4 Proven Tactics for Talent Managers to Lessen Employee Turnover Rate
Enhancing the retention rate of employees is an effort that every talent management department is putting in. It’s no more a hush-hush affair that if employees are well aware of their potential to go higher on the corporate ladder, draw a better salary and a secure career, they are all likely to develop a kind of loyalty to the organization.
Organizations involved in creating and implementing effective talent management strategy are more likely to implement such ideas into their employees and witness a lower turnover rate—the ultimate goal of every organization. Talent management signifies leveraging all employees who have the most extraordinary talent and then, inspiring them to contribute significantly to the organizational outcome.
The following are the 4 proven tactics that will enlighten your way:
- Devise your hiring practice: It is common for organizations to conduct pre-employment examinations to recruit only the most qualified candidates. Recruiting, onboarding, and training involve significant investments on behalf of the company. With pre-employment testing, a company can be assured that the money is spent well. So, do not forget to examine the skill sets and behavioral patterns during interview, as they are important to ensure that you are hiring the right person for the right position.
- Provide ongoing feedback: Feedback is important for performance at the workplace. No matter whether a person is performing good, meeting expectations or lagging behind—they should be well aware of their performance. Some effective ways to go ahead with this are by mailing employees performance review reports, conducting one-on-one meetings, or arranging weekly team meetings.
- Encourage employees to provide feedback as well: If you want to retain your talent, you will also have to make sure that they are satisfied with the way they are getting treated at your organization. This approach is well recognized for employee retention. Always ensure that they are well aware of the fact that you are always at their side whenever they are in any need. Give a careful ear to their suggestions and concerns. Also, you must try to know what or how they feel about the organization, its work culture, and do allow them to provide their suggestions and advices.
- Encourage employee recognition: Who does not want to be recognized for performance and their good work? Your employees are not an exception, too. Studies show that most of the organizations have embraced employee recognition programs wholeheartedly in order to retain their talent pool. Some good ideas about employee recognition program include showcasing ‘Employee of the Week’ in the organizational newsletter, providing monetary rewards for any achievement, and so on.
Employee Engagement has gained prominence in the world of talent management across industries, geographies, and sectors. So, do not consider it an afterthought but an immediate priority.