett recommends giving trophies and plaques to employees who achieve high retention rates. “We like to award people who surpass the challenges we set for them,” he says. “A company-wide recognition program is one way to do that.” The HR department can distribute the plaques and trophies around the organization to increase awareness of achievement events.
Use Analytics to Reduce Costs, Improve Performance – Pickett notes that one of the most expensive mistakes companies make when it comes to retention is not tracking customer retention rates or analytics. “The problem is companies get so wrapped up in solving internal issues that they neglect looking at external trends and analytics,” he explains. There are many analytics available to identify customer behavior and understand what customers want. They can also help with recruiting and workforce management. ” analytics gives you the opportunity to improve your processes and see what is working and what isn’t.”