One of the more vital functions of an HR department is ensuring that the employee turnover rate is low. Many companies promote from within, something that both makes sure that the new hire has a valuable familiarity with the business and also instills a sense of loyalty and the reassurance that hard work will be rewarded. All this is why employers make such spirited attempts to address any motivation in-house employees might have to leave.
According to Matt Straz of Entrepreneur, nearly four in five businesses aren’t satisfied with how well they retain employees. He suggests a number of things that companies might be able to do to alleviate those issues.
One of the obvious ones is, of course, financial compensation. Attractive salaries are unsurprisingly usually the highest priority for many on the job hunt. Related to that, Straz also highlights the need for incentives within the company to retain top-performers.
He goes on to note the importance of giving employees a feeling of ownership in the company. Says Straz, “workers with a stronger sense of psychological ownership have higher job satisfaction and organization-based self esteem.” Demonstrating to employees how their work affects the company for the better can provide a huge boost in morale.
Another idea he posits is the implementation of perks that encourage intra-company bonding, like picnics or company parties. People are social creatures, and if employees feel more a part of a community, they’ll be less inclined to leave that group.
Naturally, companies want HR departments to keep employee retention high. Many times however, the necessary administrative duties involved in human resources can overshadow any efforts to do so. HR software systems can automate many tasks that once drained time from HR employees and afford your HR department the ability to focus on retaining the key people at your business. HR Software Solutions has the experience and expertise to integrate and manage that software system effectively for you.