High employee turnover is one of the most significant challenges an organization faces today. On average, over a third of companies in Egypt experience staff turnover rates exceeding 21%.
While it might not seem like a huge problem on the surface, the cost of replacing an employee can be as high as the employee’s 6 to 9 months salary. In Egypt alone, the cost associated with staff turnover averages 990,366 Egyptian pounds (approximately US$ 130,020).
So, investing in your people for the long run is the best way to grow your business. After all, it is better to invest in strategies for talent retention than spend twice or thrice the same amount to replace departing employees.
What Are The Best Strategies For Attracting And Retaining Staff?
Some ten or fifteen years ago, a competitive package was all that it took to attract and retain talented staff. Employees these days want a better work-life balance, job security, opportunities for career development, organizational culture, and a positive work atmosphere, not just better salaries.
According to the Integrated Benefits Institute (IBI), 61% of employers struggle to retain their employees, while 73% have difficulty attracting them.
Here are 5 effective ways to attract and retain top talent.
#1 – Offer Competitive Compensation And Benefits
While salary and benefits aren’t everything, it is the first things candidates consider when choosing a new job.
Conduct market research to get an idea about the remuneration for similar positions, and decide on a salary that is competitive in your industry. If you can’t match a competitor’s offering, supplement the base pay with flexible benefits like performance-based bonuses, incentives, and stock options. You can also highlight attractive elements like remote work options, health insurance, retirement plans, paid vacations, free access to platforms, etc.
#2 – Streamline The Recruitment And Onboarding Processes
Lack of communication and lengthy response times often contribute to a bad experience for nearly 50% of candidates. When these candidates share their experiences online, it discourages potential candidates from applying for job vacancies at your organization.
Establishing an efficient hiring process begins with accurate job descriptions. Understand your internal needs and draft job descriptions that clearly tell the candidates what to expect. This will not only help you attract the most suitable talents but also save time and resources.
Once hired, you should also help the new employees understand their roles, colleagues, and your company culture through a comprehensive onboarding program.
#3 – Provide Opportunities For Professional Development
The candidates you hire may have ambitions for their future, particularly if they are talented at what they do. So, your best bet to retain them is by offering them resources to learn and grow in their career. This can be through e-learning modules, mentorship programs, or real-time training run by internal or external stakeholders.
This investment will not only benefit your employees but will also bring new and enhanced skills into your organization.
#4 – Provide Flexible Work Arrangement
Hybrid and remote work arrangements have been rising in popularity since the Great Resignation of 2021.
An increasing number of candidates these days seek flexibility in work schedules. By offering hybrid or remote work options, you can significantly enhance job satisfaction. In addition, flexible work schedules improve your chances of hearing from skilled candidates compared to on-site roles.
#5 – Recognize And Reward Employee Contributions
Even if you offer your employees the highest salary, they’ll eventually leave if their hard work isn’t appreciated.
Beyond the occasional word of thanks or gift cards, implement recognition programs that offer tangible rewards frequently. A few ways to show appreciation include:
- Highlighting a staff member’s achievement on your social media channels.
- Offering incentives to the best employee of the month.
- Giving bonuses to the best-performing staff.
It is also important to ensure all your employees are eligible for this recognition, including remote and hybrid staff. When your employees are valued for their contribution, it boosts their morale and motivation to continue working for your organization.
Final Thoughts
Nearly 77% of employees reported being disengaged at work. So, keeping your employees engaged isn’t an easy feat. By following the 5 smart strategies mentioned in this article, you can build a committed and high-performing workforce necessary for sustained success.