Tips to Improve Your Organization’s Employee Retention Rates

Out of the many things that employers need to pay attention to, from getting everything done on time to mentoring their staff well, enhancing the employee retention rates holds great importance. Retaining skilled people and lowering turnover are organizational goals that are referred to as “employee retention.” Enhancing employee retention rates mostly depends on creating a pleasant workplace culture, encouraging involvement, expressing gratitude, providing fantastic rewards, and allowing employees to maintain a healthy work-life balance. But, is there something else that organizations can work on to improve them even better? In this podcast episode of the HBR IdeaCast, let us find out what HumanityWorks cofounders Debbie Cohen and Kate Roeske-Zummer have to say about this.

One of the most crucial points mentioned at the beginning of the episode, which clarifies a lot about what causes employees to quit the company, is that after making a big effort to recruit candidates for open positions, that effort starts to taper off. Both Debbie and Kate make the case that building strong relationships with your teammates is crucial if you want to effectively mentor them and for them to feel like a part of the team. It is suggested in the podcast that it is crucial to consider the impression you are making on your peers, even when they are not engaging with you. Employee retention rates mainly depend on the workplace culture provided by the company, which in turn significantly depends on how you interact with your coworkers and how they interact with one another. People always want to improve in their professions, so if they feel stagnating at your company, there is a good possibility they will turn elsewhere for a chance to do so. As a result, it is crucial for businesses to offer the necessary mentoring and a setting where employees may flourish. Give them chances to advance, raise their incentives after each employee performance review, or promote them. The speakers further suggest that it is important for people to recognize that there does not always have to be one person, often the leader, who has all the answers. It is frequently required for a group of people to come together and resolve a problem. This implies for the leaders as well as for the employees. By enforcing a culture of mutual support, they are relieved of the pressure that, if not handled properly, might lead to burnout, which is one of the main causes of employee turnover. Last but not least, one of the finest pieces of advice in the podcast notes that even if someone wants to leave the company, it is crucial to express thanks for any contributions they made to the organization and wish them well in continuing to advance in their profession.

Employee retention is crucial since they are familiar with corporate policies and perform flawlessly as required. Employee retention heavily depends on what the organization has to offer to its staff. By listening to this podcast episode on the HBR IdeaCast channel on the Google Podcasts platform, you can learn more about what you can do to improve your staff retention rates.