Leading employers across the world have made employee retention a business priority. Apart from long-term strategies, they have also implemented specific ideas that have helped to improve retention. Here are five examples to inspire you.
1. Design a progression track for every field, like Microsoft
Not every employee will be interested in taking on managerial roles. Some may want to become specialists in their current area of expertise and grow within the same function. If your company places a ceiling on the career progression of specialized skill sets, these employees are likely to start looking elsewhere for growth opportunities.
Take a leaf from Microsofts playbook, which has career progression tracks for technical roles.
In several technology companies, technical talent can only flourish until a certain point, after which they must switch to a managerial role. Microsoft addressed this by designing a technical track that could support an employee across their entire career trajectory.
2. Support employees in their educational endeavors, like Walmart
Your employees might want to leave the job in pursuit of further education. Traditionally, this has been a case of unavoidable turnover but hugely regretted by the company, as they lose out on motivated and future-focused talent. By allowing employees to continue their education while on the job, you can retain your employees.
Take a leaf from Walmarts playbook, a company that has partnered with leading universities in the U.S.
Employees can opt for a discounted college course as long as they pursue an education track relevant to their current or a future role at Walmart. As a result, its employees benefit from increased employability at a subsidized rate (as low as $1 a day) and Walmart gains access to a skilled and loyal workforce.
3. Use a realistic job preview (RJP) tool, like Hilton Hotels
Employees who enter the job with incorrect expectations are most likely to leave in the first few months. Or, if your company offers a competitive pay scale and benefits package, they might try to stay on, but at below-average performance rates. Realistic job previews (RJPs) offer a transition period where candidates try out the real-world responsibilities of their future job without any commitment.
Take a leaf from Hilton Hotels playbook, which has a try-out period for its housekeeping roles.
Applicants must perform actual tasks like making a specific number of beds. This ensures that only applicants who are genuinely interested in the job were onboarded. In the long term, this translates into a high retention rate, as there is better alignment between candidates and their careers, to begin with.
4. Create an environment where every employee can flourish, like Siemens
For a truly sustainable retention strategy, you need a work environment that is conducive to every employee. For example, new parents may need days off frequently. Employees returning to education might want a sabbatical. And a high-performing employee who was compelled to relocate might opt for 100% remote working. Your company culture should be able to accommodate all of these needs.
Take a leaf from Siemens playbook, a company that has its own employee-led flexibility (ELF) policy.
Siemens found that 16% of women and 2.5% of men often choose part-time work. This company recognized that this benefit should be open to everyone without a long approval process. As a result, a senior manager running a team of 25 people was able to travel around Asia for 11 weeks without leaving his job.
5. Prepare employees for any wave of business disruption, like Gucci
Economic downswing or a dramatic dip in profitability is a major cause of turnover. Employees feel that they dont want to be on a sinking ship, and they leave the company in a hurry. Such waves could significantly dent your employee retention rate. But if you prepare the workforce beforehand, offer financial support, and instill confidence in the companys future, you can prevent significant turnover.
Take a leaf from Guccis playbook, where the companys CEO told its retail employees to not worry about a slowdown.
Gucci’s CEO, in a four-minute-long video, explained that a dip in sales was inevitable after the company had been growing at an unsustainable 5060% per month. Dipping sales are only natural, the leader assured employees, encouraging them to stay positive and “enjoy the ride.”
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