Simple Ways to Drive Up Employee Retention |
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With today's growing labor shortage, retaining skilled employees is imperative to survival, let alone success. Almost all the current research on employee retention tells us that there are a few basic things a company can do to increase employee satisfaction and retention. They include:
These can seem like simple things to do, but without the right tools and support, your managers may not be giving employees what they need.
Give Employees Meaningful Feedback on an Ongoing BasisResearch consistently shows that employees want meaningful feedback on an ongoing basis. So how do you encourage this dialogue, and even better, make it part of your work culture? Increase the frequency of employee reviews If the inefficiencies and burden of a paper-based process are holding you back, look into an online employee review system like Halogen eAppraisal™ that makes it easier for everyone. Gather feedback from others A tool like Halogen eAppraisal allows you to solicit feedback from a third-party or other manager, and automates the task of gathering and analyzing multi-rater feedback - it even lets a manager view the results in a split screen along with the employee's review. Or you can use Halogen e360™ to run separate 360 degree evaluations any time you want. Keep ongoing notes on performance
Define Clear Goals and Link Them to Organizational GoalsAnother key to employee engagement, satisfaction and retention is the need for employees to clearly know what is expected of them, and to understand how their work contributes to the organization's mission and success. SMART goals are broadly recognized as the most effective way to write clear goals. Specific, measurable, achievable, realistic and time-bound goals let employees know what is expected of them, how success will be measured, and when they must complete work. With Halogen eAppraisal, you can capture each of these requirements using a separate field on your employee review form, prompting managers to provide all the necessary information. Another effective way to give employees context for their work so they understand its value, is to link their goals to higher-level organizational goals. Halogen eAppraisal lets you do this visually, right on the employee review form. When an employee or manager updates the status of a goal that is linked to an organizational goal, this information is available to company leadership. Similarly, when the person responsible for the organizational goal updates its status, that information is visible to employees with linked goals. Everyone in the organization gets to how their work impacts the organization.
Recognize and Reward Your Employees Fairly and ConsistentlyEmployees need to feel that their company rewards performance fairly and equitably. This applies to work/project opportunities, promotions, and awards, but especially to all areas of compensation, including base pay, bonuses, stock options, etc. It's critical for companies to have fair and transparent compensation processes. Halogen eCompensation™ has a host of features that support equitable compensation management. It allows you to import salary scales, create a merit matrix that suggests bonuses or salary increases based on pre-determined merit criteria and can restrict managers from assigning rewards that are outside of corporate guidelines. But even better, it gives managers access to employee performance ratings while they're making compensation decisions, so they can truly pay-for-performance.
Provide Career Development OpportunitiesAnother way to drive up employee retention is to support employee development and career progression. Employees need to feel as though they have a future with an organization, and a career path that helps them further develop their knowledge skills and abilities. Development can take many forms, from formal courses, to challenging work assignments, to mentoring programs. Halogen eAppraisal builds development plans right into an employees performance review. Development plans can be created and linked to a competency to address a skill gap, or created separately to support work on goals or the employee's general career interests. Managers and employee can easily access a list of available training activities, imported from the company's learning management system, or they can create their own. Halogen's award winning succession planning software, Halogen eSuccession™ lets you assess your employees against your company's defined succession criteria and identify top performers in all areas of the organization. You can then create talent pools with specific performance criteria and development paths, and assign high-performers to these pools for further development and assessment. Being part of a talent pool gives an employee an opportunity for development beyond what's required for their current role, and grooms them for greater responsibility or for a career move within the organization.
Read How Others Have Increased Their Employee Retention Through Better Employee Performance and Talent ManagementO'Sullivan Creel has seen a significant improvement in employee retention and satisfaction, documented by their annual employee satisfaction survey, since they implemented an automated employee performance and talent management system. Now employee get the feedback and development they need to progress, and the firm is saving valuable time and money. Jelly Belly recognizes that employees are more likely to stay with their employer when they feel connected and recognized for their efforts. With Halogen eAppraisal, they've been able to standardize their employee review process, make it easier for managers complete, integrate an employee's training needs with their evaluations, and most importantly, ensure employees are getting thorough and accurate reviews.
See for Yourself!Take a quick product tour to see the power of Halogen's employee performance and talent management software. Try our software for free and see your forms and process working in our system.
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