Top 10 Great Retention Tactics

There are many tactics when it comes to ensuring that the people who bring great value to the company remain in the organization. Here are tips on some of the most effective as observed by STORM CEO Peter Cauton:

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1. Play favorites.

Identify the three kinds of employees based on their contribution to the company: the ones without any impact if they leave, the ones with moderate impact if they leave, and the ones with a huge impact if they leave. Focus and prioritize your retention strategies on the ones with a huge impact to the company.

2. Exit interviews? Do STAY interviews.

Don’t wait for your employees to be on their way out before finding out how they’re doing. Regularly conduct structured discussions with each of your employees to strengthen their engagement with the organization.

3. Make it personal.

Connect with your employees personally. Be aware of their priorities outside of work to better understand what motivates them, and therefore shape your retention strategy into something that adds value for them.

4. Do an actual computation of the cost of key turnover.

Find out how much turnover of key people (hiring, compensation, retraining, impact of downtime on the business) actually costs the company. This way, you can compare it with the costs of implementing retention programs for those currently in the position.

5. Read The Alliance by Reid Hoffman.

This book discusses a partnership strategy that is beneficial for both you and your employees. The concepts presented in this book ensures that both company and employee personal goals are achieved.

6. Think about outsourcing your onboarding process.

Consider outsourcing your onboarding process to people or organizations that specialize in the kind of work your new person will do. This addresses two things: current members of the team’s productivity won’t suffer and the new person won’t get any “bad habits” you want to avoid.

7. Remind them why you’re the best

Sometimes all employees need is a reminder of why they work with you. Let them know that your company is the best. Maybe not in everything, but in something. Be as specific as you want. After all, nobody wants to work for a loser.

8. Do a policy audit.

Check your internal policies and keep updating them to match your current needs. Are your employees saddled with too much unnecessary paperwork? Are your benefits programs too costly or tasking to enjoy? Sometimes, tweaking an overlooked or irrelevant policy makes a huge difference in employee motivation.

9. Make supervisors accountable.

Employee retention is the job of everyone in the organization. Make each supervisor accountable for their team.

10. Consider the new flexible benefits model.

If the standard benefits package just can’t seem to help with retention of important people, then maybe it’s time to consider a newer flexible benefits system.