April 26, 2021

6 Employee Retention Strategies

for Your Business
Techniques to Promote Employee
Retention
Within any business, employee retention is pivotal to overall success. Not only
is it important to recruit the most qualified candidates available on the market,
but it is even more critical to retain these resources for the long haul. After all,
studies show that the average cost to replace a mid-level employee equates to
about 20 percent of their annual salary.

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To combat the threat of turnover, organizations must devote themselves to
maintaining a viable talent retention strategy. Our team put together a list of the
top six techniques that can reduce employee absenteeism, reinforce your
positive business culture, and enhance retention within your workforce.

Tips for Meeting Employee Expectations

Be realistic during recruitment

When interviewing a list of candidates for an open position, organizations must
present a realistic description of the job during the recruitment process. Give
your candidate an idea of what they can expect when on the job. Rather than
making promises that you simply cannot keep, be forthcoming about the job
structure, day-to-day responsibilities, and other key components of the role.
This is one of the most important employee retention strategies that all
companies need to keep in mind.

Offer a competitive compensation package

One of the most compelling parts of an offer of employment is the
compensation package. To remain competitive within the market, organizations
need to prioritize putting together a compensation bundle that fits the
candidate’s needs. Not only is it important to present an attractive base salary
and/or commission opportunities, but the benefits package must also be
desirable.

Facilitate a structured onboarding process

Studies show that nearly one-third of all new hires quit their jobs within the first
six months of employment. By establishing an engaging and purposeful
onboarding and integration process, your new resource will be set up for
success in their role. Be sure that they connect with important stakeholders,
generate a comprehensive understanding of your organization, and accomplish
early “wins” in their role. These efforts will only help to enhance the new hire’s
long-term confidence and improve their chances of remaining with your
company.
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Provide ample opportunity for learning and
development
Although some organizations have looked to cut costs and better their bottom-
line during the pandemic, they cannot forget about professional growth
opportunities for employees. The promotion of critical learning and
development is pivotal to talent retention efforts. Enabling your employees to
take part in online courses, virtual webinars, and skill-building sessions will
ultimately boost their on-the-job performance. By committing to your
employees, they will—in turn—commit themselves to your company!

Extend recognition
To cultivate an engaging workplace, be sure to create a culture that recognizes
and rewards your employees accordingly. By appreciating hard-working and
loyal team members who have dedicated themselves to the success of your
company, your workers will feel compelled to improve their performance for the
good of the organization. Even the smallest of shout-outs and positive
affirmations will go a long way toward fostering a more uplifting culture.

Promote from within

In addition to publicly or privately acknowledging employees and their efforts,
companies should also strive to promote workers from within their organization.
Rather than looking for external candidates to fill a vacant position, you should
first start by analyzing internal employees that could be potential fits for the
role. Studies show that employees who remain in the same position are more
apt to leave an organization. By ensuring that your resources are being
challenged with new roles and responsibilities, you will further strengthen
overall employee retention efforts.

Summary
Designing an effective talent retention strategy to cut down on employee
turnover can prove to be a time-consuming and laborious task. But by
implementing some—or all—of these ideas within your company, your Privacy - Terms
organization will save significant time and money by retaining valuable
resources and creating a more positive workplace environment. We hope our
staff retention ideas will help you in making employee turnover a thing of the
past!

Looking to learn more about finding the right employee that fits within your
organization’s culture? Check out this blog written by Acara Solutions India’s
Director and Country Manager, Navin Gautham.

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